Worth taking out loan to buy a old model car ?

[kravit]

Hey guys,
I've been wondering if there is anyone here who has taken out loan to buy a older model car, if it was really worth it or just better of saving for what you want ?
Reason aswell the company your taking loan from be harder to convince the resell value of older car is higher then usual since have number of things uprgraded on it.

[CAE86]

just tell them its for a newer car and then buy the car you want, really its no real business of them to know exactly what car you are gonna buy. If you think it is worth it, then buy it.

[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

[HYPNTK]

my opinion (since you're asking) is to save for the "older" car that you want but thats just me.

i reckon the only time you get loan (for a car) is when you have minimal other debt and you want some mad new or newish car

besides you appreciate it more if you spend your own cash on a rare classic of your liking

[samuel]

Just borrowed money for a 15 year old car...

It needs work done, but its faster than a lot of cars that are newer than it

[samuel]

Just borrowed money for a 15 year old car...

It needs work done, but its faster than a lot of cars that are newer than it

[dr1ft-pig]

i have a loan 4 my hachi... u dont get the self satisfaction of paying 4 it on ya own but u get the self satisfaction when u save up and do mods to it

[Course_Out]

For starters your probably best off getting a personal loan, as if you got an actual car loan you would find it hard to prove the car was worth more than the amount you are borrowing.

The main problem I can see is that if something happens and you need to bail on the loan for some reason you might not be able to recoup what you owe by selling the car. Also are you going to borrow just the purchase price of the car or enough to modify/restore it?

If your leaning towards the latter i would advise against it

[flamingheads]

I reckon if you have the income to do it comfortably then do it but if its going to be any kind of strain dont.
Also remember you're going to be stuck with repayments for however long (a year or three?) which means you'll be kind of stuck in your job and stuck in your situation for that long.
I've never had a loan but I've never had a good income either. I reckon if I ever get one I'd want to be able to pay it back in a couple of months and know it's gonna be easy.

[driftke70]

i got a personal loan from the commonwealth bank when i bought my suzuki sierra, 5000 dollars and ive never looked back, personally though i think that any more than 5k is kinda silly. too risky. Ive already paid it off far ahead of schedule.