Finance

[MikesVT]

Ok... Well as you know, my car was hit by a truck soo Its not in the best shape its been in...

Anyway... I've found another car... a 1999 WH Statesman.

I don't have the money at the moment... but hopefully I'll get a pay out from my insurance, or I'll sell the car when I get it back repaired.

Anyway, this statesman wont be around that long, so if I want to buy... I need to buy ASAP.

Seeing as I dont have the money YET... I'm thinking about getting finance, and then paying it off when i get the money.

I'm kind of nervous that they might repair the car, then i wont get as much by selling it myself.


Anyway, Im unemployed, full time uni student..... Banks dont like me, and the car yard isnt really too happy about givin me finance.

I've seen these commercials for 'Motor Finance Wizard'? Are they any good?

And also, what are your opinions? should I go about it this way? orr should I just wait? If I wait, I wont be able to get a stato, and I kind of have my heart set on it.

Thanks guys, any help, much appreciated

[vrberlina93]

Wait it out imo mate.
I would never finance a car because you end up paying more than they have on the car already. Bank loans are no fun unless you dont have a credit rating. I'd wait it out for your payment from insurance and im sure there will be another car around the corner :P

[Reaper]

Ok... Well as you know, my car was hit by a truck soo Its not in the best shape its been in...

Anyway... I've found another car... a 1999 WH Statesman.

I don't have the money at the moment... but hopefully I'll get a pay out from my insurance, or I'll sell the car when I get it back repaired.

Anyway, this statesman wont be around that long, so if I want to buy... I need to buy ASAP.

Seeing as I dont have the money YET... I'm thinking about getting finance, and then paying it off when i get the money.

I'm kind of nervous that they might repair the car, then i wont get as much by selling it myself.


Anyway, Im unemployed, full time uni student..... Banks dont like me, and the car yard isnt really too happy about givin me finance.

I've seen these commercials for 'Motor Finance Wizard'? Are they any good?

And also, what are your opinions? should I go about it this way? orr should I just wait? If I wait, I wont be able to get a stato, and I kind of have my heart set on it.

Thanks guys, any help, much appreciated

Sorry bloke, you are going to find it extremely difficult to get finance with no job and I would argue that anybody who does will be breaking the law as you have no means to repay it.

One thing to keep in mind (especially with cars) is that there is virtually never a "once in a lifetime" deal. There are still heaps of WH Statesmen about and for the most part they have been looked after. If this one goes, another will come along soon. I would be hanging 5 and see what happens with your car. FWIW I'd be almost certain it has gone to god. When does it get assessed?

Reaper

[MikesVT]

They said 7 - 10 days to get assessed, but I'll be calling tomorrow and every couple days to see if there's any info

[padrickz88]

dont do it mike:P... imagine if you dont get alot for the calais, then you borrowed 15, they only give you 10.... how you going to pay that 5? and with interest... never good to do it unless you have a steady income... that stato is nice but not nice enough to possibly hang yourself by the balls if it stuffs up on ya... seriously man just wait, and if you get enough THEN go get the stato... just think about it before you do it

[MikesVT]

damn it!! Why does everyone use logic and common sense

I know I really shouldnt do it... I'd be putting myself in a very dangerous position... never been in debt before, and wanna keep it that way... but I do need a car... and that stato is very very nice...

Thing is I probably wont even get finance in the first place like Reaper said... soo.. I dunnoo

[MikesVT]

Oh!! by the way...

Does anyone know how to work out the market value of a car?

They dont use redbook do they? :| because if they do... I'm stuffed

[badger__rox]

make the truck driver pay for a renter car if possible or c if the insurance company will work something out

[MikesVT]

Insurance wont cover a rental car... and I dont really wanna deal with the truck driver... I just want a car... bah...

I can borrow my grandfathers car when I NEED one I suppose... maybe I should just wait...

Shame to see a nice black stato slip through my fingers though

[Christina]

wait, wait, wait... and wait until your current car is dealt with.
my brother went a month when his was stolen.

no job, no income, no bank records, don't get into debt unless you have a job...

don't get sucked in, you're obviously pissed off at the moment and want any car, relax and look around.

[Christina]

on older model cars prepare to pay alot of interest, because the car is generally cheaper, the loan can either be lessened or worth less, they hit up the interest to make a better payout for themselves...

so we were told when my brother went for his new finance contract, interest on a 2002 vx ss was about 15% and we got 9% on the 2005 one.

[Bent_6]

Oh!! by the way...

