loans

[broke]

oooooookay.
so looking at getting a loan for a little levin notchy.
[my first loan experience]


and its proving to be quiet difficult to prove to the bank that a nineteen-eighty-something toyota is worth the dollars I'm asking to borrow.
[basically so they can have some security in the loan, so if i go ass up they have something of value to recoup i think]

also, cause its savings and loans, not a large bank they are only happy to pay out via bank cheque.
which isnt much use as i was planning to spend a portion of the total some borrowed on the car itself,
and then what ever was left over on upgrades.





bassssically I'm trying to find out from anyones who's taken a loan out for a sprinter

-how they've gone about getting the dollars for a sprinter.
-who's been the best to go through for the loan [in SA if it makes any difference]
-any ins and outs to accessing cash instead of one single cheque for the total some.





thanks from your soon to be in debt friend.

[Javal]

So when you take out a loan are you going to change your username from 'broke' to 'in debt'?

Nah i got nothing.

[E7]

i would also like to know this,

how old are you dude? hwo much are you taking out?

[steroidchickens]

save up for it. if you cannot afford it, get a KE.

although that is not what you want to hear :lol:

[chaRwie]

hey man, can we ask how much you are getting out. I have got a 5g loan to do my engine......I just told them I am buying a new car, they didnt really ask any questions. But I suppose if its bigger they will have more questions

[seek]

i really recommend you re-consider taking out a (I'm assuming decently sized ie: 7k +) loan for such a liability.

99% of the time, cars are a liability. This goes up 10fold when you consider it to be a car you drift the living shits out of.

not trying to deter you etc, i just hope you have thought this through properly

[kazman]

My suggestion is:
Apply for a personal loan with the bank you are with.
Tell them you are using it to purchase furniture and generally improve your lifestyle.
Suggest a possible income/outgoing comparison. ie show all possible income and omit some outgoings.
Suggest a list of all the goods that you own and exaggerate their resale value.
Banks base their lending on the assessment of one's net income (income - outgoing) and if you have personal possession totalling your loan they usually approve it.
Please don't take my suggestions as 'a proven method' as it only a suggestion.
Although the bank can't or won't check your total outgoings and possession they can check your income and they have a rough idea of average spendings.
On the ethical side, what I've said is totally unethical so please take my suggestion as totally 'off the record' and don't act on these suggestions.

[broke]

haha, getting personal yo <_<
thats all good.




details are as follows.
22 years old,
full time work in surf shop [they are training me for management. its a pretty secure job]
crunched the numbers, and can comfortably afford to take out about 10-12k and still be able to save.

i know saving would be a better option,
but its easier to bust out a loan.
gets me a car now, and also a credit rating.
[which will be handy later on down the track when we fall into recession and home loans become super cheap :teehee: haha]












haha, and probably change it from broke to fucked :blink:

[broke]

<div class='quotetop'>QUOTE (justin @ May 19 2008, 09:52 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533621)</div>
....On the ethical side, what I've said is totally unethical so please take my suggestion as totally 'off the record' and don't act on these suggestions.[/b]



hahaha,
yes i have been thinking its gunna be easier to go about things this way
*shifty eyes*





~edit~
<div class='quotetop'>QUOTE (seek @ May 19 2008, 09:46 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533618)</div>
not trying to deter you etc, i just hope you have thought this through properly[/b]

oh yeah dude, thats cool.
open to hear both sides of the story hey.
definately been racking my brain about it.
not just a spur of the moment thing.

[DavisJD]

<div class='quotetop'>QUOTE </div>
My suggestion is:
Apply for a personal loan with the bank you are with.
Tell them you are using it to purchase furniture and generally improve your lifestyle.
Suggest a possible income/outgoing comparison. ie show all possible income and omit some outgoings.
Suggest a list of all the goods that you own and exaggerate their resale value.
Banks base their lending on the assessment of one's net income (income - outgoing) and if you have personal possession totalling your loan they usually approve it.
Please don't take my suggestions as 'a proven method' as it only a suggestion.
Although the bank can't or won't check your total outgoings and possession they can check your income and they have a rough idea of average spendings.
On the ethical side, what I've said is totally unethical so please take my suggestion as totally 'off the record' and don't act on these suggestions.[/b]

Good suggestions.

One bank I got my loan from wanted an itemised version of everything I was spending the money on, so they could write bank cheques. I simply went to another branch of the same bank and didn't have a problem

As for being ethical, when it comes to bank's. They are going to screw you for life, and I do mean SCREW YOU. Have you seen the profits they post every year. It amazes me that so many people live in poverty while some companies profit so much.

