Where to take a loan out?

[social]

Hey guys,
Currently after a vr 5spd atm, saving here and there come to arrangements on it costing $3000. Thing is, i dont have 3000 saved lol. Im considering taking out a loan for 3000 over a 1 year period or less, due to the fact i can easily pay it off within 2-3months, but im unsure where to go and get one. I wouldnt be taking out a loan if it wasnt me last resort but hey, certain cars only come around once.
Thanks in advance.

[Lumps of cheese]

Shop around. I haven't had a personal loan in years but found that the local credit union was very good but i'd just go to different lenders and get fees, rates etc. and make a decision based on what suits you the best.

[fuzzy2308]

go to cash converters lol na seriously DON'T. hit up ya bank they should be good about it coz they will know your history.

[Scooter79]

... Im considering taking out a loan for 3000 over a 1 year period or less, due to the fact i can easily pay it off within 2-3months, but im unsure where to go and get one...

A bank is usually a good place to start. Just visit all the bank websites for terms conditions and interest rates.

[ryno_vrx]

i talked to a financial adviser awhile ago about a personal loan and was told that if i wanted a loan under $5000 i was better of getting a credit card, i now got a credit card from the commonwealth bank with a $2000 limit and its interest free for the first 55days or something like that so i've usually paid it off before the interest kicks in.........
my missus works in finance and reckons that the best way to go is through your bank as you'll get a better interest rate, and stay away from fast finance places as they can charge upto 20% a month

[social]

the credit card thingo sounds like a good idea, question though, how old do you have to be to own one?

[Juztin]

18 I believe isn't it?

[ryno_vrx]

18 with good credit history and been in a stable job for about 3 months i think

[social]

if anyone knows, if i had a $2000 withdrawl on a credit card, and on the 54th (55 interest free days total) day i pay $1800 of that off, am i charged interest on the $200 or the whole $2000 the next day? and is it for the p.a or whole year the interest is charged?

[STEALTHY™]

Just get a personal loan from a credit union.

Avoid banks like commonwealth and bankSA as they have high fee's.

[social]

*juggles* credit card or personal loan :S

Either way im 17 atm...so dsnt look good age-wise lol

[STEALTHY™]

*juggles* credit card or personal loan :S

Either way im 17 atm...so dsnt look good age-wise lol

You can get mummy and daddy to be guarantor, although not alot of parents are willing to do that for a car loan!

[Zuicider]

to get a loan in this day and age are u freakyingly seriousususus.

[ryno_vrx]

i'm pretty sure your only charged for the outstanding balance, i'd check my netbank but i've max my internet out for the month so its slowed down sorry

[danja]

Have you considered just waiting and saving up the $3k? I've a very achievable amount to save in a short period of time, and if you take out a loan (assuming you can get one) you'll just end up paying a ton of interest on it, for no other reason than you can't be bothered to wait and save.

[Joey_21]

just save up if you cant afford it avoid it just save up guarentee you will find somthing better

[davway]

if you need to loan 3k for a car, how do you intend to pay for the full comp insurance which is required to get a car loan?

as others have said, save up or at least save a reasonable deposit first.

Failing that, you said you could pay it off within a few months - who cares where you get the loan from.
its 3k not 30k.
use the banks, your first loan is always the easiest to get (youd be surprised at what they will give you if you ask!)

[Joey_21]

do you have a job btw if not good luck if your earning 200$ a week put 150$ away and use the rest not like you need anything when your 17 anyway no insurance, rego, foods paid for, no petrol filling so shouldnt be hard to save it

[STEALTHY™]

if you need to loan 3k for a car, how do you intend to pay for the full comp insurance which is required to get a car loan?

as others have said, save up or at least save a reasonable deposit first.

Failing that, you said you could pay it off within a few months - who cares where you get the loan from.
its 3k not 30k.
use the banks, your first loan is always the easiest to get (youd be surprised at what they will give you if you ask!)

A personal loan wont require security over the vehicle!

For that small amount, if he goes through his own bank, chances are he wont need anything as security. Like i didn't with mine!

I don't see the problem about getting a loan, so you pay a bit of interest, thats the whole idea to get the money now......

[deanos70]

with regards to the credit card, even if you get a low interest one if you withdraw cash its considered a cash advance and it is a higher rate and i believe its the last amount to be paid off and i dont think you get an interest free period with a cash advance on a credit card, worth checking out,

are you buying private or from a dealer, if its private the person probably wont be able take credit card payment anyway. then that leaves you with the cash advance. i recently applied for a personal loan and was dicked around from a credit union, they needed this then needed something else it just dragged on, waited about 1 week and a half for an answer only to be knocked back, no problem with my credit history and i have been in the same job for nearly 10 years, went straight to the commonwealth who i didnt bank with at the time, i had an approval in a day and signed and ready to go in about another day, should have just gone there in the 1st place, most credit unions are underwritten by banks anyway.

Personally i would steer clear of credit unions and stick with the major banks, go into a branch and apply there, take in pay slips, bank account details etc, if you live at home tell them you live there board free, tell them you would like to move your finances over to them and in a few years you will be looking at getting a home loan and will be happy to go with them, they love hearing that and im sure they will try to help you out.

thats enough rabbitting on from me, good luck with it anyway

I just found this on the commonwealth's site it pertains to credit cards

At just 12.24% p.a. on purchases and 19.99% p.a. on cash advances, this Low Rate credit card helps you do more for less.
Up to 55 days interest free on purchases. The interest-free period also applies to most bill payments. It does not apply to cash withdrawals.

in that case i think im sure a personal loan would be a cheaper rate

[social]

yea hes a selling the car privately, surely i wud save up the 3000 and gt the car if i could but i guarantee it wont be up for sale for long, ile have a look into this guarantour thing with my parents see if they can help out thats really an only option, thanks for the replies guys

[Brin]

I had trouble getting a 1000 credit card for my last engine...

And am having trouble paying for it too...

[Troy711]

if anyone knows, if i had a $2000 withdrawl on a credit card, and on the 54th (55 interest free days total) day i pay $1800 of that off, am i charged interest on the $200 or the whole $2000 the next day? and is it for the p.a or whole year the interest is charged?

You usually get charged intrest straight away on cash advances on a credit card.

[danja]

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.

[minux]

Its not worth getting a loan for such a small amount. Wait 3 months, if he still has the car and you can save that much then do it. I am sure other cars will come up.

Actually with the financial climate the way it is, personal loans would be the last thing I want.