Loan

[VP stock]

Im looking to buy a new car ,, VYII Calais 5.7 ltr v8 non the point .. I am only 17 and have a full time job and tick every box but under age ,, i ahve been told i can do a so-signer loan but yet to fijnd a place to do it any help??

Or maybe somone has 15000 to help me

Cheers Mase

[ashbox]

most banks should be able to look after ya in some way, the car your looking at might not be helping either, some finance companies will look at the car aswell as the applicant

[stocky]

sounds like a stupid idea. why do you need a vy v8? are you even allowed to drive it? have you considered all the other costs, such as the comprehensive insurance you will most likely need to buy for it?

[greenfoam]

I'm all for getting a loan to buy a new car (as in brand new) IF the car is practical and going to save you money on the daily grind compared to what you have now but to get a loan for that much on a 2nd hand fun car that costs bulk cash to run then no, That's a bad idea

[VP stock]

Atm i have a Series 1 vp exec and all it does it cost me money so figure buy a new car well used but newer and spend my money each week on that ,, yes have sorted out insurance and payments and everything that comes with the car and it all is liable ,, I am now just down to finding the bank that will help me

[stocky]

i had the decision to buy a vy ss a year ago. i was going to blow all my money buying it. decided to go with a cheaper car, thats probably just as much fun to drive. i decided that saving for a house was more important. dont throw all your money at a car

[greenfoam]

Being totally serious, if you have a stable and well paying job just go and buy a new small car on finance it'll cost you 100 bucks a week for 5 years but probably save you 50 in fuel (depending how far you drive), you don't have to worry about parts for 3-5 years and you wont die if you stack so all up they don't cost much more than what you have + once your 5 year is up you still have 10 grand worth of car. Something like a Fiesta, The soon to arrive Fiesta diesel even better (sub 4L/100), mazda 2, I30? Something like this. The Fiesta and Mazda 2 can own a VY ls1 around inner suburbia anytime you want. Much better car if your not going to the drags every other weekend or on the constant highway cruise

[levymetal]

sorry what's a so-signer? there's so many reasons why you shouldn't do it.
1. i doubt you have a steady job. if you lose it, you'll lose your car, and the cash, everything gone.
2. at 17, do you have a licence? you have either just obtained it, or you don't even have it yet. you have such a high risk of crashing it's not funny. it's dramatically reduced after a couple of years, which is why you should buy a shit car to start off with, then buy a better one later
3. as above, insurance. you got another $3,000 a year for that?
4. will insurance even cover you, considering that the car is illegal for you to drive? insurance companies will do anything not to pay out - so if you do crash, which you probably will, your car won't get paid out, and you'll have to pay for the other person's as well. i'm not 100% on that but you should really check it out, you could end up getting ****ed in the arse if you're not careful.

all the risk for what... so you can show off to your mates...

[Cobez]

Do it if you wanna be in debt. Look at the interest rates, on a loan that size, you will pay between roughly $120 - $160 interest ON TOP of your repayments per month.

I took out a loan ages ago for a car, hammered a 12 year loan down in two years and it took care of some of the interest. If you are gonna just pay the minimum amount in repayments per week, then you will be stuck paying off a $15,000 loan for 15 years or so, counting the interest you will pay on top.

Do it if you are willing to pay AT LEAST $120 a week repayments.

[VP stock]

1. i doubt you have a steady job. if you lose it, you'll lose your car, and the cash, everything gone.
2. at 17, do you have a licence? you have either just obtained it, or you don't even have it yet. you have such a high risk of crashing it's not funny. it's dramatically reduced after a couple of years, which is why you should buy a shit car to start off with, then buy a better one later
3. as above, insurance. you got another $3,000 a year for that?
4. will insurance even cover you, considering that the car is illegal for you to drive? insurance companies will do anything not to pay out - so if you do crash, which you probably will, your car won't get paid out, and you'll have to pay for the other person's as well. i'm not 100% on that but you should really check it out, you could end up getting ****ed in the arse if you're not careful.

all the risk for what... so you can show off to your mates...

1. I have been in my job for over a year now ,, and am gettin higher up and have just reicvied my master degree in personal training and soon to be opening up my own business
2.I have my license and as for crashing that is purely up to the driving itself and how yuh treat your car
3.Insurance has already been dealt with and i have sorted if i do get the car ,, it isnt expensive due to knowing people
4.I have it in my parents name so it is liable becuase anyone under 25 can drive it

[stocky]

4.I have it in my parents name so it is liable becuase anyone under 25 can drive it

so many people try to do this, but im fairly sure it doesnt work and youre up for the same shit if you crash

[VP stock]

Do it if you wanna be in debt. Look at the interest rates, on a loan that size, you will pay between roughly $120 - $160 interest ON TOP of your repayments per month.

I took out a loan ages ago for a car, hammered a 12 year loan down in two years and it took care of some of the interest. If you are gonna just pay the minimum amount in repayments per week, then you will be stuck paying off a $15,000 loan for 15 years or so, counting the interest you will pay on top.

Do it if you are willing to pay AT LEAST $120 a week repayments.

$15,000 loan over 5 years with a 13 percent rate ,, worked out to be $87 a week and at the end of the 5 years would have payed around $5700 interest

[Cobez]

$5700 interest. **** THAT. Better off saving and paying cash, and saving yourself $5700.

