#1
I'm from the UK so if you're american and reading this, you probably won't know.

I'm 17 (although I turn 18 in a month). Someone I know is selling a car quite cheap as he wants to get rid of it, but because he's desparate, if I don't have the money by the end of the week, he's gonna put it in an auction. I was wondering if as a 17 year old i'd be able to borrow about 500 quid from my bank, even if just for a few weeks? I've got a regular income going into my account so i dunno if that helps

EDIT : "If you are under 18, it is a criminal offence for anyone to send you material inviting you to borrow money or obtain goods or services on credit or hire purchase. However, if you are over 14 but under 18, you can enter into a credit or hire purchase agreement if an adult acts as your guarantor." WOULD THIS WORK?
Guitars :
Fender American Stratocaster
Jackson RR3
Ibanez S470
Epiphone Les Paul
Last edited by nodtomc at Aug 31, 2008,
#2
Quote by nodtomc
I'm from the UK so if you're american and reading this, you probably won't know.

I'm 17 (although I turn 18 in a month). Someone I know is selling a car quite cheap as he wants to get rid of it, but because he's desparate, if I don't have the money by the end of the week, he's gonna put it in an auction. I was wondering if as a 17 year old i'd be able to borrow about 500 quid from my bank, even if just for a few weeks? I've got a regular income going into my account so i dunno if that helps


No sorry, did some work for my dads loan company. You have to be 18, because otherwise they can't sue you.
#3
Quote by markodeano1
No sorry, did some work for my dads loan company. You have to be 18, because otherwise they can't sue you.
i'd be 18 by the time they'd have to sue me though
Guitars :
Fender American Stratocaster
Jackson RR3
Ibanez S470
Epiphone Les Paul
#4
You can't legally be in debt until you're 18. The bank won't lend you money until you are.
#5
but at 17 you can't sign a legally binding contract like that
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#6
Would not work. But being overdrawn is not good. The banks are good at not hitting students for being overdrawn, and then when you stop being a student BLAM! they start hitting you hard.

Try telling that to my friend who managed to be £1000 in the red by the end of first year. Dickhead.
#7
If he's desperate.. i mean surely that says something about the condition of the car? :P
#8
"If you are under 18, it is a criminal offence for anyone to send you material inviting you to borrow money or obtain goods or services on credit or hire purchase. However, if you are over 14 but under 18, you can enter into a credit or hire purchase agreement if an adult acts as your guarantor." So if this applies, I could get my parents to sign to say they'd be the one to blame if it's not paid?

Quote by Anthony1991
If he's desperate.. i mean surely that says something about the condition of the car? :P

he's buying a new car and needs the money to make the first payment. i checked it out today, it's in brilliant condition
Guitars :
Fender American Stratocaster
Jackson RR3
Ibanez S470
Epiphone Les Paul
Last edited by nodtomc at Aug 31, 2008,
#9
bump
Guitars :
Fender American Stratocaster
Jackson RR3
Ibanez S470
Epiphone Les Paul
#10
Quote by nodtomc
I could get my parents to sign to say they'd be the one to blame if it's not paid?
In practice this just means your parents have to take out the loan.
Quote by nodtomc
bump
Don't do that again.
#11
Quote by smb
In practice this just means your parents have to take out the loan. Don't do that again.

but it is possible? They wouldn't mind taking out the loan for me, coz they know i'm good for it. Also, thanks for the help, but don't tell me what to do
Guitars :
Fender American Stratocaster
Jackson RR3
Ibanez S470
Epiphone Les Paul
#12
Your bank may let you go overdrawn if you pay by card, but they'll charge you atleast £30 for going overdrawn, and keep charging you the longer you stay overdrawn.
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#13
Quote by nodtomc
but don't tell me what to do

Pull your tampon out, he's only reminding you of the rules.

On topic: It looks like your best option is to either borrow the money from your parents or ask them very nicely to take out a loan for you in their name.

HOWEVER. Don't feel pressured into buying the car just because the guy's selling it off cheap. I spent nearly 3 months finding my car and came away with a good deal on a car that's stayed in shape. If you're confident about the state of the car and the deal he's giving you, then go for it.

Also bear in mind you're gonna need a LOT more money on top of the price of the car for insurance etc. You're not allowed in that thing until it's insured in your name.

Out of interest, what car is it?
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#14
can't you just borrow the money from your parents for a little while. better to owe them than the bank.

Quote by nodtomc
but don't tell me what to do


its the rules. read them
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#15
my parents are still paying for our recent holiday to spain, so they don't have the money to give me. i realise there would be other charges on top of the car. I would pay everything at the end of the month, it's just that the car itself wont be around then
Guitars :
Fender American Stratocaster
Jackson RR3
Ibanez S470
Epiphone Les Paul
#16
Quote by smb
In practice this just means your parents have to take out the loan.


No it doesn't. They'd be guarantors.

Overdrafts are only open to those 18+.
Terms and Conditions apply.