Hi mummas!
I'm currently saving for a 4x4 and camping set up to live in/travel with my 4yo daughter. I haven't managed to save much with Christmas/NY and a pretty large vet bill for my silly doggy.
My landlord has just informed me he's looking to sell the house I'm currently renting, and there are very few rentals in my area I could afford (even with sharing).
So I'm looking to buy a camping set up and new car sooner rather than later.
My grandma is happy to loan me some money (which I'll pay straight back as soon as I sell my current car). I'm looking to get a personal loan, $10,000-$13,000, on a fixed interest rate. The online calculator my bank provides says I could do it over about 4 years, approx. $150 pf repayments, 9%pa interest.
I'm a single mum, work casually, and receive single parenting payment + FTB A and B.
Has anyone been in a similar position?
Do you think the bank would give me the loan?
Has anyone run into any hidden fees?
What happened of for some reason I can't make the fortnight's payment? (Unlikely)
I really want to make this happen, but never taken out a bank loan and can't afford to mess it up. Any advice you can give me is much appreciated! Thank you!
Small Bank Loan
Small Bank Loan
Posted in:
Money
3 Replies
I think it would be a big risk getting into debt right before travelling, you're not going to have that casual income on the road. I would instead try and downsize your camping set up. We're you going to buy a camper trailer? They are expensive and add weight to your vehicle meaning more fuel and possible mechanical problems. I would just go with a tent and basic camping gear, that's all you need. As for the car I would try and do a clean trade for one that's more suitable. Do you really need a 4x4? If you're not planning on driving in the beach you don't really need it, I have a 2wd xtrail and my only limits are soft sand and deep mud. I've driven on beaches with hard sand and dirt roads that havent seen a grader in years and it's not been a problem. Just rethink your plan because that $150 could really come in handy when you're on the road. That's two tanks of fuel which could mean the difference between getting to the next place or having to camp longer.
Join some of the solo women's camping groups on FB. There's plenty of ladies pioneering the way. Get some advice on travelling on a budget and different ways to set it up (ie, some use a tent, some car camp with a rear door tent, others have campers, caravans, motorhomes or camping trailers). See what the pros and cons are.
As for the loan. I've had several loans over the years without any problems but this was all pre-covid, pre-GFC, never as a single parent and never as a casual worker. Rather than applying make an appt with the loans advisor at your bank first and just have a chat about what their thoughts are. They're your best guide on the financial side of it.
Talk to a broker, they will be able to offer a large array of loans and look for the best one for you with the best rate and features for you. Just don't tell them you are planning to travel and therefore change your income stream.