[VP stock]

If i had the money now i would do that but i dont so i cant

[stocky]

1. I have been in my job for over a year now ,, and am gettin higher up and have just reicvied my master degree in personal training and soon to be opening up my own business
2.I have my license and as for crashing that is purely up to the driving itself and how yuh treat your car
3.Insurance has already been dealt with and i have sorted if i do get the car ,, it isnt expensive due to knowing people
4.I have it in my parents name so it is liable becuase anyone under 25 can drive it

you sound like the biggest dreamer ever. 1 year in a job? how is that secure? crashing can happen to anyone. you can be the best driver in the world and still have that one little slipup that causes you to crash into the back of a maserati.

[levymetal]

you have a masters at 17? what the hell is going on here? masters takes 6 years to get. are you using the wrong words or something?

crashing - it's all in the stats. sounds to me like you're one of the people who is like "yeah i'm the best driver in the world i'll never crash". refer to the stats, you are at least 3 times more likely to crash in your first year of driving. that's just the way it is.

just because it's in your parents name, it doesn't mean you can drive it. do you even know what the laws are regarding power restrictions? you have something like 5 points in your first year of driving. if the cops pull you over in this car, once, you'll lose 3 points. once again, you'll lose your licence. if it was that easy to avoid p plater restrictions then wouldn't anyone do it?!

[SV62NV]

i was going to get a loan a few months ago and get a new car but then i figured all the extra costs that will apply like other people have mentioned, interest on top of repayments, insurance, petrol, in the end i figured stuff it, just wait a year or two, put say 100 bucks away each week and within that two years of saving you have roughly 10 grand to play with, that sounded better to me so i am saving

But again its up to you dude, some people are set to one task and they get it done.

[stocky]

you have a masters at 17? what the hell is going on here? are you using the wrong words or something?

just because it's in your parents name, it doesn't mean you can drive it. do you even know what the laws are regarding power restrictions? you have something like 5 points in your first year of driving. if the cops pull you over in this car, once, you'll lose 3 points. once again, you'll lose your licence. if it was that easy to avoid p plater restrictions then wouldn't anyone do it?!

hes in SA, so i dont know what kind of restrictions they have on v8s there

[VP stock]

We have a V8 Manual Vt wagon and i have been pulled over driving and nothing down whether it was good cops or wat i dano but yea ,,

And i may be a dreamer but yuh have to dream sometimes ,, well thanks guys but i am very set to making this work and will elt you guys kno how i go ,, i think i will let my mum take the loan out in her name and pay her each week then when i turn 8 take over the loan

you have a masters at 17? what the hell is going on here? masters takes 6 years to get. are you using the wrong words or something?

yea it is just a fancy name ,, toke 8 weeks really just helps you certified

[Cobez]

$15,000 loan over 5 years with a 13 percent rate ,, worked out to be $87 a week and at the end of the 5 years would have payed around $5700 interest

That doesn't make sense.

$5700 divided by 60 months (5 years) is $342 interest a month

And you will be paying the loan off at $348 a month ($87 a week) at 200 weeks (5 years).

$348 - $342 = $6.

[VP stock]

That doesn't make sense.

$5700 divided by 60 months (5 years) is $342 interest a month

And you will be paying the loan off at $348 a month ($87 a week) at 200 weeks (5 years).

$348 - $342 = $6.

Your quote has been calculated as a Used Car Loan.

Estimated cost or value of vehicle or boat $ 16,500.00
Amount of the loan $ 15,000.00
Your State SA
Government Stamp Duty (Contract, Mortgage) $ 57.70
Other government fees $ 11.00
Establishment fee $ 250.00
Personal Loan Protection premium* $ 1,259.00
Total amount required for loan $ 16,577.70
Loan Maintenance Fee (monthly) $ 7.50
Term of loan 5 Years
Interest rate 12.29%
Your monthly repayments (including Personal Loan Protection) will be: $ 378.70

[greenfoam]

You can possibly save 1,500-2000 a year in fuel alone if you buy a modern car over his VP so the interest can be totally offset if your someone that drives a bit.

So you pay 25,000 grand on a 20 grand car. You save 1,500 a year on fuel each year over 5 years, you don't buy any parts and you have 10 grand worth of car left after 5 years vs nothing on the VP which could cost you a grand a year in parts quite easily. You pretty much get that new car for free and then you just buy another one

[Cobez]

Your quote has been calculated as a Used Car Loan.

Estimated cost or value of vehicle or boat $ 16,500.00
Amount of the loan $ 15,000.00
Your State SA
Government Stamp Duty (Contract, Mortgage) $ 57.70
Other government fees $ 11.00
Establishment fee $ 250.00
Personal Loan Protection premium* $ 1,259.00
Total amount required for loan $ 16,577.70
Loan Maintenance Fee (monthly) $ 7.50
Term of loan 5 Years
Interest rate 12.29%
Your monthly repayments (including Personal Loan Protection) will be: $ 378.70

I didn't calculate it as a loan, i just used the numbers given and did the maths.

[VP stock]

yea ,, well that are the numebrs because as i stated it was rough i couldnt remember the exact numbers

[levymetal]

Your quote has been calculated as a Used Car Loan.
Amount of the loan $ 15,000.00
Your monthly repayments (including Personal Loan Protection) will be: $ 378.70

so pretty much what you're saying is that for a $15,000 car, you'll end up paying $22,722 over the 5 year period including interest AND other costs, which is $7,722 more than the car's worth.

well if you're happy, done the research, and ok with the risks, then go for it i guess, if you can find the bank that will give you a loan. i just think it's an enormous waste of money.