Financing a car you can't really afford...

[the mekanik]

Anyone here honest enough to admit that you're financing a car you can't really afford?

Basically I've been with my current employer for 3 months and have my heart set on a particular car. I have $5000 in the bank and want to finance $10,000 but I'm concerned that with a shakey employment history noone will lend me the funds.

Is it easier to get a fixed rate or variable rate loan? Can I get a secured loan on a car more then 5 years old? Can anyone recommend a finance broker that will help someone with a lack of credit history out?

Any horror stories to put me off doing this?

[MMM]

i tend to go with the old... dont touch what you cant afford

[Twe12ve]

also, you may be able to afford the car - but can you afford to buy a new engine once the 120,000km motor blows? or something needs replacing??? car may be cheap, constant upkeep isnt.

[Lonewolf]

5k is a good deposit, savings history is part of a banks decision to loan you money. some will loan after 3 months, most prefer 6 months of history.

i have a fixed rate, so i know how much to budget each month for repayments.
look into insurance, fuel, and repairs as part of the running costs of the car.

[Docile]

also, you may be able to afford the car - but can you afford to buy a new engine once the 120,000km motor blows? or something needs replacing??? car may be cheap, constant upkeep isnt.

Dude c'mon.. how many cars have done over 120K with NO problems??

5K is a decent deposit IMHO for a 10K loan. Of course paying cash is always the best way but sometimes not possible! And besides having a good credit history is pretty handy ;)

From my experience i had no deposit and borrowed 25K and i pay about $110 a week over 5 years. I went through the RAC finance and found them FANTASTIC. Very easy to deal with, very few forms to worry about and i just had to show them i had a stable income (at that stage i was 2mnths into fulltime work).

Keep in mind that 10K isnt a big amount on a car. Over 5 years it would be pretty low repayments (so you can save up harder and pay car off!).

I try to keep car stuff less than a 1/4 of my weekly pay. 1/4 goes to living costs, 1/4 or less goes to my car and the rest pretty much goes to waste :poke:

Can i ask roughly how much you earn? 10K should be easy to get if you earn 20K or more!

------------------ONE IMPORTANT THING----------------------------

DO NOT use car dealer finance. So many things to watch out for. High interest rates, balloon repayments or something at the end etc etc

[magic1]

------------------ONE IMPORTANT THING----------------------------

DO NOT use car dealer finance. So many things to watch out for. High interest rates, balloon repayments or something at the end etc etc


sorry, what? hey dude, what do you call high intrest rates, 7/8%, no early payout or application fee and balloon payments.....are decided by the client.......yeah what a **** deal. watch how general you are!

[Twe12ve]

i used dealer finance..got a mad interest rate..3.5% i beleive..or less i cant remember....i got them to do insurance for me too..and register the car and get me plates...nothing wrong with dealing with a car dealer..saves you doing all the work.

[Frenchy]

sorry, what? hey dude, what do you call high intrest rates, 7/8%, no early payout or application fee and balloon payments.....are decided by the client.......yeah what a **** deal. watch how general you are!

Docile has a point man. I've worked for a few car dealerships and the finance guys LOVE young, new car buyers. They sign for the car on finance approval.....and end up getting finance at 14.8%. Now you may think "well your fault for not checking" but what people dont realise is that you NEED to make sure that what interest rate you are willing to pay and conditions of sale MUST be written on the contract before signing...
If not, and you sign a finance agreement stating " subject to finance approval ", then they can take you to the cleaners as they can set the interest at whatever they please. The current going rate will be around 7-8%...but it doesnt mean thats what they will approve you on!


*edit - agreed tho, that not ALL car dealer finance is bad. Also been given some good deals etc. Just be aware that they are out there*

[Muppet_Guy]

If you wanna pay off the car early, make sure you don't have early payment termination penalties, or you'll end up paying pretty much the same amount as if you were to be paying it for full term. Not all finance companies want to do imports, especially if it's an older one. Capital Finance does imports if they're under 13 years old from memory, can't think of others. If you''re having trouble getting finance, I suggest you contact Westralian Auto Finance, for a $165 fee (if successful) they'll be able to get you pretty much anything.

[Nemi]

bank west had no problems loaning me a ****et load of cash for my car they even secured the loan against the vehicle and I was a contractor ie. non full time.

They just want a good credit history and proof of earnings.

[evil_weevil]

remember too - finance on a car means higher insurance premiums

[180SXTCY]

my mate got a 10 k loan to finance his car..he pays roughly 68 bucks a week..that was through the commonwealth bank..

[ReaperSS]

St george bank FTW . I have 2 laons wih them. They are very nice and no dramas.

If you end up that you cant afford it there are allways illegal ways to get the cash lol

[the mekanik]

St george bank FTW . I have 2 laons wih them. They are very nice and no dramas.

If you end up that you cant afford it there are allways illegal ways to get the cash lol

I'm always open to suggestions :lol:

I only earn 23k a year, kinda depressing when every man and his dog works up north these days. I don't wanna become the next Todd Russell or Brant Webb though.

