loans

[r_i_d_a_h]

baaah..jelly beans aye?...mm natural confectionary snakes is all me

 

[shaggerz]

its very very very easy to get a loan for a car these days... in fact a lot of lenders are in trouble (what government department I do not know) over offering loans to people who can't afford to pay them off.

I got an unsecured loan for my car, and although I can afford to pay it off, plenty of people out there get bigger loans and cant...

I know it sounds like the same old finger wagging lecture but for the love of god DO NOT borrow money unless you will end up in dire straits without it.

Many youngens will think "pfft thats what all older people say" but I am 21 and seriously recommend being patient and paying cash. Take it from someone who throws about $200 down the toilet every month in interest charges.

 

[VT-565]

take your $800 from the fortnight and go grab an early 90's camry. itll last you ages while you either save a decent deposit or keep saving and buy the car outright a bit later. i see too many young people get sucked into a loan just because we are in a "now" society.
With a bit of luck youll end up with getting paid better by the time you are able to buy and be in an even better position.

I couldn't agree any more with this post, I am having this very problem with my younger brother, he started an apprenticeship this year and wants the world on a silver platter already. He is 16 at the moment and I have agreed to go guarantor (spelling?) if he finds the right car by my criteria.
I personally think that getting a loan in a true sense is not a bad thing, as long as you are comfortable with the repayments.
What I disagree with is people on low paying jobs getting huge loans and living to what they have left which usually isnt much. It's a damn miserable way to do it (been there, done that) and I say that you have to live to your means. If you earn $400 clear a week, you wont own a ferrari. As vlv8vic said, it's a "now" society, but you're the one going into debt, so who cares what your 'mates' say about what you've got?

 

[Not_An_Abba_Fan]

Nothing wrong with having a loan. As long as it is manageable. If you can afford to make the repayments without forgoing your quality of life then do it. I have over 300k in loans but there are also 3 houses involved. It is all manageable and I don't miss out on my Tim Tams. When I was 18 it was much harder to get a loan so I saved and payed cash. It wasn't until I got my first house that the lenders wanted to throw money at me. Talk to someone in the know ie: Financial Advisor, and see what you can comfortably afford if you want to go down that road.

 

[03vyPplater]

im now in my final year of apprenticeship, and my boss pays me for what i earn which is great.
for the first year i drove a 93 laser stationwagon (yes, they exist).
in that year i earnt $300 a week after tax, and all up, i spent about $120 a week i guess on a night out, running my car, paying for its service, and mobile bill.
within a year i had $8k, i borrowed another $10k when my wage went up to $440 a week after tax.
ive just paid off my loan through a good budget and a lucky break with my bank with them giving me $3k of shares through a merger.
simply just wait off a year, live on the bones of ya butt, and get at least a few k together, within that year the model of car you want will be cheaper, you'll earn more, and know how to budget.
whatever the repayments might be, add almost $100 a week more to cover fuel, insurance, service etc, and dont forget stamp duty.

 

[03vyPplater]

im now in my final year of apprenticeship, and my boss pays me for what i earn which is great.
for the first year i drove a 93 laser stationwagon (yes, they exist).
in that year i earnt $300 a week after tax, and all up, i spent about $120 a week i guess on a night out, running my car, paying for its service, and mobile bill.
within a year i had $8k, i borrowed another $10k when my wage went up to $440 a week after tax. my parents didnt go guarantor, but my dad has borrowed and bought property from this bank, and when i was rejected, he helped by ringing them and coming along to an interview, and said he was a good customer etc etc. hes no millionaire but just his word and persistence got me the loan.
dont go trying and getting rejected everywhere either, cos it all goes on a record that other banks might view, and see you were rejected and not give you a chance.
ive just paid off my loan through a good budget and a lucky break with my bank with them giving me $3k of shares through a merger.
simply just wait off a year, live on the bones of ya butt, and get at least a few k together, within that year the model of car you want will be cheaper, you'll earn more, and know how to budget.
whatever the repayments might be, add almost $100 a week more to cover fuel, insurance, service etc, and dont forget stamp duty.

 

[DannyboyDS]

I got a 5k loan for my VS, However I dont regret it im earning nearly $600 a week, not a great wage, but a good modest one, I pay like $80 something a fortnight, I get by quite well, I'm also good at managing my funds too (Im a tight arse)

Forget the VT for now, keep your VP unless its fooked, and save, in a year or two you will be able to afford that VT or later, hunt the sweetest one down with the least K's and whatnot.

I had allot of crap cars.

First car (Was Wicked I loved it) 1978 Torana UC me and my dad restored it 100% then sold to buy a car my sister could drive too

1984 ford XE POS however it was tough.

then a 1988 for EA POS However I flogged it to death

Then I got my VS, I wated untill I was 21 and got a sweet ride, and im glad I flogged the EA to death and not this one, im glad i backed into things and drove over stuff with the XE and im glad I broke allot of parts trying to (Fix) them on the torana, and not the VS.

 

[Ripcell]

i saved hardcore then borrowed the last 4k from my grandperants

 

[Misaprop]

I had a loan for this car... Was paying it easy but fuel costs were killing me ($900 a month just because of going out, averaging around 40k kms a year). Pissed the loan off got a lease, and now paying less for fuel and maintenance, don't pay GST, reduced my income tax, full insurance went from $2500 to about $700 a year (for a 22 year old male with a modified 5.7L V8).

 

[vlv8vic]

Nothing wrong with having a loan. As long as it is manageable. If you can afford to make the repayments without forgoing your quality of life then do it. I have over 300k in loans but there are also 3 houses involved. It is all manageable and I don't miss out on my Tim Tams. When I was 18 it was much harder to get a loan so I saved and payed cash. It wasn't until I got my first house that the lenders wanted to throw money at me. Talk to someone in the know ie: Financial Advisor, and see what you can comfortably afford if you want to go down that road.

Spot on. you have to know what you are doing before you dive in. I own my cars through hard work but am still paying just over $1000 per fortnight in property repayments.
as long as you know what you are doing it can be done. i just dont see the need to go into debt just to upgrade from a vp to a vt or so.
i have very different agenda though...