Join Australia's most dynamic and respected property investment community

car loan

Discussion in 'Other Asset Classes' started by sauber, 14th Jul, 2015.

  1. sauber

    sauber Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    185
    Location:
    VB
    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
     
  2. radson

    radson Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    828
    Location:
    Balmain
    I might as well ask ...Do you really 'need' a new car i.e a non deductible interest loan on a depreciating asset?
     
    spludgey likes this.
  3. AndrewTDP

    AndrewTDP Urban Planning Consultant Business Member

    Joined:
    1st Jul, 2015
    Posts:
    765
    Location:
    Newcastle
    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.
     
  4. spludgey

    spludgey Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    694
    Location:
    Sydney
    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.
     
  5. jordy

    jordy Active Member

    Joined:
    22nd Jun, 2015
    Posts:
    30
    Location:
    Brisbane
    Nissan have 0% finance currently on selected models.
     
  6. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,173
    Location:
    Adelaide, SA
    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.
     
  7. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,085
    Location:
    Australia
    @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.
     
  8. Phil_22

    Phil_22 Well-Known Member

    Joined:
    28th Jul, 2015
    Posts:
    86
    Location:
    Regional, NSW, Australia
    6 months continuas employment is the norm in the personal lending space