I have absolutely zero credit history. From what you guys are saying car finance must be an extremely profitable business I think over a 5 year $10,000 loan you end up paying like $15,000 :squint:

[Muppet_Guy]

I only earn 23k a year, kinda depressing when every man and his dog works up north these days. I don't wanna become the next Todd Russell or Brant Webb though.

The mining company I work for employs these two (kind of hot) female twins that drive those big dump trucks, they're 20 yo and they make 165K each! 12 hour shifts, 6 days on, 4 days off or something like that. Hardly any danger of "Todd Russell and Brant Webb" sh|t happening to them in an open cut mine you know... I'd say while the boom is happening, go ride it, otherwise you are left heaps behind. Quit your 23K job mate and go to the mines, so easy to get a job like that right now, as you can see even two hot chicks can do it!

[the mekanik]

The mining company I work for employs these two (kind of hot) female twins that drive those big dump trucks, they're 20 yo and they make 165K each! 12 hour shifts, 6 days on, 4 days off or something like that. Hardly any danger of "Todd Russell and Brant Webb" sh|t happening to them in an open cut mine you know... I'd say while the boom is happening, go ride it, otherwise you are left heaps behind. Quit your 23K job mate and go to the mines, so easy to get a job like that right now, as you can see even two hot chicks can do it!

If someones willing to give me a start just show me where to piss and I'm there :)

I'm doing a business traineeship in the public sector & the course material and delivery is nothing short of pathetic. It's basically an excuse to not pay me for the first 12 months. I have two drink driving convictions but my understanding is you're breathylised before entering a minesite anyway.

[Muppet_Guy]

Oh, yeah I'm not sure how a minesite is going to like the prior convictions though... they usually want people with clean record to drive those trucks, either way, if you can't do that, you can always do cleaning or something up north for $80K, they might have more relaxed rules with those kind of jobs. All you gotta do is ring up either a mining company direct or go see a recruitment firm that specialises in finding mining staff (can't think of one off the top of my head as I'm not in that kind of profession), you might get lucky.

If I was 17 or 18 right now, I would not have gone to uni straight away, I'd have gone up there and work for 5 years straight, set myself up and then think about a long term career. Doesn't make a difference to me now anyway as I'm 25 with proper qualifications... but the boom is not gonna last forever, so best to profit on it while you can.

[the mekanik]

So somewhere like Staffrite or D&T Workforce?

How can a mining company justify paying someone $165,000 a year :droul:

[Frenchy]

I would be interested in finding out what mine site that is that is supposedly paying 165k a yr to drive dumpies! Not even coal mines pay that and they pay the highest $$ in the industry.

You can try places like, Intergrated workforce, DT Workforce (http://www.dtworkforce.com.au/) , HAYS (http://www.hays.com.au/main/default.aspx),
etc.

Hell, even open up the middle of the autotrader and they have a heap there!!

edit - alot of minesites dont worry all too much about some traffic infringements etc...also as your not classed as a criminal, then your usually ok. But it also depends on where you go, some places are that short on staff that they dont care, aslong as you have a good attitude and willing to work

[Muppet_Guy]

Coz they got the money... coz they got a lot of orders from overseas... coz they never have enough people working to fill those orders... coz the conditions and place you stay at are sh|t... etc etc. still worth it though, work for a couple of years, if you manage to save your money and not drink it all like majority of people working up there do, then coming back to perth you'll have plenty of $$$$ to do whatever...

Yeah I'm not sure which ones, but I'm sure whichever you call they'll point you in the right direction.

[Frenchy]

What minesite is that your talking about soarer guy?

[Muppet_Guy]

[QUOTE='[W ARGHH X]']I would be interested in finding out what mine site that is that is supposedly paying 165k a yr to drive dumpies! Not even coal mines pay that and they pay the highest $$ in the industry.QUOTE]

I actually work for a coal mine... but I won't mention which one, there's only a couple in WA anyway :)

But generally, any other mine like iron or gold will pay $100K+ to drive dumpies, 100 or 165, still good pay...

[randominsanity73]

I was on a simliar income to you (the mekanik) when I first got a loan so that I could buy the GTR. I had a few grand in the bank and only needed a couple of pay slips and then they called my work to verify my job etc.

I'm with bankwest on an unsecured personal loan, fixed interest rate. Got no complaints :) Bankwest seem to be pretty laid back and when I was researching which bank to get a loan through, they had by far the best loans on the market at that time. That said I only looked into banks though.

Good luck with it :)

[Frenchy]

soarer guy. pm sent

[Muppet_Guy]

Matt, PM replied.

[fizzle85az]

i just get my dad to pay for it ey

[suburban]

working in the mines is only ok if you can deal with the whole 'away from fam and friends' thing

some ppl i know like it, others dont (hey frenchy (waarghx), show me where this 165k **** is and ill sign the dotted line ;) )

[Frenchy]

working in the mines is only ok if you can deal with the whole 'away from fam and friends' thing

some ppl i know like it, others dont (hey frenchy (waarghx), show me where this 165k **** is and ill sign the dotted line ;) )

Hahaha Gaz, as soon as i fu(king find it... i'll let ya know! :werd: