help plz

[Simy]

hey people, im using a friends account so this aint reali simy.. but anyway i didn't know where else to put this thread.

as the story goes, my mum applied for finance for me (she doesn't trust random companies) twice and twice it has been knocked back. she just had a operation so she aint healthy to deal with this atm so i thought i'd take my own actions to do it. i called motor finance wizard and they will get back to me.. just in case they say yes, i duno anything bout this company and was thinking if any1 has prior experiences with them.. i've heard some dodgy stories but also some ppl have said its all good as long as u dont get behind in repayments. i know these guyz pretty much give finance to any1 as the add goes "motor finance wizard says yes" and the lady on the fone said that i look pretty good for the loan.

i was looking at a 2000 s2000 for 30k, just wanted to know wat ur opinions are on this company.. i've tried nrma, they dont take gareentors and my work documents aren't sufficient enough (needed 3 years of payslips), esanda company said i needed 12 months of documents and i've onli been working with 1 company for the past 2 months and still on probation so they said no.

so if u guyz could help out n let me know wat u think or know about the company whether they are dodgy mofos or pretty good or if any other companies are useful. Most companies i know wont finance cars ova 7 years and need heaps of info or documention to approve.

thx

[dsp26]

hey people, im using a friends account so this aint reali simy.. but anyway i didn't know where else to put this thread.

as the story goes, my mum applied for finance for me (she doesn't trust random companies) twice and twice it has been knocked back. she just had a operation so she aint healthy to deal with this atm so i thought i'd take my own actions to do it. i called motor finance wizard and they will get back to me.. just in case they say yes, i duno anything bout this company and was thinking if any1 has prior experiences with them.. i've heard some dodgy stories but also some ppl have said its all good as long as u dont get behind in repayments. i know these guyz pretty much give finance to any1 as the add goes "motor finance wizard says yes" and the lady on the fone said that i look pretty good for the loan.

i was looking at a 2000 s2000 for 30k, just wanted to know wat ur opinions are on this company.. i've tried nrma, they dont take gareentors and my work documents aren't sufficient enough (needed 3 years of payslips), esanda company said i needed 12 months of documents and i've onli been working with 1 company for the past 2 months and still on probation so they said no.

so if u guyz could help out n let me know wat u think or know about the company whether they are dodgy mofos or pretty good or if any other companies are useful. Most companies i know wont finance cars ova 7 years and need heaps of info or documention to approve.

thx

dude.. thats your answer right there... no finance company will give it to you.

even "Xenium the bad credit specialists" won't give it to you... you could get fired after your 3months probation for all they know....

[Simy]

MFW didn't ask about my probation period or anything, so im guessing maybe it doens't matta to them? i've got a second job if anything goes wrong so.. yeah.. in saying that.. if my chances were so bad i doubt they would've said anything like its looking good to get it cuz i did tell the lady on the fone everything they needed to know. and was also just wondering if any1 had prior experience with MFW for some background info. i did say "just in case they say yes" so that if i do accept it, would i get screwed ova by MFW

[Limbo]

Try going to a bank. They will take guarantors.
I got my first loan for my car from CBA. I was only on Austudy at the time and they still gave me the loan.

NAB also offered me money but they want the exact price and wanted to give a cheque.
CBA were willing to just deposit the cash in my account and it was all good :)

Try approaching the banks

[dsp26]

^^not for finance Limbo.... on personal Loan yeah but limit is $20k

[Q_ball]

2 months at your current job wont get you anything.
Further more, you'd have to be OUT of probation as well.

I say hold off on putting yourself into a bigger hole.

[Raztaz]

:thumbdwn: motor finance wizard. I hear bad things about them, over valuating vehicles and paying a lot more than what you should

[Simy]

thx heaps ppl, i'll see where it takes me.. just that the seller has been holding the car for 7 weekz now waiting for stuff to be all finalized n all and dont wanna keep him waiting, neither do i want to onli dream about driving the car lol.

i'll wait for the reply, i know due to circumstances its gonna be hard to find a place, maybe closer to none then 1.. but its just some background research.

