Sell my car after a year of repayments, which means 4 years of repayments to make up for Max i would get for my ute is 30k (Thats pushing it) means i would have to roughly come up with 10-15k to pay the rest, and all i need is 5k? so if i did that i would be 20k out of pocket! Clap Clap
So essentially you bought a vehicle with negative equity...Indeed clap, clap.
You'll actually find most privately bought new cars are financed. If commercial hire purchase didn't exist, the auto sector would be in the toilet. Very few people have a lazy $40k lying around. But then if you can rustle up $5k with only a few weeks of saving, surely one would be in the latter camp?
No one is saying car finance is bad, clearly it is not too affordable if saving 5k is out of the question, makes it even more a silly purchase given past lending history mentioned in original topic.
I am so sorry that none of us can be like you Raj and afford to pay for it straight out, you are an absolute toss bag, Heard of a home loan? Do you realize a house can depreciate over time to? But yet people still get a loan for them. Its called needing something and i don't see the point in spending 5k on a car that could have the potential to cost you that much a year for the next 5 years quick math anyone? 5x5? 25k? ok so i went out and got a 35,000 car yes i pay interest but i need it!
Thanks for getting my thread off topic if you would kindly piss off out of this thread it would be much appreciated Mr i can afford everything
You asked for advice, it went off topic because you didn't like the advice given, I am not sure the name calling is required. Comparing a home loan where the asset generally appreciates in value or stays at value unless you stupidly overpaid on a property is just silly, if you had a home loan you could use equity int he property for your medical issues.
^^^^ think 99% of us are on the same page here......................crazy unless NO other option available,thread wasn't titled "do I sell my near new car at a big loss"
He asked for advice on what to do, it was provided, he cannot start the name calling and sooking because he does not agree with advice that most people smart with money would give.
If the medical attention needed was urgent, the "luxury" car and I use that term loosely would go, if he needs a ute there are plenty out there very cheap. Any sane person in control of their finances would dump off a vehicle that was clearly draining a budget to where $5,000 could not be saved.
im not sure how this would go but...
could you possibly ask your parents/relatives to help out a bit if desperate?
I mean, its not the best option.
but if it is needed quickly I would have a guess they would be willing to help.
even if its not the full amount.
Interesting thought here, and slightly off topic, our financial advisor made a comment once when a similar discussion come up about someone we know in a similar position to the OP. Based on his 30+ years in the game,
generally speaking, if children are bad with money, they have learnt the bad habit from their parents. If parents are prudent with their finances, it
generally carries over to the children. I want to just emphasise the term "generally".
To the op, have you looked into one of those low rate mastercard/visa cards.
From the original post...
Anyways my situation i have two defaults (Paid) from when i was 18 (IDIOT) im now 24 and this still haunts me to this date i can't even get a phone plan!
If there are still 2 defaults listed it means they have not been cleared out. If they are paid, many lenders will give finance, if they are not marked as paid it is pretty much impossible without going to someone like liberty finance.
I have matured i pay my current loan every week on time and double the payments
Here is my advice, given you say the car is 35k,, you have bad debt, I am going to assume your finance rate is around the 19% mark, I am probably being generous there. Based on this, you say you have been paying the loan for 12 months and have 4 years to go, at that interest rate and purchase price of 35k you will repay in total 54k as generally these loans are also fixed which means no discount for early payout. Based on your statement of double payments each week, that would mean to date you have paid $21,768 or a balance left of 32k give or take a few hundred. Means the value of car sold at 30k would be almost break even. Cheaper car, cheaper loan until you get your defaults cleared.
Anyway my point is going to state the obvious...given you have said the medical treatment is not urgent...
why not just stop paying an extra 900 month on double payments on what would be a fixed secured loan and save for 4-5 months? Just saying of course...