[xsoarerx]

if you've only got one car and the notch back is going to be that one car, best of getting a few grand more than what your going to by it for and buy a ke70, throw in 4age, coilovers, brakes and other items and drift/thrash/drive it to death... and use the notch back as a daily untill the loan is payed off.

cuz the last thing you want to do is be paying money on a car that isnt moving cuz you can't afford another 4age.

:P

[broke]

<div class='quotetop'>QUOTE (xsoarerx @ May 19 2008, 10:37 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533640)</div>
if you've only got one car and the notch back is going to be that one car, best of getting a few grand more than what your going to by it for and buy a ke70, throw in 4age, coilovers, brakes and other items and drift/thrash/drive it to death... and use the notch back as a daily untill the loan is payed off.

cuz the last thing you want to do is be paying money on a car that isnt moving cuz you can't afford another 4age.

:P[/b]



haha.
soarer.
your a bad man.
don't go putting any more ideas into my head.



its too much debt as is :whistling:

[xsoarerx]

best way to do it would be to slowly build up parts putting them into a ke70/ae71 and saving money while your at it. then once you've red driving aura has reached the same level as the amount of money you need for a notch back move accross then.

pull std. gear back in ke70/ae71, leave 4age in it and profit???

not trying to poke fun or trying to burst your bubble but getting into debt for a 25 year old car's is a bit of a risk

[sly1300]

marky-mark

a loan aint all that bad. but just don't blow it all on the ONE vehicle. it'll suck if u fuck it and havent the coin to fix it asap.
keep the uterus or buy a shitter for a daily so you can still get to work to earn money to repay tha loan.

don't go for a "car loan", simply jump thru all the banks hoops and get yourself a personal loan,

if its a personal loan they wont care if its for a car, or if you are gonna spend that $$$ on a FUCKLOAD of cocaine and hookers. they wont care as long as you pay it back.

my only suggestion is take the loan out for as long as you can (usually max 7 years)
this makes the weekly/fortnightly/monthly payments smaller.
BUT it also makes the total u pay back larger too sooooooooo

drag the loan out as long as possible to make ur minimum payments smaller, this way if ur out of work or low on cash you can still make the measly repayments back easy.

but you lose more money in the long run, so to counter this, simply pay and extra 20/50/100 etc off your loan at your own free will every time a payment is due, therefore it will bring your 7 year loan with big interest back down to a 2 or 3 year with little interest, but also with the security of low repayments IF youre short on cash one paycheck.

but you gotta be strongwilled and make sure you put the extra back into the loan and not just think ah fuck it otherwise a 10k loan turns into 6/7 years and about 15k :o

FUCK THAT.

plus its giving you a credit rating.
+1 for later when u wanna buy that house in times of recession.

enough ranting.

sly out.

[Konakid]

DEFINATELY get a car loan as they won't approve you unless you get comprehensive insurance.

The amount of times ive heard of people left with a written off or stolen car and $5000+ debt for the next 5 years because they were to stingy to get full insurance on a car bought with a personal loan...

[johl]

banks hate me. my mate screwed my credit rating so now i can't even get a $1000 credit card when i earn over 50k. i saved 7k and applied for a 5k loan and also got rejected. i dunno what else to do now. i asked the bank to get a credit report and it came back as not too bad. but yeh am in the process of getting 25k loan and i dunno what to do with it but yeh i'l prob find something jdm but the loan will prob get knocked back as usual tho

[Javal]

<div class='quotetop'>QUOTE (sLy1300 @ May 19 2008, 11:17 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533666)</div>
marky-mark

a loan aint all that bad. but just don't blow it all on the ONE vehicle. it'll suck if u fuck it and havent the coin to fix it asap.
keep the uterus or buy a shitter for a daily so you can still get to work to earn money to repay tha loan.

don't go for a "car loan", simply jump thru all the banks hoops and get yourself a personal loan,

if its a personal loan they wont care if its for a car, or if you are gonna spend that $$$ on a FUCKLOAD of cocaine and hookers. they wont care as long as you pay it back.

my only suggestion is take the loan out for as long as you can (usually max 7 years)
this makes the weekly/fortnightly/monthly payments smaller.
BUT it also makes the total u pay back larger too sooooooooo

drag the loan out as long as possible to make ur minimum payments smaller, this way if ur out of work or low on cash you can still make the measly repayments back easy.

but you lose more money in the long run, so to counter this, simply pay and extra 20/50/100 etc off your loan at your own free will every time a payment is due, therefore it will bring your 7 year loan with big interest back down to a 2 or 3 year with little interest, but also with the security of low repayments IF youre short on cash one paycheck.

but you gotta be strongwilled and make sure you put the extra back into the loan and not just think ah fuck it otherwise a 10k loan turns into 6/7 years and about 15k :o

FUCK THAT.

plus its giving you a credit rating.
+1 for later when u wanna buy that house in times of recession.

enough ranting.

sly out.[/b]

+1.

