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how to pay for a new car???

DLuded

By DLuded,
in New South Wales

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DLuded Mentor

DLuded

Posted
Posted

i was just wondering how you guys bought your cars.

did u get loans from the bank and if so how much roughly is it a week. i know it depends on how much you borrow and the the amount of time to repay but i just want a general idea.

im nearly 19 and thinking of buying a r32 gts4 or a r33 gtst in a year or so, but i worried about paying off such a large loan. even if it'll be about $100 a week insurance will be a bitch

THX

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JiMb0 Veteran

JiMb0

Posted
Posted

If your looking at a loan, think of a few things. The longer you take the loan over the better credit history you will get for it, also it'l be cheaper per week, and if you wish to pay more off it than the normal weekly payment you can always do so, and in this case shorten the loan term, or the weekly deduction.

You'll have a hard time extending the period of a loan if you go for an unrealistic target and find yourself unable to make payments.

For example, a personal loan for $20,000 with the Commonwealth Bank of Australia at the moment + interest of $6,852.80 over a period of 4 years works out at $258.20 a fortnight. Which is not too bad, and certainly leaves you some $$$ to play around with out of the pay packet.

I purchased my 96' R33 GTS-t with funds saved over a period of years and I'm 18, but I did look into quite a few loan options. Also the Commonwealth was happy to go ahead with this loan (was looking at a GTR at first) and I had no previous credit history, however lived at the same address for 16 years, and held my current job for 2 years.

A few questions need to be raised however, are you currently in a full time position ? Studying ? Whats the deal ?

Living at home ? Moved out ? Moving out in the future ?

Does your current wage allow you to ditch the payments and still live in the style your accustomed to ?

Hope this helps :P

JiMb0 Veteran

JiMb0

Posted
Posted

Hmmmmm. Christ, $50 a week .... living it cheap :P

I have troubles with $680 a week left after rent .... are you living with the olds ?

Just keep in mind that if you go ahead with it, will you be able to still live on $50 a week for the next four years .... sounds a little too tight for my liking, but it's up to you.

PranK Grand Master

PranK

Posted
Posted
thx for that

the problem is that im ant UNI 4 days a week (12 hours a week which is jack all)

so ill only be able to make about $200 a week

and i NEED atleast $50 a week for going out

hard decision[/quote:4134136d86]

boy.. you ARE deluded...

If you think that the purchase price of the car is the only thing that you will need to pay on a week - to - week basis, you are incredibly wrong.

Insurance for you, your age for a skyline (I am assuming you dont have a clean driving record) will be in excess of $5000 a year.

I am 22, I have a clean driving history, no claims and i pay $2900 for my modded '33 (which i own lucky enough to own outright) ... so dont think "WOO HOO the bank will give me $20K! i am off to buy a skyline!!" because the running costs of the car (and modifications if wanted) will be A LOT!! for example, i need new rubber on my 18's... $400 for each at the back and $300 each at the front (and that is for OK rubber.. nothing special..

So just think about it, make sure YOU CAN afford it, before you get a loan for a VERY expensive car.

Christian

JiMb0 Veteran

JiMb0

Posted
Posted

Prank is correct ... at your age (your prolly older than me but I moved outta home, got muh Sky and started working fulll time a while back :P) you'll find that theres soon to be many more places your money will go .... Off the top of my head I know each week I have money going to rent, fuel, dining out 2-3 times a week, going out on the weekend, girl expences :x , clothes, the list goes on ....

$50 won't even pay for you own food if you eat out somewhere nice, let alone pay for the girly your with :wink:

as for you George, stay away from my parents dammnit .... piggy backing is not cool for those over the age of 10 ....

DLuded Mentor

DLuded

Posted
  • Author
Posted

get free petrol. dad works in the car indusrty=petrol is a tax deductable heheheh :lol: dont tell anyone

i dont have to pay for anything except beer

i have a clear driving record. i have a 84 prelude so there no point of thrashing it cause its a piece of shit and top speed is like 2kh/h. :roll:

i looked up insurance and it'll be about $4000 i think

ill save up about $7000-$10000 before getting the car loan

XrSiSt Grand Master

XrSiSt

Posted
Posted

Another thing you have to think about is repairs,

things can happen suddenly and if your dependent

on your car, you'll be in trouble. :cry:

So yea, i'd recommend saving up a few g's first

see how your going and then reconsider. :P

It's good for the mind you got the car you wanted,

but no good if it's sitting in the garage at home

cause you don't have funds to repair it. (self experience)

Guest Boxhead

Guest Boxhead

Posted
Posted

mate 1 word.. OLDS....

ask them, usually they dont have a harsh interest rate.( providing they have the money) and the second thing you gott think about is.. your young and have to pay back money... therefor.. you should lay off the expensive mods.. and think about a non turbo skyline... and maybe look at putitng aturbo engine in at a later date when you own the car...

  • 4 weeks later...
HUSTLR Mentor

HUSTLR

Posted
Posted
Originally posted by DLuded

i was just wondering how you guys bought your cars.

did u get loans from the bank and if so how much roughly is it a week. i know it depends on how much you borrow and the the amount of time to repay but i just want a general idea.

im nearly 19 and thinking of buying a r32 gts4 or a r33 gtst in a year or so, but i worried about paying off such a large loan. even if it'll be about $100 a week insurance will be a bitch

THX

I bought my 1996 R33 GTS-T when i was 19.

Get a loan and pay it off quickly

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