Hey everyone, hows it goin? Heres the issue, i have a friend waiting to sell me his 300zx, its absolutely NUTS. Id say it would be one of the fastest street 300s in australia. (not yet registered) Now all i need is to get a loan to buy it. I need about $20,000. So i was wondering if anyone knows a place (or person) where i can get a loan easily in adelaide. Im 18, have NO credit rating, no defaults, and havent been working very long at the place i'm at now. Any help would be much appreciated. Thanks, Leigh
reply hey mate try banks, loan places etc. but, to put it straight to you, put yourself in their position, why should they lend you $20,000? this is the sort of thing you have to answer. for instance, you don't have a credit rating, you are young, hence may not be responsible etc., you haven't been working very long, so who knows how long you'll last etc. what they're more interested in is collateral. if they do loan you the money, you get way behind on repayments etc., is there anything they can take off you to get their money back. for example, when i applied for my credit card, i have assets in my name, for instance, a car. find reasons as to why they should loan to you. is it a long term job? how much do you work/earn a week, is it seasonal employment etc. yes you are young, hence they may think irresponsible, but at the same time, your too young to get into shit this early, so will therefore be quick with your repayments. i can understand you want this car bad, but think about it a lot, $20,000 is a lot of debt to have over your head. plus insurance. a guy i know bought a $20,000 ute, didn't have enough for insurance, this was a seriously powerful car, he rolled it. he then spent a year and a half paying back $20,000, and wasn't really getting anything for it. get what i mean? my way of thinking, which my dad told me, is if you want something bad, see how you feel in a couple of weeks or a month (month is better), if you still want it as bad and can justify it, the positives outweigh the negatives, then go for it. hope this helps in some form. it would be great to get thecar, and i'm sure we'd all like to encourage you, but at the same time i'm sure a lot of us have experience with debt and can give you advice, which may be annoying and not what you want to hear, but is also wise and responsible. cheers.
hahaha u have no idea Dude, i understand what your sayin about waiting a few weeks or a month to make sure you still want it.... Iv been waiting since NOVEMBER 2004!! Iv tried banks, but they dont want to give me a loan coz i dont have a credit history, or a big savings history. Im screwed 6 ways from sunday.
You've been waiting since Nov 2004.... It's now June 2005. So you've had 7 months to save a deposit for it. You didn't mention if you saved some $$ or not, but if you have been saving for it, thats great....but if not it would look like: A. You don't want it so badly afterall, or B. you have cash-flow problems and would have even more probs when paying off a loan and running a zed at the same time (they aint cheap to maintain and at your age comp insurance would cost you like 3 grand+). I'd say to save some cash (at least a 50%) and buy one when you're more financial. Let this one go, plenty of really good zeds have sold on this forum for 15-20k and there'll be more in the future.
have to agree with the guys Zeds are not cheap to run and maintain. If I were you I'd be looking to have a good 5k savings at least before considering a loan. Your only 18, maybe save for 2 years then look at getting a zed.
Few tips Get a credit card with a low limit, and use it to pay for little things, then pay it off straight away. I was 20, and that was pretty much the only credit rating I had when I applied for $25K at the NAB and got it. I had been working for 2 years though. I was knocked back by several places howver I went to a finace company who just asked the NAB for me. You can also ask if things like phone bills, rent etc be put in your name for a while to score a few more points. edit: forgot to add, I had $10K of savings in the bank which obviously helped show them I could save (not anymore hehe), but you will need the extra money in reserve incase anything happens etc anyway. What work has this zed had done to it btw? :zlove:
Save some money! When i got my first loan i only saved $3k and i was 18, only employed for 6 months and had no real credit history. If you can show the bank/finance company, you can save/look after your money you won't have a problem getting a loan. But, you have to listen to all these guys that are saying how expensive these cars are. You should probably wait a couple of years at least. I wanted a Z since I was 18, but in retrospect I'm glad I didn't get one, too immature (didn't think so back then though ). I have more respect for cars now. And deeper pockets :LOL:
Im 18 and I bought my Z outright in cash. I would hate to have money oweing on anything. Personally, I'd rather just hold off for a while and buy it straight up without having to get a loan. I see too many of my peers getting fsked by them to ever get one.
One more thing .... Will you be able to get insurance, and will you be able to afford it if you can? There is every chance that a finance company will insist upon full comprehensive insurance cover as a loan condition.
great advice here. I was 21 when I got my Zed and trust me when I say that the car was fun, but the loan wasnt. And even then I put down 10k myself and got a 10k loan. If you have been waiting since november, then you should have been putting away 100 dollars a week to simulate a car loan. By now you would have had over 3k in savings. After seeing this, your bank would have offered you a credit card. Get that and take shifters advice. Youll build a credit rating and all should be good from there. Ive had hard times before. Ive been low on cash or lost a job at some point. I could allways find the money for rent, food etc, but the regular loan repayment was the only thorn in my side. Its at that point you start to resent your car and thats no good cause "zeds just wanna have fun"! Its hard taking this kind of advice, but remember most of us are close to your age (im only 25 now) and so we know exactly how you feel. If you want a nice car, you might be better off to start with a silvia or such for now. They are cheaper to run and maintain and you should get a nice one for 10-12k. thats cutting your loan and repayments almost by half. Hope you make a good choice and get your zed soon!
