> Could i use an overdraft to buy a car?

Could i use an overdraft to buy a car?

Posted at: 2015-07-28 
Before you jump straight to the answer you will also have to pay for all sorts like insurance, mot and fuel bare these in mind... Basically i passed my driving test roughly a week ago and i work quite a distance away and sitting on a bus everytime i go to work just isnt working for me and i really want a car. The first thing is im 17 and i dont even know if the bank would give me an overdraft and if they would approve of one for a car. But if they i do have a job and i earn enough to cover the costs of the insurance and the fuel and enough to slowly pay back the overdraft a little bit each month but the question is whether bank would let me? any help would be greatly appreciated thanks guys :)

There are alternative to overdrafts and those would be loans which you can apply for. You will find the interest rates for automobile purchases are high because of the depreciation of the vehicle as time goes on, a bank loan will be less than an overdraft and easier to manage. Ask in your bank about the loan and they will take your earnings into consideration. But factor in things like repairs and also illness if your off work this all needs to be thought about

That's probably the stupidest idea I've ever heard. You should have literally zero desire to go anywhere near an overdraft.

Save your money. Buy a car when you have money.

I doubt it as you are still a minor in UK law.

No harm in asking though.

lol. SIT ON THE BUS !! It is the better economic option.