I was wondering about car loans. I need a new car and was wondering how long do you need to be in your job before you can take a loan out
I might as well ask ...Do you really 'need' a new car i.e a non deductible interest loan on a depreciating asset?
Have a look at some brands e.g. Renault doing 0 to 0.5% finance. If you can make your own money work at a more effective rate than that you'd be mad to tie up your own cash.
99% of the time a $5000 (or less) car will do whatever you need it to, be it getting you from A to B, towing a caravan or moving a fridge. Saving up and buying a used car with cash is definitely a better financial decision.
Be careful on the 0-low % car finance deals - more often than not they will only offer these rates if you pay the loaded car price instead of being able to negotiate them down significantly. Agree with others here, if you don't absolutely need it (for work etc), a cheap and cheerful 5-6k car will work out a lot more better for your finances every time.
@sauber You may need to show lender stable job record and may be 3 months in current job. It really depends on lender and overall credit application.
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