finance/loans

[VNexecutive]

hey all. im looking at a 5000 personal loan and i was just wondering where you got yours? i went and applied for one at bendigo bank today but couldnt get it cos they wanted me to get comprehensive insurance with the car i was gunna buy which is ridiculous cos im notr spending 2000 on insurance for a car of equal value.

any suggestions?

[Cobez]

hey mate do a search there is about 3 of these threads hangin about

[JD]

i got mine ( years ago now ) through ANZ, i got a discount though cos we put it under mums name and she works there!

[minux]

RACV perhaps.

[VNexecutive]

do you have to be an racv member for that?

[minux]

Sure don't.

[VNexecutive]

okay, thanks.

[ClairBear]

No one will give you finance for a car unless it you have comprehensive insurance. This is so if you write off the car or it gets stolen, they have a way to recoup the balance of the loan.

You will find it is written as standard into a loan that you must have comprehensive insurance and if you don't (some take the insurance out then cancel it) they can recall the loan at once.

C.

[mulligan-can]

Just get an unsecured personal loan. That way you dont expressly have to use it for the car and you dont need to get insurance. At least thats how I thought/heard they worked...

[doms3]

Look ata citibank low rate credit card,cheaper cash withdraw rate the unsecured personal loan

[Wagon_Wheel]

If its a personal loan it should matter about insurance... but finance it does.
I got my loan with commonwealth, no problems. They knew it was for a car and they offered to give me a quote for insurance on the car, but was already insured and they didnt care.

[VNexecutive]

No one will give you finance for a car unless it you have comprehensive insurance. This is so if you write off the car or it gets stolen, they have a way to recoup the balance of the loan.

You will find it is written as standard into a loan that you must have comprehensive insurance and if you don't (some take the insurance out then cancel it) they can recall the loan at once.

C.

my brother got a 6G loan for a car without having to get compo.
a mate got a 5G loan for a car without having to get compo and she just worked at maccas. go figure. both at the same bank. maybe they just dont like me.

not going for a credit card. cant repay as quick as they'd want it

i applied for a personal loan not a secure loan anyways, but didnt wanna give it to me. bugger.

[STEALTHY™]

Like i told you on msn, they will want some form of collateral

You could use the VN as collateral, to approve the loan. I think the mistake you made was telling them you were buying a car. When i got my loan for my VP (14,000) i used my other 2 cars as collateral, and the VP was fully mine. Both cars didn't need full comp insurance.

The girls exacts words when i asked how do you know what i'm spending the money on, she said 'we don't, for all we know you could be setting up hydro, we just hope you buy the car'.

I'm still not sure if they will want full comp using your VN, thats just how they did it with me.

[vlv8vic]

Just to put a different spin on this...
You are having trouble getting a loan and would have trouble paying back a credit card. You refuse to get comprehensive insurance because it is too expensive...

Have you thought it might not be the best time for you to be borrowing money? Not being rude but if all the regular options are too difficult then it might not be safe just now. Banks obviously consider you a risk not worth taking.

Also, why are you trying to get 5k when as you say the car is only worth 2? lesser the loan the more likely you are to get it. In fact, why not try to save 2k in the next few months. You'd be amazed at the money you'll save by NOT having a loan.

[Cobez]

yeah but whatever modifications done to your car arent applicable in the cars value when you put it down for calateral

only the cars base price or market value (no mods) is generally the price they use

[Cobez]

Just to put a different spin on this...
You are having trouble getting a loan and would have trouble paying back a credit card. You refuse to get comprehensive insurance because it is too expensive...

Have you thought it might not be the best time for you to be borrowing money? Not being rude but if all the regular options are too difficult then it might not be safe just now. Banks obviously consider you a risk not worth taking.

Also, why are you trying to get 5k when as you say the car is only worth 2? lesser the loan the more likely you are to get it. In fact, why not try to save 2k in the next few months. You'd be amazed at the money you'll save by NOT having a loan.

i totally agree with u there

i saved $3000 and borrowed $2000

less cash you borrow = the less cash you pay back via interest

[AttaBoy]

Just to put a different spin on this...
You are having trouble getting a loan and would have trouble paying back a credit card. You refuse to get comprehensive insurance because it is too expensive...

Have you thought it might not be the best time for you to be borrowing money? Not being rude but if all the regular options are too difficult then it might not be safe just now. Banks obviously consider you a risk not worth taking.

Also, why are you trying to get 5k when as you say the car is only worth 2? lesser the loan the more likely you are to get it. In fact, why not try to save 2k in the next few months. You'd be amazed at the money you'll save by NOT having a loan.