Best post so far.

Also, as ko-ko-ko-chronic kid said - FULL COMPREHENSIVE INSURANCE.

If you're shit gets stolen / crashed, you don't want to be paying off a blank space in your driveway.

[Greg]

3rd party fire and theft will cover you for getting the car stolen/lit on fire >.>

Chances are if you crash it and its your fault, you were doing something you shouldnt of been and wouldn't get paid out anyway.

Sucks being 18 and looking at 2k+ for pretty much any car for insurance.

[Konakid]

would suck even more being 18 and having 5k of debt for nothing...

[Anthony]

Try St. George. Very flexible unsecured loans, they'll ask you what its for, then give you the bank cheque in your name as they've fulfilled their duty of care. (of course simply answer this question "buying a car", don't try and explain the worth of a 20V conversion :) )

[gaz20v]

As everyone notes if you MUST borrow an unsecured personal loan is what you will need, as most lenders will not take security over import or older vehicles. Some of the major banks will not go as far as making bank cheques out for the loans purpose, they simply deposit the funds to your nominated account. If you find a bank that will do you an unsecured loan you can simply nominate part for purchase of the vehicle and part for 'personal goods'.

The main problem with unsecured loans is that as there is no security (something to sell if you default) the interest rates are considerably higher.

I suggest if you do end up borrowing you take out comprehensive insurance, and also some sort of loan protection/ income protection insurance incase something happens and you can't work etc, most banks can offer this and some are at a low cost usually around $20 a month. small price to pay if you come a gutser and can't work, centrelink is often not enough to repay any large amount of debt and still eat, and if you do end up in the position and default on the loan it will make it all that much harder to borrow down the track. If you end up with a default on your credit record it takes 5 years after its repaid to drop off.

[howee]

Jeeze if you lived in Brisbane my mum could of got u a loan. :P

good luck.

howee

[floody31]

By the time you've paid off your $10k loan in 7 years, you'll have spent beyond $15k.

The car, now over 30 years old, will probably be worth, maximum, 1/3 to 1/2 that figure, and most likely ready for its next cycle of comprehensive overhauling and rebuilding. If you're lucky...

[johl]

^^^^no way. by that time it will be a classic car. jdm classic in full interior trim. i'd say i wouldn't lose money on the purchase price


hey howee if i getted knocked back can i come c ur mum? I'm being serious and am in no way tryin to crack onto her... although its not our fault if we enjoy a nice chardonnay together?

but yeh this is my plan.
borrow 25k over 7 years. around $100 a week to repay.
i get payed somewhere around $1000 a week so i pay rent, fuel, food bills etc and have say $400 left?
put $350 onto my loan leaving me with $50 for the weekend to buy shit with.
basically instead of putting money in my savings account i will put it off my loan and coem rego time or whatever i am allready ahead and can just redraw off my loan.

[callum1]

i got a personal loan from commowealth for 5gs. never looked back. $60 a week for two years, intrest ends up beang $600. the bank takes it automatically on my payday so i don't miss it. i had the money basically thrown at me as i already had 5gs saved.

[SR AE86]

Personally I wouldn't take out a lone for anything other then a house! ask your parents? then pay them back?

[floody31]

<div class='quotetop'>QUOTE (johl @ May 20 2008, 11:56 AM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533825)</div>
^^^^no way. by that time it will be a classic car. jdm classic in full interior trim. i'd say i wouldn't lose money on the purchase price[/b]

Won't go down well on here, but frankly, you're dreaming if you think that it won't depreciate, and thinking current trends will still be there in five years is also mere fantasia. Also don't forget that $5k of that $15k repayed on the loan example I gave is INTEREST; dead money. It means paying $15k for $10k worth of car thats probably going to be worth $5-8k in 5 years at best.

I'd only go taking out the money with a realistic attitude that its getting ploughed straight into an economic black hole. If you're comfortable with that; go for it. Don't justify it to yourself with bullshit about JDM classics.

