Car / Personal Loans?

[venomous]

Hey guys, Just wondering if you could post some places you have taken out loans from before, and your experiences with them. As i just started working again and am thinking of getting a loan but i dont know a good place to go to for it.

im 18, earn around 500-600 a week, and work around 37 hours a week. Any companies you would reccomend?

[TigerVX]

I've always found Westpac to be good but you can get some great interest rates for car loans from credit unions.
Just search the web.

[STEALTHY™]

Don't get a car loan, only geta personal loan. That way if something happens, as in you need to sell the car for an emergency, the money can be used for that emergency, but if its a car loan, the loan has to be payed out first.

I had mine with BankSA, so kinda not really helpful unless you live in sa.

[deserthead]

They can still use your car as insurance over the loan, even if its a personal loan.
But usually a car loan will have better rates than a personal loan will.

Just DONT go through a finance company. . . .

[mattman]

Unsecured Personal loan is more flexible. If you have $500 left and default on a car loan... bye bye car If you have $500 left on unsecured loan.. they just take something worth $500.. garnish wages.. etc.

Personal loans also more flexible if you plan on upgrading before you pay off the car.

[vlv8vic]

use the 500-600 you earn a week, buy a $500 datsun and drive it til you have the money for something more fun. thats how i worked it. amazing how fast you can save when you have your heart set on something. Sold the datto for $800 when done so winner all-round!

[Spyper]

I took out a secured load (against the car) with westpac at 8.5% which I hear is a very good interest rate. I'm a long time customer with them though - whatever difference that would make. I do the same hours as you and earn roughly the same.. check them out. Shop around though. Go through a bank IMO, not a credit/finance company.

[STEALTHY™]

They can still use your car as insurance over the loan, even if its a personal loan.
But usually a car loan will have better rates than a personal loan will.

Just DONT go through a finance company. . . .

chances are your getting the personal loan to purchase a car, meaning you'd have something other than that vehicle as the collateral.
although with mine, my collateral was my other cars, but i always payed it, so it never mattered.

[StatOmaN]

with a car loan im pretty sure you need to have comprehensive insurence which in my case was like 2 grand....not gonna get a bigger loan just for that.

[Deadman]

use the 500-600 you earn a week, buy a $500 datsun and drive it til you have the money for something more fun.

^^ very smart advice.

[venomous]

use the 500-600 you earn a week, buy a $500 datsun and drive it til you have the money for something more fun. thats how i worked it. amazing how fast you can save when you have your heart set on something. Sold the datto for $800 when done so winner all-round!

nah mate i already have a car, i just want something else. i dont want to wait and save, ive already thought of that option.

I took out a secured load (against the car) with westpac at 8.5% which I hear is a very good interest rate. I'm a long time customer with them though - whatever difference that would make. I do the same hours as you and earn roughly the same.. check them out. Shop around though. Go through a bank IMO, not a credit/finance company.

i will give westpac a ring this week if i can to see if i can get some info about the loan. how much were you paying weekly for it and how much was the loan you took out?

will it be harder for me since im only 18 and havent been working long or doesnt it matter?

[STEALTHY™]

most places like a secure work history, or at the very least my bank wanted 12 months of full time work at the same place. My normal bank isn't banksa, as when i applyed for the loan, i had only been working 6 months at that job. small price to pay to get what i wanted.

[MikeVXSS]

TOYOTA FINANCE get a supra

[venomous]

well i dont want to say what my next car is because im unsure, but its not going to be another commodore, or a ford...

probably not a supra either, if i wanted a whale ide keep the VN

[MikeVXSS]

lol lol fair enough. n e way toyota finance really help me out. i tried 4 other places and got all no's because im casual which really shit me at the time cause im on 9 hundy a week. but i we saw gen at toyota (me ss) and thought f this i gotta try i want her look how she looking at me and the bloke said yes straight away!!! as long as we had 3 k cash for a deposit. long story short she was in my garage 2 weeks later!!! give em a go. most toyota yards carry alot of differant cars. NOT SUPRAS BUT lol ill have to buy my drift toy off the boat

(i love you lish please dont me its only gonna be a weekend toy )

[venomous]

you got any contact details for em ? like a website and stuff?

so you think they could help me out as well? im also listed as a casual worker by my employer but i do over 37 hours a week and the full timers there only do an extra 30 minutes every day, so its kinda stupid i rekon.

[trepaul]

i don't wanna sound like an annoying parent here but i can't see the point of borrowing x-amount of money on a car that will be worth half what it did when you bought it by the time you pay it off, by which time you will also have paid back double what you borrowed in the first place....

but other than that, go for it. or maybe find a rich relative that can give you a cheap loan...

[venomous]

how can it be double the price paid back at the end of the loan? i havent seen any companies with over 13% annually.

also general loan term is like 5 years, a 15k car wont go half its price in 5 years...

[trepaul]

hey look, if you wanna go for it, cool. it's not my money. i'd be very hesitant about borrowing money for a car as compound interest can add up very quickly.

in my opinion a 15k car could quite easily lose half its value in 5 years no worries, especially if it's been modified. so at the end of the day it's the banks that are wringing their hands.

[Lish]

i don't wanna sound like an annoying parent here but i can't see the point of borrowing x-amount of money on a car that will be worth half what it did when you bought it by the time you pay it off, by which time you will also have paid back double what you borrowed in the first place....

but other than that, go for it. or maybe find a rich relative that can give you a cheap loan...

Not all of us have rich relo's or parents that we can get money from for a car -some of us have to do it the hard way and pay finance for the things we want. It's just about being disciplined and making extra payments on your loan as to knock it off quicker.

venomous, http://www.toyota.com.au/Finance/HomePage/0,,,00.html - here is the website that should be able to help you !

[VTSSDUDE]

So if you had a car loan and you wanted to sell the car, does this mean you can't?

[Lish]

personal loans are harder to get because there is no security for the finance company unless you have house loan etc for them to use as collateral.
Yes, you can sell the car - but it just means that you have to pay out the loan first then you get to keep the change.

[VTSSDUDE]

Umm what happens if you haven't got any money to pay the loan off?

[VTSSDUDE]

So basically also, with Car loans the bank owns the car, and personnal it's just a loan and you own the car.

[Bec]

Save the money yourself - at least until you are older. When I was 17 I promised myself not to get a loan until I was 25. I drove a clapped out '81 VC until I was 19...then got a '91 VP...then recently a '97 VS which I have since spent 4k on. I have done this earning less than HALF what you do (at least until a year ago). That car is mine and I have no debt. I can tell you it is a bloody good feeling too lol.

I know that doesn't answer your question... I just hope you've thought long and hard about it all. It's amazing how far you can get without a loan.

If you do decide to get a loan - see Westpac