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The Bar For non Automotive Related Chat |
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#1 | ||
growing up is optional
Join Date: Feb 2006
Location: Gawler area SA
Posts: 3,303
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Hey guys, mid life crisis time! I have found a toy that I want and need finance to get it. Basic story - earn relatively good coin, lots of assets and a few overheads but no cash in the bank.
Who offers decent finance for older cars? |
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#2 | ||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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id say personal loan from your bank will be your best bet.
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#3 | ||
FF.Com.Au Hardcore
Join Date: Apr 2006
Location: NSW
Posts: 1,026
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Home equity, would be your best bet, personel loan for older cars will be regarded as unsecured so 13- 14% rates apply.
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#4 | ||
FF.Com.Au Hardcore
Join Date: Apr 2006
Location: NSW
Posts: 1,026
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Home equity, would be your best bet, personel loan for older cars will be regarded as unsecured so 13- 14% rates apply.
What car have you found? |
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#5 | |||
FF.Com.Au Hardcore
Join Date: Jun 2009
Posts: 18,985
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Quote:
http://www.youtube.com/watch?v=Z2dEM2AIwi4 |
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#6 | ||
3..2..1..
Join Date: Nov 2009
Location: Bellbird park
Posts: 7,218
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home equity only works out cheaper if you actually pay it off in the same sort of time frame as a personal loan.
ive seen heaps of people draw on their equity but not increase their payments by any significant amount. false economy. |
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#7 | ||
FF.Com.Au Hardcore
Join Date: Jun 2009
Posts: 18,985
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can do a mix and match.. part equity and part loan.. depending on what sort of $$$$ youre talking.....
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#8 | ||
FF.Com.Au Hardcore
Join Date: Apr 2006
Location: NSW
Posts: 1,026
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The only other way I know around it would be if you owned a late model car outright. You could borrow on a secured personel loan against the value of your late model car and use that money to fund your classic car purchase. Doing it this way you could source interest rates around 9%.
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#9 | ||
growing up is optional
Join Date: Feb 2006
Location: Gawler area SA
Posts: 3,303
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There's a '66 Mustang calling my name. I've always wanted one, everything else has been a compromise. At 44, I feel the time is right to say stuff it, get one and be done with it.
Might look into the equity thing, have a good amount in an investment property in Adelaide. |
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#10 | ||
FF.Com.Au Hardcore
Join Date: Apr 2006
Location: NSW
Posts: 1,026
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Good stuff, its a good time to buy, home equity loan and pay it off within 5 - 7 years like nstg8a mentioned.
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#11 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Posts: 723
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If you can pay it off in 15 months, put in on a credit card and then do a balance transfer to someone like a citibank http://citibank.com.au/tv/ 1.9% for 15 months.
If they wont let you pay credit use a visa debit and pay that off instead. Just make sure you pay it off in time or they will hit you with the cash rate. Failing that peoples choice had a great deal last time I looked.
__________________
SZ Territory Titanium |
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#12 | ||
growing up is optional
Join Date: Feb 2006
Location: Gawler area SA
Posts: 3,303
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30k on a credit card scares me!
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#13 | |||
FF.Com.Au Hardcore
Join Date: May 2009
Posts: 795
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Quote:
![]() pay it off in 15 month at 1.9% and you'd be laughing literally all the way to the bank!!! The repayments would be huge though ![]()
__________________
http://i56.tinypic.com/23hlk6p.jpg |
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#14 | |||
Lyminge, Shepway, Kent
![]() ![]() Join Date: Oct 2008
Location: Geelong - Go Cats
Posts: 3,197
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Quote:
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#15 | ||
growing up is optional
Join Date: Feb 2006
Location: Gawler area SA
Posts: 3,303
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Good advice, haven't got access to that much as a redraw. Might have to pull my head in for a couple of years - BORING!!
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#16 | |||
Chasing a FORD project!
Join Date: Jul 2008
Location: adelaide
Posts: 5,114
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Sell investment property, use profit to buy the car, end up with no debt and the car? Only if you want to give up the IP though!
__________________
Quote:
1996 BMW 740iL V8. TV, phone, leather, sunroof, satnav, all as standard. Now with 19" TSW Brooklands, 2 1/2" stainless steel exhaust, plus more coming soon. |
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#17 | |||
growing up is optional
Join Date: Feb 2006
Location: Gawler area SA
Posts: 3,303
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Quote:
If things go the way we plan (ie: kids move out) then we will be moving into the investment property in 5 years, so I'd better hang onto it. Mind you, if the other plan works out (6 numbers on a Sat night), then expect to see multiple of everything - cars, houses and women!! |
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#18 | ||
FF.Com.Au Hardcore
Join Date: Mar 2005
Location: whitsundays
Posts: 1,340
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i would use equity. or see your accountant and see if your self managed super fund can invest in classic motor vehicles !!!!!!!!!!!!
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#19 | |||
FF.Com.Au Hardcore
Join Date: Feb 2011
Location: by the beach
Posts: 1,982
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Quote:
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__________________
clevo mafia (sadly sold) 351c xe manual (now with short shifting 5sp goodness) xc gs coupe project...hmm more clevo for me new daily 2005 ba sr |
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#20 | |||
growing up is optional
Join Date: Feb 2006
Location: Gawler area SA
Posts: 3,303
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Quote:
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