Car and Personal Loans....

[S2_VR_]

ok so i've been thinking about taking a loan out to buy a Gen 3 SS in November...


i'd only be taking out $12,000 or less if i find one cheaper (but i doubt it)


my question is do you think it's a bad idea?..


im starting a Painting job in september on $600 a week... (not much but i dont have to pay rent etc atm)..

how many people here have taken out loans?? do you regret it??.. how much did you take out??...

[somerandom]

i took out 6 grant to buy a 3 grand motorbike, got burnt(bike too much problems), i then sold it for $2k, and got another $2k (re-financed my loan) so, then I applied for a credit card and went overseas

thats what I did, and i regret it (the bike, not the loan)

my advice is to do it if you know you can pay it back without struggle, but do not refinance unless you pay your loan off first, i had 8k in a loan(6k, the refinanced for another 2k) and i got nothing to show for it, in terms of a vehicle, but i had a great experience going overseas, so thats probably the best thing to happen in that regard

[vlv8vic]

no problem with a loan but for a small amount like that you might be better off to just save. Def don't do it til you have been working a while.

[Cobez]

I had a loan, payed it off. Worst idea ever. It's easy so you can get a car etc, but it's shit in the long run. I just hammered it and payed it over in 2 years as opposed to 27 years.

[benjamino]

hey mate, i had a vx v6 and sold it for 7500, and took out a loan from ANZ for 9k at $100 bucks per week repayments, for a 2year period to buy my vx ss that i have now!
and for $100pw, its farkall.
i then took out another 5k loan at 60bucks pw for my tune diff gears and a holiday
choice.haha
but u just have to remember what happens if u lose ur job and cant afford repayments
goodbye car..
but its perfect for when you want stuff and cant be arsed saving for another 2years..
so as long as u have a stable job and can budget.i cant see why its not a good idea

[Cobez]

Exactly ^^^ You just have to think of what happens if you become unemployed etc, then you are up shit creek and if you can't pay up, they will reposses your car etc.

But if you have a stable job and are willing to be out of pocket $100 a week (or around that) then go for it. I just think it's a shit idea now because of all the interest you pay. But that's just me. Just don't get a fixed rate loan.

[f1tzy]

The interest isn't really that bad tho provided you get it over a short period AND make your repayments weekly. Reason for this is with my bank (suncorp) the interest is compounded monthly so weekly repayments knocks more off the loan before the interest is calculated, making your loan term a bit shorter too

[shiftySLE]

Take out extra on the home loan if you have one, cheapest interest you'll ever pay and no 3 or 5 year limit, if you can afford the extra anyway which you probably could if you are considering personal loan (and as I said, if you have a home loan.)

[maginoodle]

Loans are good if you can budget. My advice would be to work out exactly how much you can afford/want to pay per week. Then get a loan that has no early payout fees. Take it out over a longer period to lower the required weekly payments, but pay what you can afford/want to pay every week. That way you pay the loan out quiker, you can redraw but most important(imho) is that if you lose your job your payments will be lower and you should be in front.

Cheers Shane

[S2_VR_]

ahh ok.. well im gonna make an apointment in the next week and go talk to commonwealth about it all... see how long they want me working before i can grab a loan... i'm tinking 15,000 so i can pay for rego and insurance after i buy it. and have change for a few mods...

i've got another 4 or 5 months so i'll be thinking heaps about weather to do it or not

[S2_VR_]

Loans are good if you can budget. My advice would be to work out exactly how much you can afford/want to pay per week. Then get a loan that has no early payout fees. Take it out over a longer period to lower the required weekly payments, but pay what you can afford/want to pay every week. That way you pay the loan out quiker, you can redraw but most important(imho) is that if you lose your job your payments will be lower and you should be in front.

Cheers Shane

i was on westpac just before and they have loan security (like if you get fired or lose your job they'll cover you for a bit until you get back on your feet...) seemed like a good idea...

