Loans as a student

[Rookie]

OK, here's the deal. I want my bike by the end of April, but I haven't really saved enough to pay for it outright. I turn 18 at the start of April, and I'll get £500 or so from my birthday. But if I got a small loan (£1000-£1500) I could afford to pay for a mint bike, and insurance, and any gear I wanted.

My issue is this; I'm still at school full-time, so I only have a part time job. I make about £120-£140 a week from that, so getting a short term loan (say 9 months) and paying £200 a month would be fine for me.

But as a full time student with a part time job, would I qualify for a loan? Getting a parent to take it out and pay them is out of the question.

Thanks.

[Itchy]

as a student banks will pretend to love you and you can get int free over drafts stupid amounts on credit cards etc quite easily.



Though then again I'd be careful not to borrow too much as life has an annoying habit of surprising you , was about to get a VFR750 but lost me job.

[Rookie]

Well I'm not a university student; I'm still in 6th form. I'm going to university in September.

Is that different?

[swampy]

You need to be over 18 for a loan (don't know if you are or not). If you are, then they will calculate the amount you can borrow on your income, and the chances of you paying it back. You will probably get wacked for interest though as you are taking a relatively small amount over a small time, and you are an unknown quantity when it comes to repaying the loan.

oops disregard the age bit above, must learn to read posts properly
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"I hate to advocate drugs, alcohol, violence or insanity to anyone, but they've always worked for me." Hunter S Thompson
"Faster, faster, faster, until the thrill of speed overcomes the fear of death..." Hunter S Thompson

[Rookie]

I just did a quick quote on Lloyds, they're offering £1500 over 12 months at about 15%APR, so around £1650. I don't mind paying that sort of interest, as it's a small amount.

Another issue I might have is proof of income. I'm paid cash in hand, week in lieu. If I got together all my old wage slips, would that be acceptable as proof of income? As I said, I earn about £500 a month, so paying the £130 a month wouldn't be a problem for me. I have confidence that I can pay this sort of money back. If I need to, I'll dip into my student loan when I get it, so I can pay it off easily. Frankly it's a hit I'm willing to take!

[cagiva gezzer]

Firstly. Want does not get.

You can't get a student loan unless you're at uni. When you do they're paid roughly in thirds throughout the terms. Sept, Jan, April(?).

I'd question taking on a chunk of debt if you're planning on going to uni as you'l have even less money.
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"because one stroke isnt enough and four strokes waste two"

[Rookie]

[swampy]

[Simple]

I'd be wary about having just enough money to cover the repayments and not enough money to cover those unexpected expenses such as a huge gash in your tyre that no bung or gloop can cope with..or even just having the petrol money to go out with your mates.

Arn't sv650's 0% finance again though...

can't you get a bike for £500?
work your way upto the bike you really really want?
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Insta - FemFeral

[Rookie]

I'm only after £1500, not a new bike. I could indeed get a cheap bike now, but really I don't see the point in waiting around. I skipped the 125 stage, why hang around in the 500ccs after all that?

Also the repayments aren't 'just enough'; with my income I'd be able to afford them with about £350 left over a month, which aside from running costs (which I already pay on a car, which I'm selling) is 100% disposable. I keep a rule anyway whereby I leave £100 in my bank account, and don't take it out unless I truly need it for something, like a mechanical problem.

I know I can afford to do this, I just really need to confirm whether I'm allowed to.

[Simple]

Ahh, okay, only trying to help,

personally dont think the '125 stage' is to be skipped as it's fairly worthwhile.

but everyone is different
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Insta - FemFeral

[cqueen]

Dont get any loans or credit before going to uni!

You might be on £125/week now, but what about when ur at uni? you'll never be able to afford the repayments when you have all the other shit like food and booze and books travell/petrol to pay for.

[Andy C]

i think you should be able to get one (proving your income could be hard though)

However, what are you going to do with it when you go to uni??

Im not sure what to do with the SV, Def not taking first year as nowhere to put it etc and going to try and get a house with a garage and then take it second year.

Im seriously considering getting a CB250/CB1/ER5 as just another thing to think off if i get into debt.

What sort of money you think off paying for the bike?
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99 RS125 --> 02 SV650s --> 03 Speed Four --> 92 RXS100 --> 93 CB400sf --> 01 CB600f Hornet

[carvell]

You're an idiot.

Not only do you appreciate the value of money so little that you are getting a loan while you are in 6th form, which means an APR of something like 30%, but you are doing it before going to Uni.

You're going to end up in a mess.
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Yamaha TDM 850

[Rookie]

[Andy C]

[Rookie]

[JonB]

[freckles]

I know you have found a bike now so this bit of advise is really irrelevant but if you could afford to pay off a loan in 3-4 months then surely you could wait 3-4 months and have the cash saved without the need for a loan?
I started uni last september and my student loan only just covers my accommodation, I got £3145 and received around a third of that in september and january and the last will come to me in april, without saving up and help from my boyfriend I wouldn't have been able to afford my tuition fees on top of that. It might be worth putting away a weeks wages each month ready for uni because no matter how much you plan it there is always hidden costs that are forgotten about so it's good being ready for that.

Sam.
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boo!

[cagiva gezzer]

Yep, hidden cost that you just can't avoid!
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"because one stroke isnt enough and four strokes waste two"

[freckles]

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boo!

[RI_HA]

If you want extra cash simply get a massive overdraft on a student account, my mate done this, got a 1k overdraft and bought his bike that way. a couple of months doing over time was you eventually get a job will sort it out

[feef]