[broke]

<div class='quotetop'>QUOTE (sLy1300 @ May 19 2008, 11:17 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533666)</div>
...dans rant[/b]

you sir seem to have a good grasp on monetary situations.
definately a helpful post brother.
been talking to simo about maybe taking his buss of his hands at a later date
[preferably sooner than later :P haha]
so may well be up in the hills soon having a chat with you lads :]





<div class='quotetop'>QUOTE (floody31 @ May 20 2008, 05:40 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534018)</div>
...Don't justify it to yourself with bullshit about JDM classics.[/b]

haha. this is proving to be the hardest part :whistling:



















but yesm,
thanks all for the insightfull posts.
theyve been helpfull indeedy :]
keep em rollin if you gots something usefull to say

[Jonny Rochester]

<div class='quotetop'>QUOTE (callum1 @ May 20 2008, 05:50 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533996)</div>
i got a personal loan from commowealth for 5gs. never looked back. $60 a week for two years, intrest ends up beang $600. the bank takes it automatically on my payday so i don't miss it. i had the money basically thrown at me as i already had 5gs saved.[/b]


Can I ask roughly what sort of situation you have to be in for the Commonwealth to accept a unsecured loan? I tryed their online calculator/application form and get rejected.

I also tried the online application form at RACV and got a phone call the next day saying "no, and we don't do unsecured loans".

Maybe if the loan is the refinance a credit card they may look at it differently. I will tell them anything, credit card, new car, furnature etc... but I just havn't worked out what they want to hear.

More surgestions please.

[Micknofx]

On the insurance side of things I recently got a loan for my daily r32 and I wouldn't think of not having it. You can choose to lower your premium and increase your excess, meaning you can get insurance cheaper but pay more if you have a crash - You have to find the happy medium and too high an excess can be bad but it's MUCH better than having none and a loan to pay off.

Just suggesting this as high excess is much better than no excess and you'll get insurance on your car cheaper upfront.

[HachiRoku]

<div class='quotetop'>QUOTE (floody31 @ May 20 2008, 06:10 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534018)</div>
Don't justify it to yourself with bullshit about JDM classics.[/b]

Off topic for a sec, do you think there is a car you could buy with ~10k, that would appreciate in value (or at least maintain its value), in ~5 years? (i.e. a kind of low dollar 'investment classic'.)

Off the top of my head, I'm thinking maybe a Peugeot 205GTI, MGB or early Mazda coupe...

[broke]

<div class='quotetop'>QUOTE (HachiRoku @ May 20 2008, 09:23 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534219)</div>
Off topic for a sec, do you think there is a car you could buy with ~10k, that would appreciate in value (or at least maintain its value), in ~5 years? (i.e. a kind of low dollar 'investment classic'.)

Off the top of my head, I'm thinking maybe a Peugeot 205GTI, MGB or early Mazda coupe...[/b]


any original mazda rotory automobile will only increase in value i reckon.
they are fetching some pretty hefty prices at the moment,
and theyre not making any more of them :turned:

[DavisJD]

<div class='quotetop'>QUOTE (Jonny Rochester @ May 20 2008, 09:46 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534212)</div>
Can I ask roughly what sort of situation you have to be in for the Commonwealth to accept a unsecured loan? I tryed their online calculator/application form and get rejected.

I also tried the online application form at RACV and got a phone call the next day saying "no, and we don't do unsecured loans".

Maybe if the loan is the refinance a credit card they may look at it differently. I will tell them anything, credit card, new car, furnature etc... but I just havn't worked out what they want to hear.

More surgestions please.[/b]

Make sure that you put down alot of assets to your name, they don't actually check them, so if you don't own any valuables, an invisible jet-ski couldn't hurt your case!

[Konakid]

What you can do if you use a personal loan is take out enough to cover insurance for a year as well so that you don't have to worry about it.

[gaz20v]

<div class='quotetop'>QUOTE (Jonny Rochester @ May 20 2008, 09:46 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534212)</div>
Can I ask roughly what sort of situation you have to be in for the Commonwealth to accept a unsecured loan? I tryed their online calculator/application form and get rejected.

I also tried the online application form at RACV and got a phone call the next day saying "no, and we don't do unsecured loans".

Maybe if the loan is the refinance a credit card they may look at it differently. I will tell them anything, credit card, new car, furnature etc... but I just havn't worked out what they want to hear.

More surgestions please.[/b]

can i ask did you do just use the calculator?? the one that you only input your income and expenses?? this calculator is simply a servicabilty calculator not an assets test.