Yep I agree,

Thats exactly what I did 3 years ago when I got my VS Acclaim ($11,000). I did not take out a loan, instead I got extra hours at work and saved up for 3 -4 months before I got the car.
I hate borrowing money so I avoid it as much as I can.
You should do the same.

[STEALTHY™]

I'm the opposite to you guys. When i want something, i want it now.

Look at it this way, on a $15,000 loan, i paid about 1500 interest. Now while over 2 years 1500 seems a ****load of money, there is always something that comes up to take the money you've saved, and you use it because its there.


I'm happy to keep the bank in business, as after all, there letting me have what i want now. Having said that, i will never get a credit card or a phone on a plan, thats just stupid.

[vlv8vic]

Been looking at a $1.5mil foreshore apartment. I want it now. I can't have it now!

If you have control and want something bad enough you'll get it with your own money.
If i didn't have to spend that $1500 on interest it might go to to the house loan, not only then is it paying off the house but it is reducing the interest i would pay on the house.
It in fact makes you money. hmmm

Like you say though, you are the opposite and people have different goals. Mine was the to have my home and an investment property by 25, i did it by 24 by being clever about what money went where. Didn't go without though!

[Cobez]

That's what i have gotten into the habit of doing over the last 4 years ^^^

I don't want to go nuts spending heaps of money on cars and less important material things until i am about 25 then realise "oh crap i have no money for a house deposit or to move out" then having to start saving like crazy and being hard up for money.

Each week i get work to take out $150 from my pay and put it aside in an account i dont have a keycard for, while i divide the rest of my money into my bills, petrol, rent etc then i take what's left and divide that into the cash i want to spend on things like car mods etc and the other half for a few drinks and play around money for the weekend and that gets me by great!

[VNexecutive]

Just to put a different spin on this...
You are having trouble getting a loan and would have trouble paying back a credit card. You refuse to get comprehensive insurance because it is too expensive...

Have you thought it might not be the best time for you to be borrowing money? Not being rude but if all the regular options are too difficult then it might not be safe just now. Banks obviously consider you a risk not worth taking.

Also, why are you trying to get 5k when as you say the car is only worth 2? lesser the loan the more likely you are to get it. In fact, why not try to save 2k in the next few months. You'd be amazed at the money you'll save by NOT having a loan.

i understand what you mean, but ive seen people that are wealthier than me get in trouble with credit cards. loans? they're easier. i can afford 50 bucks a week. the insurance isnt too expensive, i just dont see the need to get compo on a car that is only worth that much. maybe if it was a vq stato or something. or vp international *drools*

and yeah, im with stealthy, when i want something, i want it now. but im also silly enough that if i decide to save (which i am doing anyway) ill end up spending it elsewhere. eg, the vn. haha.

[Cobez]

not always $50 a week mate

depends now much you take out and the interest rate it may be more per week

[MasterOfReality]

I know impatience is a bit of a bitch to deal with, but when it comes time to buying a house or apartment, you are going to wish that you saved everything instead of spending money on a car.

I'm 28 this year and I am about to buy my first place. I have been saving since I was 21 and I almost have a six figure deposit for a place.

There were times, believe me, that I felt like going out and buying that second hand M3 down at the BMW dealership, and I'm glad I didn't and I'm glad I have spent minimal money on cars because it would have made my life so much harder.

By me saving over the past 7 years with one goal in mind, its going to allow me to get the place I want and be able to afford the repayments without having to life off rice for the next 15 years.

I remember my parents constantly nagging me when i was younger to put everything away for a property. Best advice I have ever been given, although at the time I wanted everything, just like everyone else. And all it takes is to start with a couple of grands savings and build from there.

[Cobez]

very well said ^^^^

[STEALTHY™]

Been looking at a $1.5mil foreshore apartment. I want it now. I can't have it now!

If you have control and want something bad enough you'll get it with your own money.
If i didn't have to spend that $1500 on interest it might go to to the house loan, not only then is it paying off the house but it is reducing the interest i would pay on the house.
It in fact makes you money. hmmm

Like you say though, you are the opposite and people have different goals. Mine was the to have my home and an investment property by 25, i did it by 24 by being clever about what money went where. Didn't go without though!

Its all about living within your means tho.

I would love a Lambo, and i'm sure going by how much i earn, in 2 years i could save up for one. The point is, your wants have to be something do-able.

The way i see a loan, is i'm buying said 15,000 of cash off of the bank for $16,500.


I have different priorities to others. A house isn't one of them at this stage. Going by the estimate the bank gave me, even on the above average wage i am on, i would still be struggling, without any luxury's. I'd rather have everything i want now, rather than be comfortable later. But thats just going by how hard both of my parents had to work for their house, for all those years.