The way i done it was my bro gave me 9k to borrow and pay him back slowly. If he didn't give me money to borrow i wouldn't had bought my car and would've waited until i had the money saved, reason being is today your working tomorrow your not. I guess thats my opinion.
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Originally Posted by 3ltrboost
the lesser the loan term, the less interest you do have to pay, for smaller loans under 5k, get a credit card, lower rate cards have low interest rates around the 11% mark and if you pay it out early, no early repayment fees, which is much cheaper than PL interest, also, an annual fee of around $40 is heaps cheaper than an $8 loan service fee per month on a personal loan, so youll be out in front.
stay away from finance companies, they'll make theyre interest rate look better, but they're fees are hidious and youll pay more.
Using the car as security if its newish is a good idea, saves you whack loads of interest, even after full comp insurance, 9.9% as opposed to 15% over 5 years is a hell of a saving.
When searching for a loan, most banks will quote theyre interest rates as low as possible, this isnt what youll get, they have to factor in risk which is usually about 2%.
Yes.... i do work for a bank
thanks for the heads up mate.
im looking at a loan for around 10-15k. bank loan or credit card?
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Originally Posted by CHASR-8
The way i done it was my bro gave me 9k to borrow and pay him back slowly. If he didn't give me money to borrow i wouldn't had bought my car and would've waited until i had the money saved, reason being is today your working tomorrow your not. I guess thats my opinion.
thats the best way... no interest!
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I have been investigating both bank loans and finance. It has come down to a personal fixed rate secured loan with commonwealth bank which has a 9.90% interest rate which will make me pay $95 a week for an $18,000 loan over 5 years. I am also going to speak to the finance guy at holden tomorrow who told me today he can beat the 9.90% bank loan and they use St George bank for their finance!
Don't just pick one there are alot of rip offs out there! I found several who wanted around 13% and a few round 10-11% but with investigation I found what im looking at now!
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Originally Posted by MRHELE
Borrowed 15k to buy my ute, about 1 month ago. Its gna work ut to be about 27k if i was to pay it off over 5 years
Hoping to smash it in half the time
What the hell is your interest rate??? I'm only going to be paying around $6800 total interest over 5 years on my 18k loan
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Originally Posted by Blink
10-15k Personal Loan.
Mz_Holden, go directly to St George
Finance is bull****.
Agreed - most car loans will also want you to get full comp. insurance, since it's the car is being used as collateral if something goes wrong, and with personal you get the cash in your bank account to bargain with.
Anyhow - if you can afford the repayments, go for it - this talk of "if you can't afford to buy it then don't" is crap, you either save $xxx a week for a year or two until you can afford a car, or you get a loan, enjoy your car "now" and pay back $xxx for a year or two after (and a bit of interest).
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Borrowed 22k to buy iceblue, paid it off within 18 months, crap all interest.
I'll borrow again for my next car, rather have use of it for 18 months than wait saving up.
cost me $104 over 7 years full term for 22k.. people spend that much on smokes or piss.. i rathered a 10 second vl.
definetly getting a loan for my next car, probably pay half the car on the spot and the other half take out a loan, anyway once u have a loan it'll most likely make u a better saver and u'll pay it off sooner and cop some good credit history
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Originally Posted by Unmarked
ive just inquired with anz bank, to borrow 10k and pay it of within 3 years its $344.99 payments monthly and 14.66% interest which work out $1,466 extra.
which bank did everyone go with and what were your interest rates?
Its 14.66% p.a mate so total interest would be significantly more than $1466...
I've had a few personal loans for car and i personally will never ever do it again. With the interest rates at the stupid levels they are its crazy. If your planning on keeping a car for a while (at least half the term of the contract) it might be worth it, i'm a car **** and have gone through so many cars and being a depreciable asset you lose money and upgrading is hard unless your getting paid nicely and can put extra on the loan or in the pocket.
If you can afford it easily well think about it but yeah i don't want another loan for a long time. As i said its MY personal opinion. My loans were 30k ($550 p.month) at the end of the loan period 7 years i was looking at paying back around 45-50k. Pay it off quicker and it will reduce heavily.
