Seriously thinking of taking loan from bank.

Yeah.. My family is living kind of poorly, we were 5, but my brother died in car accident 1 year ago, so now we're 4, dad mom sister and me, I recently got a job for poker dealer (im pretty damn fine at poker too), with all added we get around ~1,5K$, trying to live with that, we have 1 car that we spend around ~150$ fixing it every month as its like 15-17 years old. Anyways, to the topic: Im thinking of taking bank loan of 4k$, buying a car myself, giving some to mom to hold off and renting some flat i could be alone with my girlfriend. The main thing, Im asking for someone who is more experienced in life than me, as im only 18, young and stupid, yeah. Im tired of living that kind of life, I want some differnce. I also have skilling services here in sythe, helping myself to get some money, as i have some beast gaming computer(holds up to 15 bots) bought it for the money I was saving for 3 and a half years i believe. Earning little from that too.

Thanks for all who was reading all that, and thanks for future answers.

 

Get a job and go to community college. Plain and simple.

 

Did you even read the post?

 

Tbh if you feel that you can pay off your loan's monthly payments then i would say go for it. It can help raise your credit rating score too which can be a good thing for the future if u ever want to buy a house, a new car e.t.c. If you decide to get a loan, just make sure it is from a real reputable bank and not a loan shark. Also read all the information about the loan to make sure you know exactly about the repayments as well as what can happen if you miss a repayment.

 

Thanks. Loan is for 5 years, and i think i can pay it off by then. Bank is one of the best in my country, so yeah, pretty reputable.

 

Gdgd, also make sure you know if their selling you personal protection plan or not as a lot of people have been sold it in the UK without realising and have been paying it on top of the loan repayments. Gl with it and hope it can sort everything out.

 

Thanks man, appreciate it.

 

If you are sure you can pay it off then I'd say go for it.
Buying a new car will save you a lot of money anyway.

You're making an extra $150 a month by not having to repair it.
If your computer can run 15 bots then make a skilling service or what ever you can do with that, that will bring in some extra income.

 

Sorry to hear about your misfortunes man. I don't have any experience taking out bank loans, but if you feel that is what you need to do in order to establish a foundation for your independence, then go for it. I first moved out of my house when I was 17 years old and in highschool. It was very tough at first, but if you work hard and you have a decent job and you budget properly, it is a very realistic possibility for you in the near future Having a roommate (your girlfriend) helps loads too because you can split the bills and have an extra body to help with all the chores (cleaning, taking out garbage, cooking etc.).

Before you take out a loan though, I would talk to a financial advisor, or sombody who knows their stuff, and ask exactly how the loan would work. The bank makes money off the interest that you pay back, and so you want to make sure that you can afford to make the maximum monthly/bi-weekly payment that your budget will allow you off of every paycheque in order to pay it off as fast as possible without paying too much interest. Whatever you choose to do, good luck! I truly hope things work out for you Just work hard and keep your mind on your goals and you will achieve the things you want.

 

Thanks, i currently have skilling service and it already gave me ~150$ income.

Thanks for all that, really appreciate you guys helping me out.

 

I do not suggest to take a loan, because in most of the cases or nearly all of them is not a good move.

Try to find an extra money income, it does not need to be bots exactly. Maybe you have any idea, it can be a simple one. Most of the good ideas are simple, because most of us does not like complex ideas.

I see you are a good person, so you will definately find a way. Good luck!

 

Getting into debt at a young age is probably one of the worst moves you can make. I would definitely suggest not doing it.

 

I took out a loan as soon as I turned 18 years old for 9000 dollars for a truck. I do not regret it. As long as you can make the payments, there's nothing wrong with loans. In fact, if you DO make the payments, then not only do you get to spend the money and have something cool (like your OWN car), you get good credit at the same time, which means you can qualify for larger loans at a lower finance later on.

Do it.

 

Pick a bank that has the lowest intrest rate, I'd also reccomend going to a pawn shop and try getting rid of some stuff you dont need anymore.
Good luck with your life buddy.

 

Still considering it. Thanks everyone.

 

Do not, I repeat, do not take out at a loan when your 18 years old.

I did just this and found myself still in over £1000 debt at age 20. Having a debt hanging over your head at such a young age, not matter if you can pay it back monthly or not, is not the kind of responsibility you want at that age.

Get a second job, sell un-wanted stuff on e-bay. There are countless ways to make additional income, even if its just another $200 a month. Put in the hard work, don't take the easy way out.

 

Not to mention that the extra $150 a month you use to fix the old car can be used to pay off for a new car.

 

If their car is 20 years old, he would be saving 150$'s in month on gas anyway.

 

This

Unless the money is going to something that will generate quick revenue with a 100% success rate I wouldn't take out a loan. Just have everyone in your family try and find a job. Go to CC.

:edit:

What about gov't programs? Foodstamps, welfare etc. Try and get onto those, and work towards CC

 

I'll tell you one thing.
One time, I bought a motorcycle on a lease. It felt damn awesome having that bike.

But the shitty party about it?
The fact that I had money to pay off. Of course it wasn't a trouble, but I just barely got off paying it.

In the short term, a loan will be good for you, as you will be able to do what you want or need.
In the long term?
That shitty feeling that you owe money, and the fact that you also have to pay the interests.

In my opinion, you should only get a loan when you absolutely need one.
So, do you?