bank loans?

[Levin-less :(]

hey all

i am very keen on getting a 86 but would need to take out a loan for it, my brother says i should, my parents say i shouldnt, my brother is usualy right but i was just wondering what you guys think/did

did anyone take out a loan to buy their hachi? or did they save the cash and buy it outright?

thanks in advance http://www.ae86drivingclub.com.au/forums/emoticons/biggrin.gif

[VIC_AE86]

DONT FU*KING THINK ABOUT IT!

[Jason]

tell your brother he's an idoit

[RobertoX]

debt FTW (lol)

[ae71neo]

How old are you, what job do you have?

If everythings good, just do it. Its up to you.

[sanchez]

i took out a loan when i got my hachi ($10,500) mind you, i work fulltime so it hasn't really been a bother with the repayments.

only have about 3k left on it http://www.ae86drivingclub.com.au/forums/emoticons/smile.gif

[chapl]

i did....
dont really feel like i have a loan though... as my repayments come straight out of my pay....

talk to a bank if you are serious about it......

debt FTW!

[RobertoX]

when i build my next car i will take out a $10,000 loan

there is nothing a hate more than full tight ass projects that go on for like 1.5 years ( cough cough joel 86 hahahahaha cough ) and then people lose motivation (my last project)

i will do it, want it all done within 2 months 4agte cage, etc

should be good!

if you are smart and earn around $30,000 + a year should be no worries

[rthy]

i took a loan to buy a daily, was ment to get a 98 lancer or something...
but bought a trueno insted and worked on the suspension and jdm shit

[parrot]

There is nothing worse than struggling from pay to pay to run your car. By all means take out a loan to buy a car, but don't race etc on credit. Cars can be a black hole which is fine if you can afford it, shitful if you can't. Then if you crash it or blow it up and can't afford to fix it, it becomes a very expensive garden feature. Just make sure you fully understand what you are commiting to. If you borrow $10,000, you will pay back a lot more than that.

I can tell you those days are long gone for me, and it is far more enjoyable now than it was when I was 20. Just be realistic in what you plan to do with the car and just how much you will actually do to it

[Levin-less :(]

thanks everyone you have been helpful http://www.ae86drivingclub.com.au/forums/emoticons/smile.gif

[HYPNTK]

yes it really does come down to what other commitments you have and how old you are...if you're around the 20 year old mark, don't have any other debt and have a job then fucken go for it and get a loan or use your mums credit card hehe

but if you're like me whos married, has a mortage and credit cards repayemtns and bills and and...

well now that i think about it...i'm in debt up to my fucken neck and i still used what was left on my credit cards to buy my 86.....86 love...it makes it all worth it when it slides for you

[jezz]

I got a loan for my aw11, got a 12k loan for a 10k car. I got the loan over 7 years just in case i didn't have a job or something came up. Mind you the car was bought as a cruiser/show car so its not a daily. I regret not actually buying/getting the loan when i was younger as i would have paid the car off by now. At the end of the day it depends on,
A: your lifestyle, do you like to get drunk, do you have other loans and debts? I chose to pay money off my car insted of goin clubbing and what ever.
B: is it a daily, will you be using it on track while being your daily?
C: full comp or 3rd party insurance?
D: can you afford to bend it, get it stolen.

Just some things to think about!!

[Gilly]

young + job + living at home = loan

older + wife + rent + bills + saving + living expenses = whatever cash you can get!!

i have a deal with my financial advisor (wife) if i sell a car, that's my budget for the next one. sounds bad but it works for me. i started with a P.O.S turbo gemini then a 20v AE86 with minimal mods, then a 20v KE70 with better mods, now i have an AE86 with heaps of mods!!

of course i get the odd bit of coin here and there, wheeling and dealing and cash work etc not a lot but some. just be smart with whatever you borrow.

if you intend to pay the loan off in 2 years get a 5 year loan. that way repayments are cheap, if you are out of work or whatever they are still manageable. all going well though you will pay it off in the 2 years like you wanted but you will now have a kick ass credit rating etc which will help you next time you want a loan. Banks love that shit


EDIT: just realise Mattyshop said that somewhere as well

and credit cards FTL!! you miss a payment on that and your credit rating/history goes to the dogs.

