Car loan

K

king_of_me

Guest
I'm earning about 40000 per year and have a 1.5 year contract. I want to borrow about 8000 for a car.

Its my first graduate job, so don't have much savings, but have no debt.

Firstly, will I have problems getting that amount, and where will I get the best rates?

Thanks,
M
 
Hi the credit union would be the first port of call if you have an account with them. If not try your own bank.
If you havent ever had a loan before the bank may look for a guarantor usually a working parent who is a home owner.
The bank will look at earnings, length in job, length of contract, age, residential status (renting, living with parents) and also a credit check with ICB.
If you are borrowing €8000 say over 36 months you are looking at around €250-260 a month in repayments, easiy affordable on your salary (unless you have massive outgoings).
 
I'd like to pay it over the year and a half, so I guess its 500 a month, but I dont pay rent or have a morgage so should be okay right?
 
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