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Hey guys. I'm looking to borrow out approximately 6-7k to go towards my new car.
I originally tried a loan with my bank (Westpac). When doing the online loan calculator, it said I was eligible for up to 7.5k with my earnings. So I went in and applied for a loan. The minimum payment was like $300 a month and I earn like $1000-$1500 a month (part time worker/ uni student) and they said no due to the bank taking into consideration about the average amount of money that is needed to be spent by a person a month (even though I spend next to nothing due to living at home).
I heard on the radio about Westralian Auto Finance, and am giving that a go. Has anyone dealt with this company before? Also what other options would you guys recommend to be able to get easier and fast approval.
Cheers.
This question again?
Your looking at putting 1/3rd of your disposable income into getting a flasher car?
300 for repayment,
100 for insurance
400 fuel and expenses
200 to eat and live?
Yeah awesome idea....
crabman
25-08-2011, 08:44 PM
Interest free/low interest university loans? I thought that's all university was good for :p
This question again?
Your looking at putting 1/3rd of your disposable income into getting a flasher car?
300 for repayment,
100 for insurance
400 fuel and expenses
200 to eat and live?
Yeah awesome idea....
To be honest I'd spend max about 300 at the moment a month. Uni food is for the rich. Homemade is where it's at haha. I honestly don't think I would have a problem with paying back the loan. The hard part it seems is actually getting it.
Interest free/low interest university loans? I thought that's all university was good for :p
Hmm never thought of that! Doubt they'd let me though. Would need a pretty legit reason I'd imagine.
I was merely spelling out why a financier won't lend you cash.
But hey, what the fuck would I know about lending money...
I was merely spelling out why a financier won't lend you cash.
But hey, what the fuck would I know about lending money...
No, don't get me wrong. I value your input and setting it out straight. I was just wanting to know if there was anyway that I could be given a chance from other places.
Borrow from parents, pay them interest
Buckets
25-08-2011, 09:28 PM
The reason the banks said no (other than it's a risk) is called the "Henderson poverty line". Basically although you might be able to afford it based on what you claim to earn / spend they look at things differently. Which is why they won't give me the cash for an Aston Martin for instance. I might be able to somehow structure my income so I afford the repayments but I won't be able to eat or pay my other bills. :p
HANS YOLO
26-08-2011, 05:42 AM
borrow against something...like a house, banks are happy to lend what ever you want then
AGIT8D
26-08-2011, 06:55 AM
borrow against something...like a house, banks are happy to lend what ever you want then
At $1000/month income somehow I don't think he is going to be approved for a house just to put 6k towards a car!
Solution? It's spring/summer time arriving, so get a bike, ride lots, and use public transport. Bank your $700-$1200 a month if you reckon you only spend $300 and in 5 months at best you'll have all the dosh yourself there to buy the car.
Ryan1080
26-08-2011, 08:13 AM
I heard on the radio about Westralian Auto Finance, and am giving that a go. Has anyone dealt with this company before? Also what other options would you guys recommend to be able to get easier and fast approval.
Cheers.
Yeah, had one of my first loans with them when I was on shit money. Got me a loan fairly quickly, no worries. Rates weren't too bad either.
mys1 has a valid point, you don't want to over stretch yourself. Having said that, I presume being a student, you may have your parents to fall back on if you go hungry etc. If so, go for it!
coFF33
26-08-2011, 08:22 AM
At $1000/month income somehow I don't think he is going to be approved for a house just to put 6k towards a car!
Solution? It's spring/summer time arriving, so get a bike, ride lots, and use public transport. Bank your $700-$1200 a month if you reckon you only spend $300 and in 5 months at best you'll have all the dosh yourself there to buy the car.
Suprizingly AGIT8D , came up with a great idea here.
do this
HANS YOLO
26-08-2011, 12:03 PM
when i said borrow against house i meant his parents to act as guarantor :)
The reason the banks said no (other than it's a risk) is called the "Henderson poverty line". Basically although you might be able to afford it based on what you claim to earn / spend they look at things differently. Which is why they won't give me the cash for an Aston Martin for instance. I might be able to somehow structure my income so I afford the repayments but I won't be able to eat or pay my other bills. :p
That's what it was called. I was trying to remember this to look it up but couldn't quite remember.
