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| The Pub For General Automotive Related Talk |
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04-01-2007, 07:20 AM
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FF.Com.Au Hardcore
Join Date: Dec 2004
Location: Sydney
Posts: 1,974
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There is nothing wrong with getting a car loan - I know people are just trying to help, but nowdays cost of living is so high he would be struggling without a loan. He is only 18 and hasnt been saving for 20 years. Everyone says dont waste money on cars and it is great advice, but hey I'm addicted, your addicted, if your on this site your probably addicted.
My advice is to shop very smart for the loan - get one with low interest with no penalty for paying it off sooner. Don't go anywhere near a bank unless you have some perverse desire to pay fees for everything, find a good credit union and stick with it. I've had 5 car loans since I was 18 (I'm 26 BTW), never had any trouble with them (usually keep the car for 12 months then sell it and pay out the loan, thus the need to have a good loan that lets you do this) and still had/have more than enough salary left to buy and pay off a house in the Sydney market - my only rule of thumb with car loans is $20K is my max limit (roughly $200 a fortnight repayment), anything above that comes out of my own cash.
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1966 Ford Mustang coupe. 347 stroker, PA reverse manual C4, TCE high stall converter, B&M Pro Ratchet, Edelbrock alum heads, Edelbrock intake manifold, MSD ignition, Holley Street HP 750 CFM carb, gilmer drive, wrapped Hooker Super Comp Headers, dual 3" straight through exhaust, Bilstein shocks, custom springs, full poly suspension, American Racing rims, Open Tracker roller spring saddles and shelby drop. Still to go - Holley Sniper EFI with integrated fuel cell. |
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