Half of my 10K in saving had to go for insurance 20 years old, no driving history, Full comprehensive insurance on a non turbo Aus delievred Zed, $4819 (perhaps there is better than justcars now) So 18 years old, full compo on a highly modied turbo zed??? You may wanna wait a while and save a lot more money. I wish I had just bought some bomb when I was 17, got my licence then and insure it to build up a no claim bonus. (even if I never drove it). Would have worked out much cheaper in the long run.
The financier will definitely want comprehensive cover. What's more, they have to be named on teh policy, and the insurance company actually charges you a higher premium for naming the lender on the policy. Why, I don't know. But it's lame. So yeah, I paid cash for mine.
A few pointers... It'll be hard to get a loan from an actual bank, as they usually don't give out secured loans for vehicles over 5 years of age, which leaves you having to get an unsecured loan which has a higher interest rate and is considered to be a 'higher risk' for the bank. Also with savings, you have to 'prove' saving before they can give you a loan (in some cases), you can't just have $3k from your dad and say here is my savings, they need to have 3 months worth of 'saving history' before they consider... It's crap i know, i had to buy a commodore 4 years ago, and wait till my credit rating was nice... i now have a $25k unsecured to buy and mod her... :thumbsup:
yea id wait, I wish I did, I got my car for $17000 and after interest... + Insurance was $2700 then stamp duty was $1000 total of $25000 with interest and im 25 work full time and own my own business and Im in det for thousands and wish I had my peice of shit 88 mod Celica. Working 2 jobs dosent even pay it, your gota save for fuel next years rego and insurance, repairs. I just spent $2000 on my car and Iv had it for 6 months, so its very exspensive if you go finance. Stupid financer said he was gona save me heaps, but no he screwed it all up and my rate was like 20%, I should have just used my credit card. And then I had to pay the financer $700. So defenitly wait, you will wish you did. Even though I love 300zx's the fun drifts away when you look at how much money you have when you wana go out. My 2 cents. or life dept story Cheers
Finance I was 20 when I got my loan for the zed. I went through the commonwealth bank and took out a loan for $15k. I had no previous credit history at all, but i had proof i'd been working for almost 2 years and that I had a reasonable amount of assets. I already owned my previous car which was my Excel as well as owned a substantial amount of computer equipment and other gear. Basically walked into the bank with payslips and a list of assets and their aproximate worth and they sent it off over east to be assesd, 2 days later i had the loan. The stupidest thing with the whole procedure was that they didnt require proof of my assets, just that i list the total $ amount so the list was even pointless. Still I got the loan and didnt have any problems. Remember however I went for a personal loan NOT a car loan. Which means more freedom for me and makes it much easier to deal with if I ever sell the car. It also means that I own the car not the BANK. And its highly unlikely you could get a car loan on a car older than 10 years. Prolly not even 5 years now. Because if shit goes wrong they cant recoup the loss. For insuring the car I went through SGIO. To put it simply they were complete pricks to me when i rang up. They claimed that there was no way they could isure me at all regardless of who's name the car was in etc (cause on my previous car it was in mums name cause she has a 65% lifetime NCB). But i went through their site entered in ALL my details into their online quote and it had no problems saying i could be insured. Infact it calculated in everything because listed on their site was the 2 door coupe so their site acknowledges imported models. But they guy had the gaul to say that they never insure imports. What a tosser. I know for a fact they insured a friend of mines 200sx which he imported. So I got my olds to ring up, they have had 4 cars insured with sgio for the past 30 years so they decided to talk a bit differently to them. Basically they said that there are no rules saying they cant insure a young driver in a 300zx just that they dont like to. I also made sure to confirm it was an import and that it was twin turbo. They told me that twin turbo and turbo make no difference to them just the fact that it IS turbo'd (I rang to make sure of that). The other thing to remember when insuring an imported 300zx is that the insurer will only cover the aus spec standards not the jspec. Jspec had climate control full electrics etc as standard whereas the aus spec did not. Thats the only catch I could find through the whole process. I also had to list upgraded suspension and some other gear on there. Because i was listed as a driver on my parents policies for 2 years prior I also had gained a 10% ncb (5% a year) and with the deal they were running i scored an extra 25% ncb. So starting out I scored 35% ncb full comp insurance on my zed. Worked out to be a total of $1850~ yearly premium with an excess of around $1100-1200. Which is funny cause thats what my excess was in my excel.
Loan Unles you want loan sharks after you, I think you will be struggling. As has been said in the above posts, you would have to have a fairly sizeable deposit and give the banks a long history of your savings. They would proabably only be willing to lend you $10,000 max in your position as a personal loan? But then again, if you have a steady and reliable job and can easily afford the monthly repayments ring around and you may get hold of a bank manager who's sales are down and give you the cash without too many hassles. Just remember to factor in a few expenses like interest rate increases, rego, insurance, mortgage insurace etc.
good luck with your finance and all.... .....compared to most other peoples experiences ive heard, i got my loan very easily. almost too easy :unsure:, i was only 19 . for an 18 grand personal loan all it took was a couple of days to process (i applied online) and some recent payslips and ID when i went in to sign the contract. i guess working fulltime for a year and having 5 grand in the bank helped a bit. i ended up getting the zed the same day :zlove:. insurance was only 1900 for full comp too :thumbsup:.
Your 18, save up the money Dont be in such a hurry,what about insurance,could you afford to repair it if anything happened, can you legailly drive it SA. There hard to resist, but im sure they still be round when your trully ready, and you wont be dissappointed. Good luck!