At $1000/month income somehow I don't think he is going to be approved for a house just to put 6k towards a car!
Solution? It's spring/summer time arriving, so get a bike, ride lots, and use public transport. Bank your $700-$1200 a month if you reckon you only spend $300 and in 5 months at best you'll have all the dosh yourself there to buy the car.
Thanks for the suggestion. I got a bike for free and have been slowly fixing that up so that might just be the winning solution :D Although being asian, my parents are against me riding a bike after hearing so many bad stories...
Yeah, had one of my first loans with them when I was on shit money. Got me a loan fairly quickly, no worries. Rates weren't too bad either.
mys1 has a valid point, you don't want to over stretch yourself. Having said that, I presume being a student, you may have your parents to fall back on if you go hungry etc. If so, go for it!
Yeah my parents pay for pretty much everything :) All I pay for is petrol and a few subscription type things (phone bill, gym) pretty much.
when i said borrow against house i meant his parents to act as guarantor :)
My parents have paid off the house loan so they don't have an outstanding loan, if that's what you meant by borrowing against house.
Torquen
26-08-2011, 01:07 PM
Don't get a loan while at uni dude. Just wait till after uni, or save so you can pay cash.
Fukushima
26-08-2011, 01:14 PM
Don't get a loan while at uni dude. Just wait till after uni, or save so you can pay cash.
this..
no point spending 10k on a 7k loan when you could just wait a couple of years and pay cash when you are working full time and living at home you can build a much better car
uni is about driving a shitbox, getting pissed with your mates, and having fun holidays
Mad_Aussie
26-08-2011, 01:20 PM
Although being asian, my parents are against me riding a bike after hearing so many bad stories...
lol, bollocks
You'll be fine.
thrtytwo
28-08-2011, 12:16 PM
no one can tell you what to do, but smart option is to just wait, and don't get a loan atm. I was considering getting one a year or so ago, but didn't in the end. I'm much happier being debt free, I can buy a car in a year or so once my house is built. Just save all your cash for a deposit :P
HANS YOLO
28-08-2011, 03:04 PM
My parents have paid off the house loan so they don't have an outstanding loan, if that's what you meant by borrowing against house.
not exactly...even better if they don't have an outstanding mortgage..bank will have no issue lending you money if the house is used as surety
no one can tell you what to do, but smart option is to just wait, and don't get a loan atm. I was considering getting one a year or so ago, but didn't in the end. I'm much happier being debt free, I can buy a car in a year or so once my house is built. Just save all your cash for a deposit :P
Yeah reason why I was asking, cos I was thinking about my options and what I should do, and the more I'm think about not getting a loan anymore.
not exactly...even better if they don't have an outstanding mortgage..bank will have no issue lending you money if the house is used as surety
That would make a lot more sense haha :)
mischief1
28-08-2011, 06:07 PM
I saved up 4 years to get my first car, the good thing is I avoided the whole hots 4s ricer period and was very happy with what I got and felt good about not owing any money and could afford to buy whatever mods I wanted for it after, rather than servicing a loan AND trying to afford to buy shit for it.
Also in hindsight, that money would've been better spent on a nice home loan deposit at the time >.< Whatever you decide, as long as your happy and can afford to do it, go for it.
I saved up 4 years to get my first car, the good thing is I avoided the whole hots 4s ricer period and was very happy with what I got and felt good about not owing any money and could afford to buy whatever mods I wanted for it after, rather than servicing a loan AND trying to afford to buy shit for it.
Also in hindsight, that money would've been better spent on a nice home loan deposit at the time >.< Whatever you decide, as long as your happy and can afford to do it, go for it.
yup not gonna go for a loan anymore, I do want to mod the car so if I was gonna get a loan, modding would be in the far future :(
Almost got all the cash now anyway, just a couple of more K's dammit!
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