Car Finance.

[freddy mercury]

Just wondering what is the likely hood of getting a loan from a bank for around 10k for a new used car. I am not sure on my credit rating I have a phone bill of 800 dollars and I refuse to pay it, I was charged incorrectly by them and the sad thing is it is on my credit rating.
I earn 840 per week clear after tax and super. Is there a bank that'll give me more of a better chance than others will????

 

[JuddsABlue]

Just wondering what is the likely hood of getting a loan from a bank for around 10k for a new used car. I am not sure on my credit rating I have a phone bill of 800 dollars and I refuse to pay it, I was charged incorrectly by them and the sad thing is it is on my credit rating.
I earn 840 per week clear after tax and super. Is there a bank that'll give me more of a better chance than others will????

When I was younger (18) I tried for a loan for about 15k for a car but was knocked back, didnt have any credit rating at all (no cc's or other stuff to show whether I was good or bad). I had no assest either, but had a full time job but still couldnt get a look in

With your phone bill, I'd say you're less than 0% to get a loan through a bank. I'm not sure what car lot finances are like or other smaller 'less picky' ones are like either, but I'd save a trip to the bank and go there first

But the best advice I could give is dont get a loan for a car. Cars are s**t. You're probably young so want something nice, but its a guarantee you'll regret borrowing for a car. When you're sitting in traffic on the freeway tired as s**t with nothing to look forward to, a ferrari wont cheer you up. Cars just arent worth spending money on, especially borrowing money

You can get a car people wont laugh at you in for 2k these days, I'd only suggest that.

 

[J_Moore]

The best financial rule you can follow is to not take out loans for depreciating assets. It is lunacy.

 

[Visions]

Agree with JuddsaBlue. If you have a default on your credit report for $800 no bank is going to give you a loan for $10K.

Their way of thinking (rightly or wrongly) is that your ability to pay debts is low and you are too much of a risk.

There might be specialist lenders out there that would take you on, but expect to pay a premium rate if you can find them.

 

[DrKrieger]

Don't do it at all, I've had one before in my younger, carefreeer days, it was awesome having a nice car for about 6 months, but after that I really missed the extra $XXX.00 that the loan cost me each pay, then if I sold the car to pay out the loan I would have only been left with a couple grand after and no car.

If I had my time again I would have just got a cheaper car and paid cash.

 

[Howard Littlejohn]

Motor Finance Wizard says "yes". Presumably at extortion interest rates.
Seriously, just get the best value you can pay cash for. If that means 1986 Corolla, so be it.