Meet the Other Phone. Protection built in.

Meet the Other Phone.
Protection built in.

Buy now

Please or to access all these features

Teenagers

Parenting teenagers has its ups and downs. Get advice from Mumsnetters here.

Car finance for teenagers

4 replies

Confusedmaa · 23/07/2022 22:41

My son (nearly 19) is a student and has 2 part time jobs. He works at McDonald’s and also does a milk round one night per week. He wants to buy a car on finance but we are unsure where is best to go without him being turned down and ruining his credit score. He already has a small credit account with Curry’s for his laptop. His milk round money would most probably cover the finance and his grandparents have kindly offered to pay for his insurance until he gets a full time job.
Any advice would be greatly appreciated. Thank you

OP posts:
quietnightmare · 23/07/2022 22:53

Google search for a car finance calculator to give you a rough idea of what he can afford on his wages before applying.

allboysherebutme · 23/07/2022 22:57

Go to Volkswagen and discuss it with them they're usually very good. X

BuanoKubiamVej · 23/07/2022 23:02

A new car loses several thousand in value the moment it is driven off the forecourt, but a 2-3yo car holds its value a lot better. A kid who isn't in full time work yet does not need a brand new car and I wouldn't be facilitating such extravagance. If I had the money I would gladly help out with an interest free loan though.

Confusedmaa · 23/07/2022 23:09

He’s looking at second hand small cars only. Around 5-6 years old and About £90-£100 per month max. Insurance is low and tax is £0 per year. He’s insured on my (very old) car at the moment and it’s costs us an extra £190 per month. His new insurance in his name would be £70 per month. It’s a no brainier really. It would actually be a bit of a saving.

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread