Finance Advice

[darrenwis]

Hi all,

Looking for some finance advice here but from a personal point of view rather than a business one.

I am a current graduate and as a result I am eligble from a graduate loan. I am in the situation that I need to sort out my driving license and a car and am thinking about applying for the loan. The bank manager who i spoke to said it wouldn't be a problem but I am just looking to find out what your views are.

The bank is Lloyds TSB, with them in the news everyday these days, would there be any problems if the bank went under or if they were nationalised? Would they demand the full money bak etc?

I am currently living in my overdraft but now I have graduated can start to look to clear the overdraft. The graduate loan lets you take out from 1k to 10k over 5 years.

I look forward to your advice.

Darren

[profitxchange]

I seem to recall the student loan is by far the cheapest option. are able to still tap into it?

I would try and avoid the cost of car if you possibly can - at your age insurance and running costs will eat money like you have never seen.

[darrenwis]

I seem to recall the student loan is by far the cheapest option. are able to still tap into it?

I would try and avoid the cost of car if you possibly can - at your age insurance and running costs will eat money like you have never seen.

Thanks for the reply,

I am able to get the graduate loan upto 3 years after graduating (i left uni 2 years ago) I think it is a pretty good interest rate and I wouldn't bother with the payment protection insurance on the loan because i'd only be paying around £60-£70 back per month.

I know what you mean about the cost of a car but i'm paying for the train and bus each day at the moment so its coming to around £20 per week plus the stress of public transport.

Im just slightly concerned about how a loan can go against you when you apply for a mortgage etc, and what happens if lloyds tsb is nationalised?

[MK Financial Solutions]

If you apply for mortgage etc, they will take your student loan payments in to account when calculating your affordability.

Nationalisation of the bank will not affect your loans terms and conditions.