Personal Loan for car repairs

[Rasmus1974]

Where would you guys recommend getting about a $4000 personal loan to fix my car? Where are best rates? Thanx!

[Papa Smurf]

To be honest, I would not suggest it at all. You will be borrowing $4000.00 but paying back much more while the car depreciates. What sort of car? what work is needed that costs $4k? paint?
Sit down and think about it and look around for maybe another car that has no faults or is a later model and needs nothing major to be fixed.

[Martyvan]

+1 for papa smurf.....

[XR6WGN]

Yep I'd agree with Papa Smurf too, I got caught in that trap with my first car in the early 80's but it was with the AGC Credit line Cards - was no fun after falling behind with payments and they came for the car at three in the morning!!!

Maybe prioritise your repairs and do a job at a time (depending on your repairs of course)

[Eldubayu]

You will find some, if not most, banks will not give personal loans for repairs.

An Ordinary Guy In An Extraordinary World

[Rasmus1974]

Originally Posted by Eldubayu

You will find some, if not most, banks will not give personal loans for repairs.

An Ordinary Guy In An Extraordinary World

Would payday lenders or similar be a very bad option?

[xxx000]

Originally Posted by Rasmus1974

Would payday lenders or similar be a very bad option?

yes it would, that's last resort stuff

[pottery beige]

What sort of car are you repairing???
could buy a decent run around for $4k..
just sayin....

[nuthin' fancy]

Originally Posted by Rasmus1974

Would payday lenders or similar be a very bad option?

The worst option.

On the assumption that it is worthwhile spending the money on the car (you haven't told us much about what is specifically required for the repairs), get a credit card for the repairs and then do a balance transfer at a very low interest rate.

The longer you take to pay the amount off, the more it will cost.

I have a high mileage EL Fairmont (350+k) but it i well maintained and I like the car. In the event it needed a major mechanical repair, I would consider spending several thousand on the car to keep it, rather than buy another car about which I know little.

Use the resources here to try and reduce the amount of the bill.

[TheSneakiness]

No way I would get into debt for repairs.

Prioritise by whats most important to fix and budget for that.

[Shonky.]

Originally Posted by Eldubayu

You will find some, if not most, banks will not give personal loans for repairs.

An Ordinary Guy In An Extraordinary World

I think all banks will do unsecured personal loans for car repairs..............

Do you have an example of one that won't???



As per above at unsecured rates you would be better off with a Credit Card though...................

[Shonky.]

Originally Posted by Rasmus1974

Where would you guys recommend getting about a $4000 personal loan to fix my car? Where are best rates? Thanx!

http://www.canstar.com.au/product-a-...ans-unsecured/

[Mr Hardware]

What kind of car requires $4k worth of 'repairs'?
You can get a roadworthy AU with virtually nothing wrong with it for $4k!!!!

[I reckon]

Originally Posted by
You can get a roadworthy AU with virtually nothing wrong with it for $4k!!!![/QUOTE

You can get a roadworthy AU with virtually nothing wrong with it for $4k!!!!

Good luck with that one lol

[calais]

There is no way, on this earth, that getting into debt for average vehicle repairs is a good idea. You will never make your money back, and if you are unfortunately finding yourself in need of finance to repair the car, its far more advisable to let the car go, and re invest in another vehicle. If 4k is what you are looking at spending to repair a car, one only needs to spend 10 minutes on carsales to see there are some really good value buys out there that will likely give no issue whatsoever. 4K will buy a seriously tidy older model falcon or corolla even.

Do not...... I repeat, do not utilise a payday lender. You will find yourself with extortionate interest rates, draconian terms and if you default on this 'debt' you will be blacklisted.

Not good in anyones terms.

[Shonky.]

gotta love the way people on here don't answer the question being asked, instead choosing to answer their own question..........

Literally 2/3rds of the replies are telling him not to fix it despite not knowing anything about his circumstances

He asked about where to get a Personal Loan............sheez

[xisled]

What happens if the car was a classic. Would everyone still be saying don’t fix it. LOL

[Rasmus1974]

Originally Posted by xisled

What happens if the car was a classic. Would everyone still be saying don’t fix it. LOL

Yes, in fact, this happes to be the case. Sry for not clarifying this earlier. Don`t want to let it go, it has a lot of emotional value.

Ok, if payday lenders are out of the questions, what would be my next best option? Credit card? Banks personal loans? is there anything else you have heard of or any other options? Don`t banks tend to take quite a while to process these applications? Are there any quicker options?

