So it will cost about $84 per week to pay off the $10,000 in four years at 15% interest.
carstauranga001,
Jul 4, 6:00am
Your link is wrong. I calculated 10K over 48 months (but no add ons) and got a total repaid of $13359 at 15%.That's monthly payments of $278 whch you can split to weekly if required. Divide by 4 slightly overpays at $69 week.
Also, be very careful of what kind of loan you get for your car. Don't just rush out and get the usual finance company car finance. Come back for advice which will differ depending on how much you want to pay a week and how much you are borrowing.
If its a cheap car sometimes the cheapest finance of all can be a credit card! Its all a matter of actually doing the math properly and knowing the ins and outs of different kinds of finance. There is more to it than you might think.
ringo2,
Jul 4, 6:14am
You are totally correct.BUT there are bound to be added on charges.
ringo2,
Jul 4, 6:15am
It is always wothwhile approaching your bank for a personal loan. Their charges are far lower.
radark,
Jul 4, 6:18am
this is what i want 388339017.an upgraded version of what i already drive.thanks for all the advice very helpful
grangies,
Jul 4, 6:22am
OMG.
Jazz will have a nervous breakdown.
richardmayes,
Jul 4, 7:15am
(1) Go to any car auction on trade me.
(2) Click the GE Finance "This car could be yours for $XXXXX a fortnight."
(3) Go to the Repayment Calculator
(4) Done!
thejazzpianoma,
Jul 4, 7:37am
Great from a fun point of view. Absolutely terrible from a financial well being point of view. Only you can make the decision, its your life, but don't underestimate the power of debt used to fund depreciating items to hold you back in life.
My advice is think this through VERY carefully and consider other ways to have as much fun without the huge financial burden.
If you are single with no commitments and a high income it might not be an absolutely terrible thing to do. But if you have dependents, an average income or are trying to build a life this is unlikely to be a good idea.
Sorry to sound like your mother.
thejazzpianoma,
Jul 4, 7:40am
No.
While it is always a very good idea to talk to your bank a straight bank personal loan is not always the best/cheapest solution. Just like cars there is no easy simple solution that works for every situation.
How do I know!
I have been the bank. (held jobs as personal and commercial lending manager for a bank).
aragorn2003,
Jul 4, 7:45am
arent most lenders incl. banks charging out at 17%!
jason18,
Jul 4, 7:53am
Yeah 17 at least.
jason18,
Jul 4, 7:54am
That xr6 is hugely overpriced. My brother just bought a 2001 xr6 au. 164kms Black but only 6km. You could get a BA XR6 for that money. Higher kms tho.
msigg,
Jul 4, 8:09am
A bank loan will be cheaper than a finance company, the pit fall when borrowing money to buy a car is that the value of the car is going down really fast and you probably owe more than the car is worth if your not careful. Get good mechanical advise, you don't want extra worry with repairs, The most common cars on the road are a best bet , consumer opinions, research. Un-biased mechanic reports, talk to someone that does mechanical inspection etc, All the best.
thejazzpianoma,
Jul 4, 2:53pm
Your on to it, if the lending is short term, only a few thousand or a combination of both the credit card is often the winner. Its all about the total cost of the loan and setup fees on personal loans can kill the interest advantage.
There are quite a few different options, its always best to keep an open mind and work out the best solution for the particular circumstance.
There are also pros/cons with different loans with how they work with regard to security, early repayments etc.
carstauranga001,
Jul 4, 5:00pm
No, we did a deal yesterday at 13.95%. We are commonly better than banks personal loans at present.
s.patete,
Jul 4, 5:52pm
Why do you need to upgrade anyway! You obviosly have an EF/EL, unless its on deaths door should still be a good car.4 years is a long time to tick up anything especially a car.If you can id recommend trying to pay $150-$200 a week to get rid of it, if not look for a cheeper vehicle.
spead,
Jul 4, 5:56pm
if you cant pay cash then dont buy
mugenb20b,
Jul 4, 7:34pm
A house doesn't depreciate in value.
ringo2,
Jul 5, 10:37am
Unless you are very lucky in your purchase a car will always be worth less than you paid for it! You usually lose a couple of thousand at the very least the moment you drive it out of the yard.
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