30k personal loan (help)

Beetus · 03-01-2007, 11:19 PM

Hey everyone
IM in a bit of stick
I wanna get rid of my mr2 and get a 30k personal loan........ i got a 21k loan through a finance company im (im 18 btw) for my mr2 and my transit van i owe just over 18k left on it........ if i sell the mr2 and get that loaned payed off....... what is the chance of me a 18 year old gettin a 30k personal loan...... im 18 and a half...... ive had a 2 year 4k loan payed off in 6 months, and had the 21k loan if i sell my car payed of in 6 months 2.... i wanna go through a bank whats my chances........ i wanna get a au xr8 ute, fix my van up a bit and spend a bit on the ute....

Venomous · 03-01-2007, 11:23 PM

Just my advice,
Taking out loans on cars probably arent the right thing.
Cars depreciate so you'll end up loosing money.
I say just start saving up for a house

Beetus · 03-01-2007, 11:36 PM

im not interested in a house..............

b2tf · 03-01-2007, 11:36 PM

Quote:

Originally Posted by Venomous

Just my advice,
Taking out loans on cars probably arent the right thing.
Cars depreciate so you'll end up loosing money.
I say just start saving up for a house

everybody says that. i didnt listen, im 20 and took out a loan to buy my XR (wasnt anywhere near 30k though), and I say why not! Plenty of time to buy a house down the track.

How you would go with getting 30k I dont know though, it depends on the situation that you are in jobwise etc etc.

Beetus · 03-01-2007, 11:37 PM

i earn bout 1100 a week..........i drive for a job so i sorta need to spend some money on the old transit lol

Venomous · 03-01-2007, 11:39 PM

Well i'm 16, i already own a car i am MORE then happy with, soon will start
saving up for uni.
And then after that if i need to get a loan it will just be for a house or what not.
I guess it depends on how you manage your finances.

rapidchris · 03-01-2007, 11:39 PM

yer it depends on your income and living arrangements, just go to a bank ect and check.....you never know your luck

b2tf · 03-01-2007, 11:39 PM

Quote:

Originally Posted by Beetus

i earn bout 1100 a week..........i drive for a job so i sorta need to spend some money on the old transit lol

sell the MR2, use that cash to make a nice payment on your loan for the transit. Fix the transit and keep on working, you'll have your 30k soon enough without even needing to take out a loan.

Some weeks I bring in less than half what you do and I still save minimum $200 every week. Just got to be smart with your money.

gtfpv · 03-01-2007, 11:49 PM

Quote:

Originally Posted by Beetus

i earn bout 1100 a week..........i drive for a job so i sorta need to spend some money on the old transit lol

iwas 18 i was an apprentince at 16 in 7500, pa at 17 i was on 12000 and 18 25000 19 35000 20 40000
by the time i was 20 id had 3 cars took holidays every year went out drinking every week and had $ 40 000 cash in the bank .

and your on $1100 a week are 18 . havent got a cent and want to borrow money for a car ,!!!!
whats wrong with youngens these days . cant save a cent. if you cant save for something you'll always be in debt .

Falcon_Phill · 03-01-2007, 11:50 PM

Im about to take a loan just for a paintjob. Im not very good with money sometimes, if i have $200 sitting there ill find something to spend it on. So rather than get a loan over 2 years this time, im going to go for 6 months so that all the money i have spare actually goes to the loan that ill have to pay off with larger amounts and quicker. Did that help? I dont think so.. and also 30k is a huge amount im borrowing nowhere near that.

Green X · 03-01-2007, 11:50 PM

I know a guy who got a 28,000k Loan at 19 and he was making half of what you are at the time he went for it.

My advice would be to borrow the absolute minimal amount, You look to be quite good a paying the loans off and pulling 1100 a week at your age should have no problems paying it off quickly, Just be sure you are safe in the Job you are doing thou.

As for Buying a house at 18 that was the last thing on my mind and now at 22 it’s still 4-6 years away.

Venomous · 03-01-2007, 11:54 PM

Quote:

Originally Posted by gtfpv

whats wrong with youngens these days . cant save a cent. if you cant save for something you'll always be in debt .

Lol in a year and a half working afterschool and weekends in fast food i saved up $5500. That was on fairly low wage, i don't think thats too bad!

Beetus · 03-01-2007, 11:57 PM

ok heres there the problem i need the ute for a backup for when the transit is off the road im a courier im a subby, i dont get holidays and i live comfortably.......i dont want a house and from the bank calculations ill be paying the same as i am now.... just a bit longer.....and the insurance on my current car is a joke....... 3800 a year the ute is way less so ill be better off and ill have a back up car for work aswell as it being a ford!!! hehe

feebs · 04-01-2007, 12:03 AM

Honestly... never owe money on ANYTHING unless..

1) it earns you money
2) it is tax deductable
or
3) you live in it.

ANything else. pay cash.

And dont get a credit card

Most of us take a few too many years to learn the above.. if you start now you will do well.