[mattysshop]

LOL!!! how dodgey does that sound!! hahahaha...

call me.. have your money within 4 days.. but i don't answer private numbers... lol.. you sound like a bad ass loan shark.. soo so dodgey..

[chapl]

LOL!!! how dodgey does that sound!! hahahaha...

call me.. have your money within 4 days.. but i don't answer private numbers... lol.. you sound like a bad ass loan shark.. soo so dodgey..[/b]

it could work both ways though.....
he could get fucked over! lol..

pm me... i want more ca$h...

[blacky86]

having a good credit rating is also a plus of taking out a loan when your younger.

[rthy]

Can I get $500,000 Australia dollars in 4 days??? I swear I won't leave the country and not deposit it to my Nigerian bank account…

All the best,
Alakan Bishune

[RobertoX]

have you got 100 points of id?

[rthy]

i have ebay

[biggo]

i have ebay[/b]

hahaha funny stuff

ill give you my opion tho for a change.

im young and stupid, dont go out much, dont do drugs (anymore) and love my cars. That said i got a loan for my daily *cough cough* which works out to be paid off at $50 a week. If you are working this sum is neglidgable so go for it. If you are a bum then cars are a really big no no, especially ones that have suspect motives hehe

[KAWAII_hachi_roku]

hmmm 50 dollars per week is cheap......... loans FTW !!
im not sure but i proberly would not do it. just if something happens to the car then you pay it off and not have the car. that is my worry/

[BouNCE-86]

Personnally....

Im young, yet fulltime employed.... I got a loan to get my 8-6... Best thing i ever did, but dont think that it is as simple as that.... http://www.ae86drivingclub.com.au/forums/emoticons/tongue.gif

I reviewed my financial status for days on end, but as long as you have the backing ($) go for it....

And its always good to get a little more than the car costs.... IMO

You can get decent loans through banks these days, with long re payments terms, and minimum repayments per week.... Just dont go getting out more than you can handle.......

Debt FTW!......... http://www.ae86drivingclub.com.au/forums/emoticons/biggrin.gif

[KAWAII_hachi_roku]

lol i need a new engine......... i should just get a loan and buy a jdm coupe hehehe. http://www.ae86drivingclub.com.au/forums/emoticons/smile.gif

[rthy]

yea if u can pay off the loan ASAP would be best, so the interest dont hit u hard.. ie. loan 12500, interest 1250per year or someshit

[JSPEC]

lol..somebody is wetting themselves over deleting my posts. so yeah~ any1 wanna know how to get around paying interest, PM me

[rthy]

yea maybe people just misunderstood (if thats a word) your previous post, finding a decent interest rate is hard these days... dam the banks and their overseas call centres

[Course_Out]

The big thing is that you need to make sure you can afford to buy thye car and modify/maintain on whatever you make per week. Trust me, it sucks a great deal when you get a loan to buy a car with all these ideas in your head and your sop busy busting your nuts to pay it off/put fuel in it/service it etc, etc that you can't do anything but dream about modifying or racing/drifting/whatever.

And that's why I drive a $500 Corolla

[KAWAII_hachi_roku]

my friend had to sell his boxter because he take a huge loan and could not afford maintenance lol. COURSE OUT you are correct. http://www.ae86drivingclub.com.au/forums/emoticons/smile.gif

[riceburner]

Financials arent hard to work out if you play it safe.

Loans for me are a good thing, the way i do it is pretty easy.

#figure out the amount you want
#Find out the repayments are
#Double the repayment amount
#If i still have $100 in my pocket after doubling repayments Its a winner.

Be poor for 12-18mths and smash that loan off. In the mean time, dont break the car.

