Worth taking out loan to buy a old model car ?

[kravit]

lol i dont know much about loans, but i guess interest would be less doing so ?

[dr1ft-pig]

yeah 4 sure i have an 8k loan and im on centrellink now but when i did this i made sure i could get enough from centrelink to pay loan if job fell through (which has happened) this may sound stuid though i am only 18 and i live at home with no expenses other than a hachi, which is my main priority right now and as soon as i get work again i will be slaughtering the payments as i will be paying lots of interest, so depanding on your situation as other people have said do it or dont its up to u and how u feel bout payin it...

[chapl]

im on my 3rd loan

damn sprinters!

[AE71GZE]

Dam you selling crack or what

[noodles]

bahahaha ^^^

as others have said though.. if its going to be a struggle, dont do it. You're leaving yourself no margin for error.

e.g car + guardrail or getting sick and not being able to work etc.. = people taking away your shit. bad credit rating too.

[jezz]

I did it. 12k loan over so many years to pay for the aw11. Dont regret it at all.

[balistic]

$27k loan for my WRX, which I punt around the race track ~8 times a year with no insurance!

..I've decided to throw something cheaper around the track now, that fine line between "fast" and "wreck" is getting narrower

[xsoarerx]

if your going to take a loan out to get an 86, get one thats got most of the work done to it... suspension, engine, body... everything!

cuz youll have a hard time tunning it and paying repayments and if you can pay loan repayments and buy parts to tune your car then your most likly in a position to buy one out right which makes getting a loan pointless.

[noodles]

Werd. this is the exact conclusion i came to when looking into buying a hachi. Got the loan approved but luckily circumstances changed before i found something. glad i didnt go through with it now.

Also, buying something that is already done is going to be so much cheaper and less of a headache if you're not so technically capable of doing most of the work yourself. Then again, if you're not technically capable you probably shouldnt have a xExx.

[The Enthusiast]

I don't know the legalities of it all but when I looked at a loan and told them the car way around 20 years old it become a "personal" loan and as a result interest was charged accordingly (a much higher rate)

Considering its the banks money it is there business.. and they want to know they will get there money back even if it falls through in 4 or 5 months.

I think failure to comply could lead to some hefty action on the banks part.

Play it safe and save for the older car, more rewarding that way and you own it not your bank

regards

jack