[Simy]

i've read up on heaps of pages about MFW.. too good to be true.. aint gonna do it.. thanx anyway peepz

[mocchi]

$30k loan... shiet thats alot. if i was you id save more and borrow less.. but thats just me

[adu]

my suggestion is dont rush .. wait..

[cruzincivic]

i am in the same boat..

i bought a new road bike and i have just moved to QLD and started new job they needed 3 payslips.. i gave them 2 payslips and a letter from my work saying that i am still under the 3 months probation but i will still have a job after the probation is up and i got my boss to sign it and his name.. they called him it all checked out and i walked out of there with cash....

easy.

good luck

[Simy]

hey that sounds good.. if u dont mind me asking, how much did u walk out with? and which bank if u used a bank?

[VTECMACHINE]

Doesn't seem like you are in the best of financial positions, and you want to buy a S2000. Seems to me that you will be getting yourself into deep hole.

[Simy]

paying the car off isn't a problem.. just that i dont have sufficient documentation for it to go under my name and there are defaults on my mums name, even thou she fixed it up.. duno why they declined it again.. its just gettin a company to lend the money..

[Crapdaz]

damn mate, not good can you hold off from buying it then and wait until your permanent in the position?

[na-118]

LOL MFW is shit his paying 40 gz for his sportivo GG i'd say just get a personal loan and tell them your going on a holiday, buying tv's, furniture tools for your trade and all that, just don't tell them your getting a car, at the end of the car if you want to sell it you can but for as car finance and all your stuck

[string]

If your mum is making calls to the bank for you, you're not ready for a loan.

Jokes aside, the recent credit crunch has made lenders far less eager to lend. You've got a very bad mindset thinking you need this car. Another one will come up, don't give the buyer the power.

[Simy]

the buyer doesn't have the power, but we did put a deposit it on it so he would hold it. my mum is in the finance industry but not with car loans, n she just thinks that if i go ahead n do it myself, i might **** up the loan or somehow get roated and thinks that i would be paying too much interest thats why i left it up to her. so its more of a just incase thing, but if it wont go thru, then i'll be taking it under my name with her as a gareentor.

not so much do i NEED THIS car, but more WANT this car. calculations have all been done and payments are no problems as i said b4. so i mean, its a car that i like, affordable and fairly new.

i've already gave up with MFW idea, read too much shit about them and i cant lend money to purchase other cars, has to be from there car yard, so yeah. gonna try a few banks ova the next few days/weeks and see how it goes.

[trism]

what happens if you get fired after the probabtion period?

then you cant pay it off

thats why they wont give you the money

just wait a month or so

[string]

You should be finding ways to avoid debt, not get into it.

Maybe you've been brought up differently to me, but living ahead of your means in credit is financial suicide. The worst type of loan you can get is on a liability, and that's exactly what a car is - a depreciating one. You're literally throwing money away all to get your S2000 just a little bit sooner.

IMO the banks are doing you a favor knocking you back; but I don't know you from a bar of soap.

[Simy]

yeah, a teacher once said to our class not to take a car loan cuz its a depreciating liability, but thing is.. not every1 will have that much cash to put onto a car.. so taking out a loan, paying it off a lil bit at a time.. although the interest in the end is wat is the money maker for them.. its ok for me bcuz that interest that accumulates slowly is affordable..

i have 2 jobz.. so yeah.. lol just that the other one aint really classified as a job cuz i dont have pay checks n stuff for it.. but a month from now wouldn't be a prob to wait..

[iLlusion10]

That interest that accumulates will get massive if you can't pay off the principle quickly. Housing loans...about 80-90% of the first year of payments is only interest, only a little bit is left for principle. When you get a loan, the interest is compounding therefore depending on loan contract you could end up paying 1.5-2x the actual amount of the car purely due to interest.

[Limbo]

take out 2 personal loans then. DSP26 is right i only borrowed 12k at the time.
I forgot there is a limit on the loan, but after i borrowed they did preapporve me for a $50k personal loan, but i'm not that stupid ;).

