Hi mum's, I'm after some car advice.
I currently have a 2002 Nissan Pulsar, amazingly it's still going strong. Eventually though it's going to need replacing.
I'm a single mum and don't have a whole lot of savings but am working as a casual.
My questions are:
- If I HAD to take out a car loan, would I even be entitled to one because I'm only a casual?
- I've never had any type of loan out before so where do I start? Is the bank my best bet? Who gives the best car loans?
- What would be a cheap but reliable car for a mum of 2 boys? We live rural and on the beach and drive a lot of off road tracks , maybe a small 4wd? I literally have NO idea about cars!
Thanks so much in advance 😊
Car loan help
Car loan help
Posted in:
Money
2 Replies
My advice is to try and avoid a car loan at all costs. The interest on them are crazy high! I regretted mine as soon as our circumstances changed and we ended up working our asses off just to get it paid out so we weren’t tied to it anymore. Work out what your repayments would be if you got a loan and set up a direct debit now of that amount into a seperate account, preferably at a different bank to what you regularly bank with so you can’t see it or be tempted to use it for something else. Once you have the cash shop around.
I own a Hyandai Santa Fe and love it. A rav4 is also a really great car. You should be able to get a second hand one at a reasonably good price.
Also highly recommend reading the Barefoot Investor for ways to really get control and make the most of your money
I second the advice above.
Doesn’t matter if you don’t save the full amount, whatever you do save our straight on that loan ! Reduces the overall payment times and saves you money.
I personally went through a car yard for my second ever car loan, and it was cheaper than the banks.
I was causal; but my payments were regular, so that was okay to service the loan.
I would look into a Jeep, or a small 4wd.
For the first time in my life 7 years ago, I paid cash for a brand new car, and thankfully it’s still going strong, and I’ve saved enough pretending to have a loan, that in 6 years time (if the car lasts that long) I’ll be able to buy another cash and not need to worry about a loan.