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Is it worth taking out a loan for a car?

burnsy150

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A mate of mine is selling his car (dual cab hilix) and i've been tossing up whether or not i should buy it. I'm an apprentice and on roughly 400 a week and i'd be taking out about a 10g loan from the bank and plan to pay it off over my apprenticeship...is it worth taking such a risk? just after peoples opinions
 

88GreenVN

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Really depends on how secure your job is and how good a deal the mates car is. If you know the car's history and it's been well looked after, job's good - no problem. As your wages go up each year - it gets easier to pay.

But can you afford to run and insure it?
 

LOW331

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i personally wouldnt take out such a big loan even with a secure job. your minimum repayments over 4yrs would be around $300pw leaving only $100 or so to put fuel in it, save for rego+insurance along with everyday living expenses like rent to your oldies or just going to maccas once on the weekend

you would be better off buying a shitter that cost you nothing to run each week just so you could save your money then say 3rd yr get a loan

just my 2c after being in the same situation. Wouldnt of gotten far without the funds off my old man tho
 

VZCalZone

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actually I believe a $16k loan over 5 years is about $100 a week. If you can pay $150 (which I'm sure you can) then it's not so much interest. A $10k loan is quite small and you wage does increase. Dual cab hilux's tend to hold value so it should always be worth at least what you owe. Remember though the $30 a week insurance, $60 a week fuel, tyres, rego, repairs and your $400 looks pretty small. I hope you don't pay rent out of that.
 

Ado

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Go for it,10g is not that much these days.
 

VjamesY

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no way man, you dont want to have a loan at this age,
one of the benefits of being this age is to not having any loans or repayments, keep the loans for when you get a house haha

just save your guts out (like i did), their is always another good buy around the corner, just wait it out.

My cousin got a loan for 10k (and 5k his own money) on a vy s, which was decked out, nice car, had to sell it because he wasnt meeting repayments, he lost so much, just wasnt worth it.
 

minux

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lol @ people saying 10g is a lot of money. Its **** all in the scheme of things.

If you want to get a loan go for it.

but if you can keep up with repayments you'll have a nice credit rating to get your house with in the future.
Why do people keep saying this ****?

There is no such thing as a NICE credit rating in Australia. The only credit rating you can have is a BAD CREDIT RATING, the only thing reported on your credit file is BAD CREDIT. No reports of good credit, not nothing.
 
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