loans

pr0n · #1 06-03-2007, 03:51 PM

how do people get loans with a low paying job, ive seen people here getting like vx's,and later models with only a crappy job paying like less than 400$ a week. how do they get loans?

Not_An_Abba_Fan · #2 06-03-2007, 03:59 PM

Parents went guarantor maybe? To be able to meet repayments on a low paying job, you would need a sizeable deposit. As an example, $20k loan at 12.5% is $375 a month, some places charge more interest so a late model car would need to be budgeted at around $100 a week. Plus rego, insurance and fuel. Add about $80 a week for that stuff and it doesn't leave much to pay the rent and buy food. If you live at home and have generous parents then it would definately be easier.

r_i_d_a_h · #3 06-03-2007, 04:31 PM

mann screw car loans.

i rather save and autually HAVE a car to my own.

Troy711 · #4 06-03-2007, 06:05 PM

lease FTW

Bravotwozero · #5 06-03-2007, 06:09 PM

Quote:

Originally Posted by Troy711

lease FTW

Leasing isn't a good option unless you plan on upgrading every 3 years.

deathsminion · #6 06-03-2007, 06:25 PM

Quote:

Originally Posted by Bravotwozero

Leasing isn't a good option unless you plan on upgrading every 3 years.

Or do a LOOOT of k's.

vlv8vic · #7 06-03-2007, 08:03 PM

take your $800 from the fortnight and go grab an early 90's camry. itll last you ages while you either save a decent deposit or keep saving and buy the car outright a bit later. i see too many young people get sucked into a loan just because we are in a "now" society.
With a bit of luck youll end up with getting paid better by the time you are able to buy and be in an even better position.

pr0n · #8 06-03-2007, 08:14 PM

i currently have a vp commodore. i wanted a vt or better lol. so i wanted to know about loans.

naf33n · #9 06-03-2007, 08:17 PM

my bro got a 20 grand loan when he was a first year apprentice earning roungly $300 after tax. no guarantor, no security, and he was 18 at the time. got approved in a couple of days.

its not like its hard to do just apply for one. and he actually owns his car not the bank so he can sell it and buy 20 grand worth of jelly beans if he wants, as long as he make the repayment

daron · #10 06-03-2007, 09:00 PM

mmmmmmmmmmmmmmm 20 k worth of jelly beans drroooooooooollllllllll

r_i_d_a_h · #11 06-03-2007, 09:04 PM

baaah..jelly beans aye?...mm natural confectionary snakes is all me

shaggerz · #12 07-03-2007, 08:28 AM

its very very very easy to get a loan for a car these days... in fact a lot of lenders are in trouble (what government department I do not know) over offering loans to people who can't afford to pay them off.

I got an unsecured loan for my car, and although I can afford to pay it off, plenty of people out there get bigger loans and cant...

I know it sounds like the same old finger wagging lecture but for the love of god DO NOT borrow money unless you will end up in dire straits without it.

Many youngens will think "pfft thats what all older people say" but I am 21 and seriously recommend being patient and paying cash. Take it from someone who throws about $200 down the toilet every month in interest charges.

VT-565 · #13 07-03-2007, 08:43 AM

Quote:

Originally Posted by vlv8vic

take your $800 from the fortnight and go grab an early 90's camry. itll last you ages while you either save a decent deposit or keep saving and buy the car outright a bit later. i see too many young people get sucked into a loan just because we are in a "now" society.
With a bit of luck youll end up with getting paid better by the time you are able to buy and be in an even better position.

I couldn't agree any more with this post, I am having this very problem with my younger brother, he started an apprenticeship this year and wants the world on a silver platter already. He is 16 at the moment and I have agreed to go guarantor (spelling?) if he finds the right car by my criteria.
I personally think that getting a loan in a true sense is not a bad thing, as long as you are comfortable with the repayments.
What I disagree with is people on low paying jobs getting huge loans and living to what they have left which usually isnt much. It's a damn miserable way to do it (been there, done that) and I say that you have to live to your means. If you earn $400 clear a week, you wont own a ferrari. As vlv8vic said, it's a "now" society, but you're the one going into debt, so who cares what your 'mates' say about what you've got?

Not_An_Abba_Fan · #14 07-03-2007, 11:11 AM

Nothing wrong with having a loan. As long as it is manageable. If you can afford to make the repayments without forgoing your quality of life then do it. I have over 300k in loans but there are also 3 houses involved. It is all manageable and I don't miss out on my Tim Tams. When I was 18 it was much harder to get a loan so I saved and payed cash. It wasn't until I got my first house that the lenders wanted to throw money at me. Talk to someone in the know ie: Financial Advisor, and see what you can comfortably afford if you want to go down that road.