bank loan, how hard is it to get approved ?

[skylinedrifter]

well this is related to skylines. soo yah.

i was wondering if banks would loan money to ppl working casual ? the reason i ask this, is after i buy my skyline, i wouldnt have much saved money left over. just incase something happens to my skyline, i can get quick money.

i earn about 130-140per week(casual job+ other income). i can earn more from my casual job if i wanted to.

do u think the bank would lend me money ? i phoned them before, they told me to fill out the online loan form and find out. but i dont want to do that just incase i get a bad credit record due to application getting rejected(income too little).

im 19 btw.

any help would be good.

[SteveL]

It's been awhile since I had a personal loan, but I'd say in your situation the bank will almost certainly want a guarantor (parents, etc). The other thing is how much they will lend....and that is always related to you ability to pay (in-comings versus out-goings). For loans of anything less than a few thousand they'll be pushing credit cards at you.

well this is related to skylines. soo yah.

i was wondering if banks would loan money to ppl working casual ? the reason i ask this, is after i buy my skyline, i wouldnt have much saved money left over. just incase something happens to my skyline, i can get quick money.

[skylinedrifter]

umm lets say, a maximum of 9000.

hrmm thnx anywayz. any1 else with recent experiences, please help.

[skylinedrifter]

well i dont spend much, coz i live at home and my parents pay for my food and education. i just pay for stuff that i require like mobile phone, internet and going out.

[Guest RedLineGTR]

in most cases the job needs to be at least part time or full time (better chances) it also depends a lot of if you have savings or any decent money in your account, they do check all the banking history and how much money goes in and out you have to work out how much you intend to borrow and over how many years.

[SteveL]

umm lets say, a maximum of 9000.

I'd say fill in the form and find out. I don't believe you can get a bad credit record just from a loan application rejection.....a bad record would come from not paying once you got the loan.

[Guest RedLineGTR]

you should be okay. But i would say its 50/50 depends on the bank and your banking history.

[silverR32]

with 130-140 pw

i doubt you will get approved for that amount

[Phantom32]

hey skylinedrifter....if ure gonna apply for a loan, don't go thru westpac, they're tight. I applied for a $7K loan with commonwealth bank and it was too easy. I only earn bout $800 a month, plus i been rejected for phone contracts and whatnot.

If you don't have anything hardcore on your record, i'd say you'd be ok.

Oh yeah, if u got a credit card, that would make things easier too.

go nuts

[someonestolecc]

130/140 a week is nothing in relation to that loan without a guarantor. But I've never had a guarantor so I wouldn't know for sure about that.

Say your going out, phone and internet = ($210/$50/$40)=$300/mnth leaves you with $55 a week to spend.

The bank will break this down and say "well he has $55 disposable income which can be used to the loan".

Therefore a $9000 loan without interest calculated would result in having to pay $57.70 a week.

Factor in interest (@ 12%pa) = $3240 non compounded over 3 years. that means you'd be paying back $12,240. ie. $78.46 a week.

Bank will reject based on that. When I went for my loan with a casual job the bank said no prob but you have to have a stable income. So you're allowed to be casual but I think they average out your earnings over the last 2 months or something.

Fulltime helps alot, so does your profession. I had a shocking bank history (still do) and they couldn't stop throwing money at me.

Either way loans are bad mmmkay? (Although I can't talk so...)

[skylinedrifter]

hrmm steveL, i dunno. they make u read this full page privacy note and on it, it mentions something about disclosing your credit rating details with other banks. dunno what they intend to do. hrmmm...

My banking history seems ok and everything. ive got a 2000 dollar saver account and my

other account has around 500dollars which i use daily.

i would usually go to my parents for money. but since this is going towards a "skyline" they dont want to help me out becoz they absolutely hate me buyin it in the first place, im still having fights and arguements about buyin the line. stupid parents.

so yeh, my parents would never be my guarantor. really, im all by myself with buyin the line .

[V8skylineMAN]

i got denied 10,000 and i am self employed and make about 900-1100 a week(before tax)

but on the other hand i was on the dole....and got a letter from a farmer sayin i had 14 weeks work(i think it was 14 weeks) and i was early 20's and was going to make 5-600 per week and got 7k......i think it really depends on the individual circumstances.

goood luck mate...hope it works out for you.....but never ever skip payments...if you cant pay .....sell the car and pay out the loan....i couldnt pay ant it took me 6 years to fix my credit......dont ever f**k with your credit rating....you WILL regret it.