Yes it is important that your asset base is relativly strong, and most definatly not in deficit. (loan exceeds the value of all you own) Ensure you have a good think about things like your home contents, nearly EVERYONE who has a guess at the value of their contents will undershoot, you need to think about replacement of everything, right down to things like kitchen cutlery and clothes etc. Also remember to include things like tools of trade etc, i find most applications i take can nearly double the original guess.

the main thing that calculator will do is ensure your income will comfortably support your existing and proposed expenses.


if you have any other questions you need in depth answers for just pm me.

[floody31]

<div class='quotetop'>QUOTE (HachiRoku @ May 20 2008, 09:53 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534219)</div>
Off topic for a sec, do you think there is a car you could buy with ~10k, that would appreciate in value (or at least maintain its value), in ~5 years? (i.e. a kind of low dollar 'investment classic'.)

Off the top of my head, I'm thinking maybe a Peugeot 205GTI, MGB or early Mazda coupe...[/b]


Late NA MX5 perhaps (1.8 motor, pop up lights). Doubt you'd buy a reasonable MGB for $10k. 205GTi will always be weirdo euro and of interest only to weirdo europhiles.

Generally though...No.

[Konakid]

<div class='quotetop'>QUOTE (floody31 @ May 22 2008, 01:06 AM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534907)</div>
Late NA MX5 perhaps (1.8 motor, pop up lights). Doubt you'd buy a reasonable MGB for $10k. 205GTi will always be weirdo euro and of interest only to weirdo europhiles.

Generally though...No.[/b]

Hahahaha Touge205 had one for a while, fucking quick and cool cars tho.

[blair]

<div class='quotetop'>QUOTE (callum1 @ May 20 2008, 05:50 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=533996)</div>
i got a personal loan from commowealth for 5gs. never looked back. $60 a week for two years, intrest ends up beang $600. the bank takes it automatically on my payday so i don't miss it. i had the money basically thrown at me as i already had 5gs saved.[/b]

priddy much same :)

[poh_86]

minimum repayment is 220 per month

$7 service the loan
100 per month on interest

if your going to borrow x amount, make sure you can pay it off asap.

[xsoarerx]

also, if you get a loan, make sure the way you pay it doent attract fees.

i had a friend they bought a brand new 2000 mitsy marage (sp?) there "on road costs" were around 16,990 at the time.

he got finance and got screwed with a few "extra costs" that he could of talked down if he wasnt so dim.

was paying it off and then got a letter in the mail about 2 years in saying on top of the loan amount he owed 200 odd in fee's for paying it at the post office and was stung a late fee for not paying them even tho he never got a warning.

long story short, direct debits were free so he changed to that.

he's a qualified chief and 6 years on he hadnt payed off his 16,990+extra's and resulted in a 30g blow out on the lown.

he now owns a bug eye wrx that he paied 27g on and it came with a roady and choped springs.... bahahahahahahahahahahahahahahahahahahah

[sly1300]

<div class='quotetop'>QUOTE (broke @ May 20 2008, 09:54 PM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=534250)</div>
any original mazda rotory automobile will only increase in value i reckon.
they are fetching some pretty hefty prices at the moment,
and theyre not making any more of them :turned:[/b]


and thats why i have 2 1300 wagons sitting in the shed.
prices are going off the hook, can't wait til they they go bullshit prices like the gt's and monaros have. :P

sell one of them, pay cash for a house LOL

/me rubs hands together. muah ha ha ha

[federal]

On $20000 at a variable rate with Income Insurance over 7 years comes out to about $86 a week and $32,000 in final payment....

[fatknacker77]

So ultimately.

Say for example you owe 3grand on a credit card due to loss of work and shit.
And you wanted a new car.
I currently have a 95 Lancer CC Coupe that is clean as.
Well.. somewhat.

If i wanted to trade that in, and get something different, would it be best to take out a personal loan for like 8k... pay of the credit card, cut the f@#$in thing up and toss it, then trade in the lancer and get something different with the left-overs?

[muncher]

whats the difference in having a credit card loan (using the cerdit card as a loan) over a personal loan btw?

[fatknacker77]

<div class='quotetop'>QUOTE (muncher @ Jun 2 2008, 01:24 AM) <{POST_SNAPBACK}> (index.php?act=findpost&pid=539852)</div>
whats the difference in having a credit card loan (using the cerdit card as a loan) over a personal loan btw?[/b]

Intrest rates i reckon mate.
My credit card rapes me in intrest.
I gotta get rid of it asap.
It's a bad omen.