Where to take a loan out?

[SAV_117]

Is the car really that special that it's worth putting yourself in debt over? It's also your first car I'm guessing so think about how long you'll keep it, how likely it is to have a bingle etc.

Clearly you have you heart set on this particular car, but financial decisions shouldn't be made emotionally. Weigh up all your options, think about them rationally and realistically (including how long you could really live without your own car for, how you'd finance a loan, insurance, registration and running costs etc on top of that, a buffer amount if you're unfortunate enough to have to make an insurance claim etc) before you sign anything.

Good luck, whatever you do.

its not his first this would be third i think or forth

[danja]

its not his first this would be third i think or forth

He's 17 isn't he? Not many 17yo's on their 3rd or 4th cars

[social]

yea well...i work hard and earn a wage and at 17 (working since just before 16) dont have many responsibilities so im into my cars alot (have had a vn auto, vn 5spd, vl 5spd and currently ford falcon) the car ive got my heart set on is very nice and stock, been kept well maintained so yea.

[VNexecutive]

gathering you can get your licence at 17 in SA? i was gunna say itd be easy to pay a car off before you get your licence. still, 3K isnt much, and if you really want it, its not gunna cause you problems in the long run (providing you dont lose your job etc). im fairly sure theres a minimum of 5K that is needed for a personal loan aswell. you'll probably need the extra money to get it up to scratch and for rego etc anyways.

not having a loan to pay off is a great feeling though. the less debts the better.

[STEALTHY™]

I got a 14k loan for my International, and never thought about the debt the whole 15 months i had the loan! Just loved every minute of driving the car!

[social]

gathering you can get your licence at 17 in SA? i was gunna say itd be easy to pay a car off before you get your licence. still, 3K isnt much, and if you really want it, its not gunna cause you problems in the long run (providing you dont lose your job etc). im fairly sure theres a minimum of 5K that is needed for a personal loan aswell. you'll probably need the extra money to get it up to scratch and for rego etc anyways.

not having a loan to pay off is a great feeling though. the less debts the better.

you can get ur liscence at 16 and 1/2 i got mine jsut after and im about to turn 18 in a month

[Joey_21]

you say you work hard yes and you have no resposibilites where does your money go then booze and ciggies?

[STEALTHY™]

thats a bit harsh. he has a point. i dont see the need for a loan if you already have a working car.
if you are indeed working hard, dont blow money on the before mentioned items, and have an interest in cars, then why havent you already got some form of savings towards the car you want? do it the hard way and save up some money. too many people just go out and get loans

Whats the problem with someone getting a loan? He has to pay the interest, not you

[stocky]

Whats the problem with someone getting a loan? He has to pay the interest, not you

well i can understand a loan like yours, 14k, but for 3000? just seems a bit pointless. surely it cant take too long to save that amount

[STEALTHY™]

I took out a 5K personal loan for my wagon

[Julie]

Some people are savers others are payers. So what if he wants a loan. If someone is not disciplined enough to save money every week for an expensive item they would like to purchase they are quite often better off in the long run to take a personal loan. Sure you pay interest but at least you are paying off something worthwhile where as if you weren't chances are you would wasting it on fags, fast food and ****ing it up a wall. If a loan is what is right for you then go for it.

[STEALTHY™]

Some people are savers others are payers. So what if he wants a loan. If someone is not disciplined enough to save money every week for an expensive item they would like to purchase they are quite often better off in the long run to take a personal loan. Sure you pay interest but at least you are paying off something worthwhile where as if you weren't chances are you would wasting it on fags, fast food and ****ing it up a wall. If a loan is what is right for you then go for it.

Cheers for saying what i was trying to, only in better words haha.

Would have given you rep, but i 'must spread it round'....

[danja]

Some people are savers others are payers. So what if he wants a loan. If someone is not disciplined enough to save money every week for an expensive item they would like to purchase they are quite often better off in the long run to take a personal loan. Sure you pay interest but at least you are paying off something worthwhile where as if you weren't chances are you would wasting it on fags, fast food and ****ing it up a wall. If a loan is what is right for you then go for it.

You make a good practical point that a loan can be enforced "saving" in a way. I guess myself being more of a saver I find it hard to see the merit of getting yourself into debt and paying interest over such a small amount.

That said if you're going to get a loan, now is probably a good time given the interest rate.

[STEALTHY™]

On my $5000 loan, the interest is about $300 is i go the full term. Although i wont, and being a life member, i can pay out that loan at any time without any fee's. Not all banks are like this tho, BankSA (the place i have my 14k loan) would only allow you to pay an extra 1000 a year (over a 3 year term, thats not alot if your trying to pay it all off) and there were breakcost fee's aswell!

What bank are you with Sean?

[social]

im with savings and loans credit union

[deanos70]

Mate i say if you can get a loan and you will know if you can comfortably repay it go for it, after all its only 3K and you wont be paying that much interest on it and it sounds like you have your heart set on the car.

good luck with it all

[STEALTHY™]

im with savings and loans credit union

Shouldn't have any extra fee's and charges then, so even if you decide to pay it out a day after you get the money, all you pay back is the money they gave you (with mine, the interest is charged daily, most banks will charge the interest first (so technically you don't actually pay the money back, you pay back what the interest would be for the full term of the loan) and once thats paid, you'll start paying off your 3000 loan.

I can't say for sure this is how S&L work tho, because i'm with cps, although they are usaully pretty much on par with eachother.

[johnnie5]

as mentioned a CC charges interest on cash advances

worst case @ 20% interest rate thats about $50 a month for interest , pay it off in a few months and its not a whole lot ,

loans may application fees and trying to get the loan may be difficult anyway , you can usually get a CC pretty quickly

[STEALTHY™]

For comparison, my personal loan of $5000 had about $130 setup fee. interest is 12% i think, much better than a CC (suggesting something happens and you can only pay the min every week)

[mas996]

Car Loans - RateCity.com.au

look around first. there is always some kinda catch. although maybe not with such a small loan amount. i borrowed around 20k, didnt realise i had to have the car fully insured in my name to get the loan till i was jst bout to sign for it. i did it anyway lol but it turned out i was lucky to have done it, had a bit of a prang ;-)

there are some credit card promotions out that u can get not interest on balance transfers for a certain amount of time, i assume that means you could transfer money from the cc to your normal account with no interest charged for that amount of time? i duno im not financial expert lol

but yeah, really it would be best off to save, i mean, 3k wont take too long. damn bastards in the banks make anough money of us as is.