I`m not very familiar with these kind of options in AU, your suggestions would be greatly appreciated.

[Eldubayu]

Originally Posted by shonkymofo

I think all banks will do unsecured personal loans for car repairs..............

Do you have an example of one that won't???

As per above at unsecured rates you would be better off with a Credit Card though...................

2007 when I hit a dog on the M1 and did $2800 damage to my bike. Suncorp, Westpac and CBA refused outright as soon I gave them the reason for loan.

Suncorp had no problems giving a credit card for $3000 limit and 55 days interest free. Found interest was double that of a personal loan. So ended up hitting parents for loaner.

[Eldubayu]

Originally Posted by shonkymofo

gotta love the way people on here don't answer the question being asked, instead choosing to answer their own question..........

Literally 2/3rds of the replies are telling him not to fix it despite not knowing anything about his circumstances

He asked about where to get a Personal Loan............sheez

Maybe you could chip in if you feel he is a good investment

[Eldubayu]

Originally Posted by Rasmus1974

Yes, in fact, this happes to be the case. Sry for not clarifying this earlier. Don`t want to let it go, it has a lot of emotional value.

Ok, if payday lenders are out of the questions, what would be my next best option? Credit card? Banks personal loans? is there anything else you have heard of or any other options? Don`t banks tend to take quite a while to process these applications? Are there any quicker options?

I`m not very familiar with these kind of options in AU, your suggestions would be greatly appreciated.

Personal loan is cheapest option.

OK, first of all don't tell the banks it's for a repair job on an old vehicle that has 'emotional' value. The lenders never care about anyone's emotions.

Second, if it is a 'classic', provide evidence to the lenders this is so.
They would jump at an insured XW GTHO for instance.

Best of luck.

[Ben73]

Originally Posted by Eldubayu

Personal loan is cheapest option.

Well maybe.
My credit card interest is 12.99% PA. I have an interest free period and there is no penalty fees for paying a credit card off early.

Some personal loans are up to 18% interest rate , Plus they usually try to hit you with establishment fees, 'account keeping' fees and early pay out fees.

So it really depends on the financial institution you are going with.

[Winter XR8]

Just tell the banks that you want to buy some white goods.

[buggerlugs]

You can have a lend of $2500.00 from me if you can get it back from the young bloke I lent it to, "To help him out". He got the sack from his job 2 weeks after I lent it to him, then bolted to WA....................

[fgtpsi]

Not sure if its been said but I know some banks,commonwealth for sure have a 5k minimum on a personal loan. I borrowed some money for travel and had no issues getting the money for that reason.

I'd say go ahead and do it, I stripped and sold my ed xr6 as an apprentice because I didn't have the cash to repair it, now 4 years on its my biggest regret and I wish I borrowed the money to fix it!

Even if you have to borrow 5k you can always pay 1k back straight away bringing the term of your loan down.

Just my 2cents worth mate

[ryeman]

Is it necessary to say get to work ...investment?
Or unnecessary indulgence which you could save for and giving yourself more time to think about if you real want/need it?
Payday lenders are predatory vultures!

[redxm]

I am with a credit union, for various reasons.
In general I find it a major headache to borrow extra money. Not because I cant re-pay it, but they want a valuation every time.
So, I suggest the OP find a 'real' bank.
They practically give away credit cards these days. Personal loan will be a lower interest rate though.

My 2c is - the car obviously has sentimental value. If its that bad, pull it off the road, and fix it as you can. Borrow a couple of $K and buy a flogbox to run around in. Easier to pay off 2k than 4.

Obviously I dont know the specifics of how you use your car, is it just a shopping trolley or something that does a lot of highway km's

Whatever you do, dont get sucked into GE money type places or motor finance wizzard or pay day / loan sharks

If a bank wont loan you the money, its usually because they beleive you cant pay it back.
Maybe you have some other assetts you can sell/borrow against

forum advice is like a VN with a P plate, everyones got one. At the end of the day it is up to you to evaluate your own financial position

[Yellow_Festiva]

Someone previously mentioned getting a credit card, paying for it then rolling that debt over to another card with a 6 month low or no interest deal.

They will start you at around the 4k mark if you ask.

If I were in your situation that's what I would do.

Aim for a no frills / low interest card to start with in case you can't roll it over. Be prepared to pay 10-12% interest.

[Giant Cranium]

im still wanting to know what the car is that he is repairing!

[Yellow_Festiva]

Just to add to my last post, ANZ is offering 9 months at 0 interest if you roll over to them.