Car loan/finance? I really need a car so I can get my license! Help?!

  • Posted by a hidden member.
    Log in to view his profile

    Mar 07, 2012 6:21 AM GMT
    Short story, can't get a car. Want a loan. What should I know?

    Okay, long story. Got my learners when I was 16. Mum can't drive me as she's too nervous, she can't hack it and my Dads passed away. And she almost made us crash once. Now, we have no car. However my sister did, and she took me driving, then she moved away and got a new car I couldn't drive anyways. So I saved up for my own to get my license, however no one helped me in the buying process n I knew nothing, so apparently I bought a car with 300,000 kms that was like 20 years old. Big mistake, and after spending all my savings, $4000, it blew up 3 times, the last time it was gonna cost me $2000 to fix, however they said the car is not worth it and I was only gonna get less than $500 for it's current condition. So I was left with nothing, now I'm 19, have a part time job. and the public transportation in the country is terrible. Only a train every two hours, and the trains are always half an hour late on top of that.

    Now I'm with a community program, where strangers take me for drives in the government funded car. However it's only once a week, and both jobs I've applied for said they couldn't hire me because I couldn't drive.

    So, car loan? I'm scared of loaning cuz everyone says it's a bad idea, but I don't have time to save. And it's taking forever. I currently work part time with no other commitments. Even my internet and phone are pre-paid. If I got a $5000 car, it would only be a small loan. I would pay $100 back a week so I'd have it paid in over a year. However, I don't have any savings, and I spend alot of money on shit like going to concerts and stuff, that's not impulsive though, that's because I could just afford too and wasn't really serious about a car til now because I have a way of learning now. So, can anyone help me with loans? What should I know? Should I do it?

    Also remember, if I had a car. I could work way more. As the only thing stopping me now is transportation. So that would be a huge positive to get one.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 07, 2012 1:40 PM GMT
    Hmmm, nothing?
  • Posted by a hidden member.
    Log in to view his profile

    Mar 07, 2012 3:24 PM GMT
    Most members here are not from down under so our experience might not be helpful.

    However the idea of financing a very cheap older car isn't a good idea if you do not have a steady full time job. I'm not sure how missed payments are handled over there but you can screw yourself up even more not to mention you will still need to pay for the fuel, taxes, and insurance.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 07, 2012 5:15 PM GMT
    Getting a loan for car is NOT a bad idea. It's the only way many people can get a car in the first place so long as you can afford to make the loan payments and you're willing to sacrifice some of the other "fun" stuff. In your position it sounds like you definitely need a car in order to get and maintain a job, that is if you're being straight up about the position you're in.
    As well have you factored in the cost of insurance, maintenance and gas?
    Car insurance for single guys your age I would bet is extremely expensive even over in OZ like it is most everywhere else in the US and Canada and I think gas/petrol is even more expensive over there.

    Without having a steady full time job most banks are probably not going to give you a car loan without someone co-signing it for you.. still you should go to each of them and see, just in case. You may luck out.

    Barring that is getting a loan from a 3rd party or the dealer. Not always the best route but then you might not have a choice.. just don't rush into it and make sure you know what you're signing as to how much that car they're giving you a loan for "is really going to cost" . Whatever you do DO NOT use one of those sketchy "loan/finance" companies with high interest rates or you'll be forever in their debt.

    As for buying an old used car try and get something that has a proven record for reliability like an old Toyota Corolla or Honda Civic, even if it's 10 or more years old. Before you buy it.. insist that you have it inspected by a reputable car inspector, that'll cost you $100 or so but save you from buying a piece of junk. Don't take the dealers word for it that it was "inspected" you get it inspected by your person, not theirs. If they won't let you have it inspected by the person of your choosing, walk away. There are literally thousands of used cars and trucks for sale to choose from so it's not like "that one" has to be the one. There's always another, always.
  • Posted by a hidden member.
    Log in to view his profile

    Mar 07, 2012 6:10 PM GMT

    About car loans ...
    There is a company called : Aussie car loans
    You can apply online or you can call them at this number :1-300-769-999
    You can also visit their website @ :
    Best of luck
  • Posted by a hidden member.
    Log in to view his profile

    Mar 07, 2012 11:25 PM GMT
  • Import

    Posts: 7260

    Mar 07, 2012 11:36 PM GMT
    dude, get ur mom to be a "co-signer" on a loan.
    I doubt a bank will loan u money, being that you're 19 and only work part time....u prob have no established credit yet.... you'll need someone to co-sign..... either ur mom or even ur sister (she got a car? how did she pay for it?)