Best thing about this is if you need cash you are so far infront of your loan you can holt repayments for the cash or refinace the loan for repairs.

Easy as if your sensible with it, and dont mind being a little poor for a while.

Been doing it like this for nearly a decade and so far so good.

Even with a missus and 2 kids.

[callum1]

well im putting away $150 dollars a week for my 86. thats a bit over 8g in a year + whatever i can get for my twinky. it takes longer but you wont end up paying an extra 2-3g for the car. plus in those youthsaver accounts the bank gives YOU money. it all depends wether your a patiant person or not...i am not. but it'll be all the more sweeter if u save

[psi_72]

i got a 5g loan a while about january this year. in my opinion loans are pretty good, if u cannot afford the repayments and fuel for your car and havin fun, then your doin something majorly wrong. my loan is over 5 years, and i pay the minimul amount possible which is $30.50/week. if i pay it back at this rate over the next 5 years then it ends up costing about $7700 which in my opinion isnt to bad. i honostly dont even notice the money gone. i do intend on paying back about double the minimul repayment so i can knock it off as quickly as possible, as this is the smart thing to do.

GET A LOAN! http://www.ae86drivingclub.com.au/forums/emoticons/2thumbs.gif THEY ROCK

[jezz]

well im putting away $150 dollars a week for my 86. thats a bit over 8g in a year + whatever i can get for my twinky. it takes longer but you wont end up paying an extra 2-3g for the car. plus in those youthsaver accounts the bank gives YOU money. it all depends wether your a patiant person or not...i am not. but it'll be all the more sweeter if u save[/b]
While you save, i drive http://www.ae86drivingclub.com.au/forums/emoticons/2thumbs.gif


buy a aus spec and save
try to get insurance on a a 1980's toyota for $ 15,000-17,000......[/b]


not quite 15-17k but i had no trouble with 13k on the aw11.

[HYPNTK]

how much you reckon i could insure my ozspec 86 with a 4ac? (but resprayed and no rust)

[KAWAII_hachi_roku]

my parents do my insurance and registration but i am fairly sure the cost them is 1200 with justcar.

[HYPNTK]

my parents do my insurance and registration but i am fairly sure the cost them is 1200 with justcar.[/b]
that better not be the premium OR the value kawaii!!!!

i want much less premium and much more value for my spoontang

[KAWAII_hachi_roku]

i think it is per year?

[callum1]

<{POST_SNAPBACK}> (index.php?act=findpost&pid=274253)

well im putting away $150 dollars a week for my 86. thats a bit over 8g in a year + whatever i can get for my twinky. it takes longer but you wont end up paying an extra 2-3g for the car. plus in those youthsaver accounts the bank gives YOU money. it all depends wether your a patiant person or not...i am not. but it'll be all the more sweeter if u save[/b]
While you save, i drive http://www.ae86drivingclub.com.au/forums/emoticons/2thumbs.gif


buy a aus spec and save
try to get insurance on a a 1980's toyota for $ 15,000-17,000......[/b]


not quite 15-17k but i had no trouble with 13k on the aw11.
[/b]

mmm that 2 grand sure does feel nice in my pocket http://www.ae86drivingclub.com.au/forums/emoticons/2thumbs.gif

[Micknofx]

damn... am I the only guy who saved up for his car bit by bit or what? If I worked for a bank you'd all have pm's about refinancing and consolidating in like two seconds!

[HYPNTK]

yeah i paid cash too...cash the atm gave me after i put in the pin number for my wifes credit card...is that considered cash? seeing as i passed real cash over for the vehicle but now i'm getting raped by the interest rate on credit card? http://www.ae86drivingclub.com.au/forums/emoticons/wtf.gif

[jezz]

credit cards, one thing im trying not to touch.

[HYPNTK]

credit cards, one thing im trying not to touch.[/b]
they're good to have "just in case" only you have to have the willpower not to use 'em to buy toys http://www.ae86drivingclub.com.au/forums/emoticons/rolleyes.gif