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Loan

VP stock

Live fast die young
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That doesn't make sense.

$5700 divided by 60 months (5 years) is $342 interest a month

And you will be paying the loan off at $348 a month ($87 a week) at 200 weeks (5 years).

$348 - $342 = $6.

Your quote has been calculated as a Used Car Loan.

Estimated cost or value of vehicle or boat $ 16,500.00
Amount of the loan $ 15,000.00
Your State SA
Government Stamp Duty (Contract, Mortgage) $ 57.70
Other government fees $ 11.00
Establishment fee $ 250.00
Personal Loan Protection premium* $ 1,259.00
Total amount required for loan $ 16,577.70
Loan Maintenance Fee (monthly) $ 7.50
Term of loan 5 Years
Interest rate 12.29%
Your monthly repayments (including Personal Loan Protection) will be: $ 378.70
 

greenfoam

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You can possibly save 1,500-2000 a year in fuel alone if you buy a modern car over his VP so the interest can be totally offset if your someone that drives a bit.

So you pay 25,000 grand on a 20 grand car. You save 1,500 a year on fuel each year over 5 years, you don't buy any parts and you have 10 grand worth of car left after 5 years vs nothing on the VP which could cost you a grand a year in parts quite easily. You pretty much get that new car for free and then you just buy another one:)
 

Cobez

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Your quote has been calculated as a Used Car Loan.

Estimated cost or value of vehicle or boat $ 16,500.00
Amount of the loan $ 15,000.00
Your State SA
Government Stamp Duty (Contract, Mortgage) $ 57.70
Other government fees $ 11.00
Establishment fee $ 250.00
Personal Loan Protection premium* $ 1,259.00
Total amount required for loan $ 16,577.70
Loan Maintenance Fee (monthly) $ 7.50
Term of loan 5 Years
Interest rate 12.29%
Your monthly repayments (including Personal Loan Protection) will be: $ 378.70



I didn't calculate it as a loan, i just used the numbers given and did the maths.
 

VP stock

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yea ,, well that are the numebrs because as i stated it was rough i couldnt remember the exact numbers
 

levymetal

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Your quote has been calculated as a Used Car Loan.
Amount of the loan $ 15,000.00
Your monthly repayments (including Personal Loan Protection) will be: $ 378.70

so pretty much what you're saying is that for a $15,000 car, you'll end up paying $22,722 over the 5 year period including interest AND other costs, which is $7,722 more than the car's worth.

well if you're happy, done the research, and ok with the risks, then go for it i guess, if you can find the bank that will give you a loan. i just think it's an enormous waste of money.
 
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minux

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As far as I am aware it is illegal for any financial institution to borrow money to anyone under the age of 18, guarantor or not. This is why no one has been able to do it for you.

Just a tip, if your going to finance a car, get a variable personal loan, this way you pay less interest paying out faster. Fixed you pay the same amount regardless of whether you pay it in 1 week or 5 years. Risk you take is, interest rates go up, so do your payments. Not many banks will offer these to younger people with no savings/investments/properties.
 

Grennan

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Seriously just reading what youve said Id say dont do it. Youre only going to land yourself in a big barrel of debt. Putting the car in your parents name for insurance is not a good idea. If youre loaning this car you want to make sure that it is fully insured and they cant find a easy loophole to not insure you. As soon as they find out youre the main driver and not your parents, guess where all your money is going - the toilet.

You said youre going to be opening your own business. What if that flops? Youre on your arse with money pouring into the toilet.

Its been said before youre dreaming. Its all well and good to dream but its just a stupid move. At 17 there are so many things that can and probally will happen that will ruin your plans. Wait a year or so till your business gets up and is stable, wait till youre off your p's and theres not so much attention on you both from the police and from insurance companies.

These cars are only going to decrease in value as well so in a years time you will probally have some savings and they will be cheaper.

Youve already got a car, you dont NEED another one.
 

some_guy

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Seriously just reading what youve said Id say dont do it. Youre only going to land yourself in a big barrel of debt. Putting the car in your parents name for insurance is not a good idea. If youre loaning this car you want to make sure that it is fully insured and they cant find a easy loophole to not insure you. As soon as they find out youre the main driver and not your parents, guess where all your money is going - the toilet.

You said youre going to be opening your own business. What if that flops? Youre on your arse with money pouring into the toilet.

Its been said before youre dreaming. Its all well and good to dream but its just a stupid move. At 17 there are so many things that can and probally will happen that will ruin your plans. Wait a year or so till your business gets up and is stable, wait till youre off your p's and theres not so much attention on you both from the police and from insurance companies.

These cars are only going to decrease in value as well so in a years time you will probally have some savings and they will be cheaper.

Youve already got a car, you dont NEED another one.

well said, my brother is in big debt because of loaning money for cars and having accidents in them, at his lowest point he was $21000 dollars in debt and had three unroadworthy wrecks,

lucky for him my parents could cut him slack and he is now back on track. his words of advice were keep the car mum and dad gave you and save up your own money to buy a better car once you have gained some driving experience
 
B

BXHD

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im in the same boat, exept im 19. im going for a $15,000 loan over 3-4 years.
ive tried saving and i cant do it!
but the car i want i will keep for a long time so i think its worth it. and i bought my first car for $2,000 cash that i saved up for, got a year and a bits worth of driving experience on the roads and been driving in the paddockd since i was 10. now i think im ready for bigger better things.
but one years driving experence is NOTHING! theres so many idiots out on the road. and im scared i might total my brand new car i get a loan on....

its a tough decision. id say considering ur only 17, its a big thing to tie ur self down too especially when you want to open your own business, and you may want a house? etc.

as for me, im still confused. and reading all the advice you have been given, its turned me off a loan a bit. arghh. reality is a bitch. but then, you never know wen ur gonna die, so live life!
 

Cobez

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What you also have to remember is, just because the car you are paying $15k for is a post year 2000 model, doesn't mean it's going to last longer. It could have had the crapper flogged out of it, not serviced regulary, and treated like ****.

Are they going to tell you that? Of course they aren't (the seller being "they"), they will tell you it's been serviced regulary, looked after and barely driven. They will just clean it up and service it before they sell it to you.

So just keep that in mind, because you very well may be spending $15,000 on a lemon, then you get stuck with massive repair bills, plus paying back the loan etc.

I personally reckon you should buy a VT / VX LS1 and maybe get an engine rebuild for a few bucks extra on top of your $3k spare, then at least you know you have a fresh engine.
 
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