[S2_VR_]

hahaha i just did an online quote for a vx SS comprehensive insurance they want $6,233 for the year i think i entered a wrong detail somewhere.... or is this what i get cause i have had 1 suspension and am under 25??

[shiftySLE]

LOL, they could at least round it down to an even $6000 LOL, you'll need a loan for the insurance alone.

[S2_VR_]

yeah, does anyone know who insures under 25's cheaper than 6g's?? lol

[ClairBear]

Personally I think you are dreaming and need to come down from the clouds.

Firstly it appears you are currently not working, therefore you will need to establish a working history before the bank will lend you a cent.

Secondly insurance to cover repayments costs also and adds to the price of your repayments, often they have lots of tiny clauses so it is hard to actually get the cover if you lose your job, and some only pay for a short period then you are on your own again.

Finally if you are under 25 with a suspension I doubt you will get insurance very easily or, as you proved, at a high price as you are pretty much saying 'hey I already messed up, I am a huge risk on the roads.'
Stick with your VR until you get a decent steady job with a reliable income and built up a working history.

[coolvxss]

I went into comm bank end of last week. just walked straight in and i talked to some chick (pretty hot too) about what i wanted and my budget and stuff, and worked out i could comfortable pay off up to 15 000.

I got an unsecured loan, so i dont have to worry about whos name the car will be in or anything. Because im gona put the car in my dads name, and insure it under dads name with me as a part driver so insurance is only around $700 for a vx ss. I went to get a loan at another place but they would only offer me a secured loan, and they wanted the car in my name and insurance in my name.

The interest is a little more more unsecured loan, but the saving i make on insurance is heaps more.

[J3zza]

i just got a loan out today getting my chq tomorrow , got 12,000 out loan repayments only 115 a fortnight over 7 years but im not gonna go that long ill pay it off in 4-5years , id say go for it S2_VR_
you only live once may aswell drive a car you love !!

[coolvxss]

Oh thats one thing i forgot to mention. Go for the 7 years. the min payments are bugger all. just pay off more every week, so if something does happen with your job, you are infront anyway, and still have the full 7 years to pay it if worst come to worse.

With the loan i got, for the first 2 years, there is a $130 penalty to pay it off early, but after that. you can pay it off whenever you want.

[J3zza]

thats exactly what im doing ! pay it off quicker and u pay less interest !!

[S2_VR_]

was both these through commonwealth?..... i think i might be dreaming as Sashyre said.. no 1's gonna insure me in a VX SS.. maybe if i put it in anothers name it'll happen but i dunno might be wise to wait a year or two before hand...

[J3zza]

i went through NAB !!

[HamaTime™]

Just save it up. Way easier in the long run. Anything under $15k don't get a loan for in my opinion, creates too many hassles.

[coolvxss]

i went through NAB !!

Is yours a secured or unsecured loan? Do they care about whos name the car and insurance is with?

[J3zza]

Is yours a secured or unsecured loan? Do they care about whos name the car and insurance is with?

Its Un-secured which means they recommend you to get insurance but you dont have too (you dont have to tell the insurance company that you got a loan for the car)
Secured means they have they car against the loan if you cant pay they take your car

Im not sure about the whole name thing though

Try plenty credit union they have good interest rate 8.85% or something like that !!

[ClairBear]

Its Un-secured which means they recommend you to get insurance but you dont have too (you dont have to tell the insurance company that you got a loan for the car)

Lying to an insurance company is just stupid. The form will ask if the car is under finance, say no then have an accident and go to claim and they find out you lied they will crucify you. Ask Norti the lengths insurance companies will go to so they can get out of a claim if they suspect anything.

My ex husbands father many years ago insured his van claiming he only used it for personal use, if you state business the premium is higher. Anyway he had an accident and submitted a claim. They suspected he used it for work. So they sent an employee to his work place (he was a fencing contractor) and asked the receptionist if Bill Blogs was around. She replied 'no' and then he said 'he still drives the white mitsubishi star wagon around?' Of course she replied innocently 'yes.' Had him.