[doridori32]

Hello,

Your 19, and earning 140$ per week? What do you do ? work two days per week ?

You shouldnt be jumping ahead, you sound more rather like a 16 year old asking all the quesitons on the forums.

Petar.

[skylinedrifter]

hey someonestolecc, i used the commo calculator thingy and they said i can get a 10k loan.

i wrote about 100bux per month spending on crap. since i live at home, i spend less than 100bux per month. coz parents usually give me some money to spend and i end up saving my cash. dunno if the bank will believe that or not.

[Revhead]

I didn't have a problem at all, but I was working full time. I think that being casual will be your biggest stumbling block, banks want employment history and consistent hours. After that, the fact that you're on a low $/week amount is obviously not going to do you any favours. If you've been paying your mobile and internet bills for a while and are on time, you can use that to prove you're able to budget properly and stick to your financial commitments. If you don't have much of a credit history, maybe save up some cash then get a TV or something on one of those 'interest free' deals, and just pay it out the next day.

Don't forget that buying the car is one thing, then you have to keep it on the road. Regular maintenance, tyres, repairs (damage or wear and tear), mods etc will give you a pain in the wallet, then rego and insurance will give you a swift kick in the nuts. On $150/wk you'll obviously need to budget fairly closely, personally I'd be waiting until you're on better money before making a long term, financially draining commitment like this.

What I'd be doing is this: put aside anything you would have budgeted for loan repayments until you're in a better financial position. By then, you'll realistically have a few grand sitting there. Get the loan out (an unsecured personal loan if you can), using the dosh as proof of your ability to save money, get a little more than you need to buy just the car but don't go overboard. Once you've got the car, spend what you've saved + what's left of the loan to pay for insurance and a good alarm system, tint the windows (trust me on this, it does more than look good), put aside enough for the next rego payment, then shout yourself a nice exhaust/whatever.

That's the way I did mine, and if I were to have my time over I'd probably do it the same way. No doubt someone who has a better idea of what they're doing will give you different advice, but that's what worked for me

A word of advice: don't be tempted to get 'a bit extra' for mods - if you happen to have some cash leftover after you've paid what you need to then great, but going into debt solely for modifications is a bad idea.

[skylinedrifter]

i just checked out the application for fun. they had something on it called social securities imcome ? is that centrelink or something ? why would they even bother askin that ? wish i could get centrelink youth allowance. i applied before and they rejected my application coz my parents earn too much.

[someonestolecc]

One thing you should know about banks is that it's their business to thrown money at you. It doesn't matter if you can't pay it back so remember even if the bank lets you it's in their interest to push it to you.

In the end you should probably make the decision based on whether or not you can/want to pay x over x and not have any money for anything else. I bought a car cos I can't travel (yet). You'll probably end up having to work more.

I wish I lived at home and my parents gave me money. I'd be rich.

On the other hand if I didn't have a car loan (which represents about 50% of my 4-5 or so big debts) I'd be rich also.

It's easy to make money it's hard to keep it :

Remember the banks are royal pricks - when I applied for my loan they doubled it when it was approved. I was like WTF it'd take me 20years to pay this off. (I'm still learning that one from my credit card).

Either way good luck

[skylinedrifter]

oh ok revhead thnx.

yep i worked out my monthly commitment for loan returns. its around 350/month. i can pay that easy. i still have around 250per month left over to play around.

u reckon bank statements will be a good income estimate ? coz my boss deposits my wages into my bank account. oh also, would i need a proof of work/earn amount from my boss ??

[someonestolecc]

i just checked out the application for fun. they had something on it called social securities imcome ? is that centrelink or something ? why would they even bother askin that ? wish i could get centrelink youth allowance. i applied before and they rejected my application coz my parents earn too much.

The form is generic. A war vet (on a pension) could be applying to pay for his medical operation or something.

PS What revhead and v8skylineman have said is right on the money.

[skylinedrifter]

aww okies someonestolecc. thnx mate. ill apply early next yr and see how i go.