How to obtain a bank loan of around 25,000 euros for a vehicle when you reach the minimum wage?

This is a very, very bad idea.

First of all, you don't need such an expensive vehicle, just by buying something almost new (used for one or two years) you cut the price by 30 to 40%.

Then a vehicle of this price is a lavish expense, you have reliable and functional vehicles for much less.

Finally it is simply a sum far too large compared to your income, and all that for a charge, because yes a vehicle is not an investment but a charge which will very quickly lose its value in addition to costing you money. 'silver. At this price you can almost buy a studio in a small village.

So you do what you want, but friendly advice, avoid wanting to live beyond your means for immediate and ephemeral pleasure or to impress others. Many people who complain about their financial situation simply spend their money haphazardly.

But hey, I assure you, almost no chance that a bank will grant you such a loan for this purchase.

If it's a pro loan, to buy a utility vehicle, why not.

If it's personal, then you're going to sink into misery. 25 k€ for a car for a smicard, it's completely disproportionate. You have to live within your means, otherwise you end up protesting like a yellow vest.

I earn a lot more and I don't have a car. And if I bought one, it would represent a maximum of 3 months of income (not 2 years like you). 

Be aware that if you earn the Smic and want to borrow alone, there is very little chance that this loan will be granted.

The debt ratio respected is 33% of your income. In some cases, the banks will be able to go up to 40% if the income is sufficient behind to meet other living expenses.

When a bank grants a loan, it looks on the one hand at the debt ratio and on the other at the rest of the life. The rest to live minimum for a person is also in the amount of the RSA. If the monthly payment of your loan means that your remainder to live is under the amount of the RSA, the bank will not lend you.

Note that for a minimum wage, around 1100 euros per month, 33% corresponds to around 360 euros. If you are alone, with a rent, you are probably already above this debt ratio. An average rent is 400 to 450 euros for a studio in town or a small apartment.

I'm sorry, but your car project at 25,000 euros will have to wait for several salary increases or will require you to return to your parents for the time of the loan in order to have only this monthly loan payment for the calculation of your indebtedness.

You will have to revise your claims downwards. 

How to get a quick loan?

Bad Credit Loans Edmonton is the fastest way to get cash in a hurry when the banks say no. At Bad Credit Loans Edmonton, all you require is a fully owned vehicle no older than 10 years. They are available anytime 7 days a week to solve your financial situation. Best services i have ever found.

The requirements for a car title loans are minimum; anyone can easily fulfill! Here's the list of the items that you will be asked for when you come to our office to collect your loan amount:

A clear title of your car

A Valid Canadian Driver's License

Proof of registration of the vehicle

Your car for the inspection purpose

So these are some requirements which you must fulfill to get the cash quickly. No need to wait for weeks don't worry about your bills and creditors. Be the master of your finances. Get your hassle-free car title loans money quickly within an hour at our office at your nearest location. 

Why do you need a loan?

To immediately buy a property that you could only afford in one, 10 or 20 years by saving the corresponding sum.

For example, imagine that you want to buy a house for 100,000 euros, and that you can put aside 500 euros per month. You will either have to save for 200 months (i.e. 16.6 years) to buy it, assuming it is still for sale at that price, which is extremely unlikely, or take out a 20-year loan, borrow 120,000 to include the works, and pay around 500 euros with interest.

You are a winner at all levels: you have the house you want immediately, and the capital gain it will take in 20 years will be far greater than the interest on the loan.

Real estate is practically the only domain for the general public (along with art, but here it is in our interest to know what we are doing), where borrowing money is an investment, because the property acquired appreciates over time. . In all other cases, consumer loans, automobiles, etc., it is a dead loss, because the property depreciates, sometimes very strongly like furniture. In this case, the only factor in favor of the loan is the saving of time, ie the immediate enjoyment. An interesting case is the car loan in the form of hire purchase, where you pay a monthly payment without ever really owning the vehicle in practice, and you exchange after 3 or 5 years. But in this case it is more like a long-term rental than a loan, as its name suggests.

As for taking out loans (sometimes revolving with exorbitant interest) for daily expenses such as shopping, then that's the start of insolvency - better to avoid!