Does anyone know how to work out the market value of a car?

They dont use redbook do they? :| because if they do... I'm stuffed

Was it insured for market or agreed value?
I think if it is market value then they will only give you what the redbook says. This is what they consider when you take your policy out in the first place, it is their guide among other things as to how much you pay in premiums.
Its always best to choose agreed value and bump it up a few grand, you will pay slightly higher premiums but if you stack it you are better off.

[Julie]

Wait it out mate it will cost you more in the long run. With loans u need to read the fine print because most finance companies charge ridicululous amounts for paying your loan out early.

[MikesVT]

That motor finance wizard is intrest free... but only on their range of cars... and there none there that im interested in...


I suppose I just needed to hear it

Thanks guys, looks like I'll be waiting...

[MikesVT]

Its insured for market value...

Ive been having a look on carsales and what not... and I cant find a series 2 calais for any less than about $13,500... redbook says about $10,800

It only had 151xxx kms on it.. ahh bloody hell

[Troy711]

as everyone else said.. wait (although you already are)

im sure another car thats just as good or even better will come along very soon.

[vrberlina93]

cheer up bud, something will come up

Off topic, i had a HZ GTS full original and wrote it off, waited a month and brought my VR i was in the same sito as you thinking of loans, finance etc. wait it out

[MikesVT]

Hmmm.. yeahh y'all have a good point... I'll just wait it out... and then start my search for a nice stato... I got my heart set on one of those now

Thanks again guys... saved me from making a big mistake... jsut too much risk involved

[Troy711]

glad we could help

[Reaper]

That motor finance wizard is intrest free... but only on their range of cars... and there none there that im interested in...

I suppose I just needed to hear it

Thanks guys, looks like I'll be waiting...

Don't kid yourself. If it is interest free, the cars will be *way* over priced. Either way you will pay for it as these guys won't do it because they are nice (even though i'm sure they are).

When you do get a job, a small loan for a car can actually be a good thing. Maybe save $10k and then borrow another $5 on a personal loan to get something nice. Get a loan that you can pay back faster and then work hard to clear it asap. This will achieve 2 things. You will have first hand experience in the discipline of paying back your loan (get ready for it with your mortgage!) and you will have a credit history with your bank.

This is very different to a credit card. Avoid them like the plague - they are all 'round bad news! Another strategy to get you on your way is to borrow (say) $5k and plonk it into a managed fund. Pay back the loan and when that is finished, take the $$$ you paid back to the loan and put it into the fund (or borrow that principal again and put it into the fund immediately). The interest will be tax deductible and over the mid-long term, most good funds will far outrun the interest you pay. As always - get some advice from an *independent* financial adviser to help you here.

Reaper

[Bent_6]

Its insured for market value...

Ive been having a look on carsales and what not... and I cant find a series 2 calais for any less than about $13,500... redbook says about $10,800

It only had 151xxx kms on it.. ahh bloody hell

Theres a few things to consider, do you have choice of repairer with your policy? if so get an independant evaluation from a top quality repairer and tell them you want to keep the car because it has been a loyal servant, they will quote for a better job.
Then push your insurer to fix it.
Ive seen way worse cars than that getting around that have been fixed and if its a good insurance company they must gaurantee the repairs for the life of the car.

Id hate to say it but i believe 10k is the most you would get for a pay out, even then that would be at a push. A low k example (120k) is valued at 11,700k and yours is slightly higher.
Dont consider car yard values because they factor in warranties etc.
At least if they fix yours you know its history, some cars on the market have worse history than yours and can look real inviting till you've owned them for a short time.

Good luck with it!

[MikesVT]

Thats true too.. just wont feel the same to me... Either way, I'll be in the market for a new car now...

I was hoping to keep the calais till I got off my P's... even longer! I loved that car... but things happen so..

Yep.. I should just wait it out.. If this stato is at the price it is now.. who knows what will be on the market in a week or two..

[mattman]

Finance has setup fees and also payout fees, these can be costly on caryard finance.

Also keep in mind that as nice as that WH is, there'll be another one come along if it does go.

[Low_VX_Taxi]

DONT DO IT!!!!!!! I saw my current car, nearly cried she looked soooo perfect, Ive always wanted the vt/vx shape since they first released the vt, I didnt have the 16tho but i juss HAD to have that car!!! n e wayz got a loan now got 36tho on my head Only good thing is its reducable term and no early payment fee and now I have a credit history so I can get a mortgage..... trust me it aint worth it as hard as it is to let it go dont get a loan.