Zedjay · 04-01-2007, 12:06 AM

just buy a AU trayback i dont think the XR8 could compete with it as a courier anyway

and i think you will get a shock when you try to insure an XR8 at 18 as courier use

Beetus · 04-01-2007, 12:08 AM

no it will be personal insurance and its only backup eg a few days a year........... i still wanna do it up and i miss my old v8........gotta 4 turbo

rapidchris · 04-01-2007, 12:17 AM

well if you take it to work sometimes write it off in your tax, i do on my xr6t ute it it only goes to work once in a while......

x351 · 04-01-2007, 12:21 AM

I agree with feebs. When I was 21 in 1996 I bought a V8 VN Calais for $18,000, spent $10,000 fixing everything I broke, then sold it for $10,000 three years later and was glad to be rid of it. Since I bought a house I have never had more money for cars because you dump all your $$$ in it and can pull it out when you want to buy/do something to your car. And you don't waste money on rent!

Beetus · 04-01-2007, 12:25 AM

Quote:

Originally Posted by xb hardtop

I agree with feebs. When I was 21 in 1996 I bought a V8 VN Calais for $18,000, spent $10,000 fixing everything I broke, then sold it for $10,000 three years later and was glad to be rid of it. Since I bought a house I have never had more money for cars because you dump all your $$$ in it and can pull it out when you want to buy/do something to your car. And you don't waste money on rent!

you bought a commodore lol no wonder naa well ill be 25 by the time i pay this off ...........if not earlier heaps of time for houses, just gettin the ute secures my job and gives me a great car to drive........

crispy79 · 04-01-2007, 12:32 AM

Quote:

Originally Posted by feebs

Honestly... never owe money on ANYTHING unless..

1) it earns you money
2) it is tax deductable
or
3) you live in it.

ANything else. pay cash.

And dont get a credit card

Most of us take a few too many years to learn the above.. if you start now you will do well.

take the above advice

can u lease it??

as a subbie it could be a tax write off

XR8-260 · 04-01-2007, 12:44 AM

By the time you pay off a 30K loan the car would be worth a fraction of its original value. Invest in shares/property and you'll reap the benefits later. My 2 cents.

:

LUXO_8 · 04-01-2007, 12:49 AM

why not sell your mr2, pay off the loan and lease the ute...

you should be able to write the lease for tax purposes...

feebs · 04-01-2007, 12:52 AM

Quote:

Originally Posted by Beetus

if not earlier heaps of time for houses, just gettin the ute secures my job and gives me a great car to drive........

I would agree with some of what you are saying.. you only live once right?? Why not enjoy it, I would love to have always had a flash car.. ( and still wouldn't mind it :-)

But a 30 grand personal loan is as bad as say.. a 10 grand credit card, you might as well just strap yourself up and assume the position right now.
You will be regret it and end up hating that car.

Look at leasing options and find out how you can write off vehicle purchase/running expenses against your income.

Franky · 04-01-2007, 12:57 AM

Stuff getting a loan when you make that much, try to put as much of away as possible then in a few months you'll be able to walk in somewhere and buy something with cash.

I only make half of what you're on and I put away 90% of it, may be a ***** now but in a year or 2 i'll be laughing

Also have to note that if your sick of a car you've had for what a year or two, whats not to say you'll be sick of the XR8 in the same time. why don't you wait until you're 21 then you can get a proper XR8

XR Martin · 04-01-2007, 12:58 AM

How old are you? Before knowing this I wont be able to help

Franky · 04-01-2007, 01:02 AM

Quote:

Originally Posted by XR6 Martin

How old are you? Before knowing this I wont be able to help

It says in the first post that he is 18 (and a half)

XR Martin · 04-01-2007, 01:03 AM

Quote:

Originally Posted by Franky

It says in the first post that he is 18 (and a half)

Really? Geez how did I miss that, he only posted it 3 times.

:

ED Classic · 04-01-2007, 01:19 AM

Agree you have plenty of time for houses. I read alot of financial gear and watch alot of programs etc and pretty much all experts say that houses are going nowhere in price for a few years so you are not going to miss out on a 100% increase like the previous one of the last few years. All you would be doing would be borrowing 250-300k and paying a **** load more interest than your 31 grand loan {probably to the point of your large income not been enough**, then you will have water rates of about $60-$80 per quater, annual council rates of $800+, Compulsory insurance of $500+ per year, Loan insurance will be compulsory and you will be responsible for any repairs etc and they have a tendancy to pop up when you really need them least and the loan would not be deductible as you are living in it and its not an investment. All of a sudden $10k rent (about what you pay on a 250-300k house that you would more than likely buy** starts to look not too bad at all. If you were that worried about a future of being left behind you could save some extra $ for a deposit or buy a few blue chip shares but at your age I think you have tons of time and should enjoy yourself and have the car that help guarentees your income.

Franky · 04-01-2007, 01:34 AM

Quote:

Originally Posted by XR6 Martin

Really? Geez how did I miss that, he only posted it 3 times.

:

probably because.......... his post is like......... this....... and...... hard to read........ lol

Yellow_Festiva · 04-01-2007, 04:44 AM

your making that much now, what will you do if you lose your job or have an accident??? whats your back up plan??

You're making a mistake, plain and simple. You are paveing the way for a bad future financially going from loan to loan, paying them off at a loss then borrowing more.

Buy what you can afford, banks are making BILLIONS of the backs of people like you.