Get your mum to take out a 20k personal loan & take out a 10k personal loan. Or $15k each if that is easier.
You will get them, but the thing that alot of people said is right, don't rush in buying, something else always comes up. With the current credit crisis some cheap cars are going to come round the corner.

P.S how much deposit you gonna loose anyway?

[Elwood]

Dude.. There are plenty S2k's out there..

Dont be an idiot, just wait..

[Zinyo]

Yo,30k is a LOT of money to be borrowing especially with the interest rates atm (Shuffling up & down). Seriously tho, depending on how long you can pay it off, you'll probably end up paying 45-50k in the end (principal + interest) maybe more.
AIN'T WORTH IT...just wait a bit n save up. If you're still on your P's like me, 30k is pretty dam expensive. Dont buy it if you cant afford it man.

[Simy]

the thing is.. well i'll be paying 50% of the car more on interest, and i can pay it off. the interest doesn't reali bother me, onli becuz it accumulates slowly n i understand how it works but its all good to me.. paying off the mininum will take me 5 years, but i plan to pay more then that...and im not the onli one thats paying it off.. got help with rents lol. thats why i said b4, the price doesn't bother me..neither does the interest b3cuz it comes slowly (eg. if i had to pay 30k plus bout 15k interest in 2 years i wouldn't do it cuz i dont earn that much).. it was just gettin a bank to lend it to me cuz i didn't have enough documention.

i got a conditional approval from CBA so i'll see how it goes with that. i have been looking for one since 07, and rents argreed on taking the loan for me provided i a job to repay it. so i dont think its rushed, BUT i do think its rushed into get THIS particular one..

[Mr_will]

are you also aware that every credit application goes on your credit history?

a series of unsuccessful applications does not look good, and can decrease your chances of being approved for something important, eg a mortgage, in future.

imo if youre taking it over 7 years, and its only $30k, you cant afford it anyway.

buy a corolla until you can actually afford an s2000

[cymax]

imo, you should try saving up before buying the car.

I personally think that it's not worth to take up loan for cars and you will be paying heaps of interest where they could be used for all your internal or exterior mods. Also, you have to be sure that you will not go jobless anytime. If it happened, i would give you my best blessing seriously. Cos it means that you can simply kiss your car goodbye.

Why not settle for a 2nd best car that you like (affordable enough for you to pay in full)? Drive that car and make your way to S2000 one at a time.

My 2 cents worth. :)

[turtle187]

AGREED WITH ALL COMMENTS HERE!!!
honestly dude,credit is jumping up and down, ppl are running around like headless CHOOKS because of the interest rates and so on, i know it doesnt seem to bother you and you dont mind now but remember that your only on probation, dont trust what your employer says until YOU receive documentation that you have a permanent position within your company, this is a dog eat dog world so you gotta be certain about your finances, might as well save up and buy a affordable car and upgrade the exterior modes bit by bit to entertain urself and then later save up at least half of the amount and you will have second thoughts about getting a loan,

PS money doesnt just grow on trees but interest rates rise like no tomorow,
its your sweat and hard earned money. you dont want to waste it by paying interest rates.
wells thats my opinion but i believe wen i say this i believe i speak for every1 replying to this thread,
you should seriously reconsider about the loan

[cymax]

Well said. Fully agree with you *thumbs up*
I almost took up a loan when I bought my DC2R. But after thinking it through with 2 pillows under my head , I realised that taking up loans will definitely stress me up. Also, I don't feel secure when I'm owing money. Interest rate will definitely kill me as well.

What I did was to start off with EG and subsequently DC2R woohooo...

[CRXDEL501]

i know at the moment with the way things are, its hard to get a loan, especially if u havent been in ur current job for 3 months.
if your mum does go guarantor you may have a chance, but im not entirely sure.
some places will give you the money, but they offer a higher interest rate, and u get screwed, it is best to go to the banks, but look around, see what u can apply for and if u are eligible, because if you apply everywhere, it will show up on ur credit history, and you wont get shit.

good luck