Loan for an Ek9


NeilEk9

NeilEk9

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Joined
Aug 25, 2009
Messages
346
Ok guys this is my first post/thread but i have been visiting your forum daily for about a week, I was thinking about taking a loan out, £10,000.

I was kind of thinking of 6k for an ek9, 2k for some harnesses, New stereo and a second hand Mugen exhaust system and air intake and then 2k for insurance. now here is the reason i started this thread, im 18 had my lisence about 6 months now. I have looked briefly at insurance and have got quotes on my own for around 4k I was wondering if it would be possible for me to get in the 2k bracket eg. with my dad as the named driver, Specalist insurer ( Adrian flux)

What do you guys recomend i do? Im an i.t technician so money isnt really an issue as i can pay the loan repayments of fairly easily. Bigger loan?

Thanks to anyone who is willing to help.
 
I wouldn't ever take a loan out, would rather save up, the thrill of earned cash/money buying a EK9 is unreal :)

Just save up, seeing as your a ICT Tech guy, shouldn't take long to fork out 6k ;)
 
my guess is it might be hard to get a loan at your age and the way things are gone... I know some friend who been rejected and they have good full time jobs.. Also if you do get a loan get it for 8 and dont buy the extra bits.. Save and buy them over time.Makes more sense
 
Maybe wait till you have No claims Bonus, and are maybe 20? least by then you will have saved up quite a bit.... i myself saved up a year for my EK9, and brought it when i was 20... be patience dude, no need to rush, but in the end it's worth the wait, TRUST!
 
Thanks for the input guys,

jdm 3383: that sounds good i think il do that as it would make more sense to get used to the car standard before i try improving.

Kaks Ek9rx: Yeah i was thinking this aswell, Il have a check at insurance tomorrow(Properly) and if i really cant get it cheaper then il just sit on here, Learn everything there is to know then maybe in a few years buy one :).
 
NeilEk9 said:
Thanks for the input guys,

jdm 3383: that sounds good i think il do that as it would make more sense to get used to the car standard before i try improving.

Kaks Ek9rx: Yeah i was thinking this aswell, Il have a check at insurance tomorrow(Properly) and if i really cant get it cheaper then il just sit on here, Learn everything there is to know then maybe in a few years buy one :).
Click to expand...

Where abouts you from?
 
I think the Bank Manager would laugh you out of the office when you tell him you want £2000 pounds to pay for some harnesses. :nerv:

Borrowing is also at an all-time high at 12% APR for small loans.

Take a month to think about what you are saying: You are going to take out a loan of £10,000 to buy and modifiy an EK9 and pay for the insuance which, at your age, will not go down much until you are 20-21 costing you around £5000 in total after 3 years. Sorry to say, but that's ridiculous. Have you thought at all about running costs? Cambelts, spark plugs, oils, tyres, V-Power....

Just save the money. Don't get yourself loaned up to the eye-balls, especially so young and especially for a 10 year old car.
 
Hi mate i wouldn't bother getting a loan you can pick up ek9 starting from 3500K + depending on condition etc, also why dont you have a run about car while the ek9 can be a weekend thrill if anything goes wrong on the ek9 you always have a back up. because you 18 its not worth getting one as the insurance can cost as much as the car you paid for when i was 21 i brought my sir2 and i kept getting qoutes for 2000 k - 3000k but a mate showed me a way round on how to get cheap insurance i won't be able to tell you as this is not legal advice lol.

p.s if you ever get a loan either say it its for a car or home improvment lol.

GL with what ever you decide
 
Don't do it mate, be patient.

You are young, not had your license long and insurance will be a joke.

The last thing you want at your age is 10k of debt above your head. Be patient, save some money and enjoy life a little.

Ultimately however, the choice is yours.
 
Some good advice in this thread mate, but as always its up to you.

We recently picked up a 2000 EJ9 1.4 sport off ebay for my lad . It was less than £1k from Glos funnily enough. Spent a bit of time on it and its looking great. My son has had a few offers for it already for more than he paid for it but more importantly is having the time of his life with the car.

He has no loan on the car and is only having to worry about paying his insurance which is over £2k he is paying an extra £200 a year to have a set of 15" alloys on it lol.

He drives my EK9 when he is down and yes it puts a smile on his face without fail. But he loves his own 1.4 Sport, for now, honestly. He is looking to build his no claims and then mod away..

Enjoy your first car without having a shed load of debt around your neck. Plenty time for that.

Moray
 
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mate dont do it! i have a really well paid job still live at home etc. the amount of mess that loans cause is unreal. i'm selling my ek9 because of that exact reason!

stick with an ej9, work on the handling/brakes first. that way you can have a fun car to drive thats much more affordable :)
 
dont do it , its not worth it and its kinda dangerous as well , get a 1.4 or 1.5 and build your own car
 
hi mate?dont do it yet wait for awhile?i worked as tec eng and taught i was sorted took out a big loan for a 9 (good at the time)but today im sitting at home thinking of ways to pay my way out of my death hav a think about it mate happy decision:))
 
Getting a loan isnt that bad so long as your sure you can cover the monthly payments and that your job is 100% secure! At 18 tho the insurance is scandalous! Maybe start with a EK4, to start they are cheaper to buy and the insurance will be less, not a great deal less tho! Just an idea.
 
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