Finance or Owned outright?
Moderators: IMC, Club Staff
-
akumi
- Mechanic
- Posts: 467
- jedwabna poszewka promocja
- Joined: Mon Aug 02, 2004 5:00 pm
- Location: Melbourne
- Contact:
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payaya
- Oldtimer
- Posts: 3670
- Joined: Sat Sep 06, 2003 5:00 pm
owned outright!
I wanna change cars, but im too scared to go down the finance track. I deal with debts everyday. So many people out there obtain finance, then lose their jobs etc and cant pay their loan. Bascially stuffs their lives up. I know what can happen if this does happen, and i do not want to be on the receving end.
Breaching the loan contract is terrible. They take their security eg, you car, then sell it dirt cheap at actions, bascially taking the sale price of the car and putting it towards your whole contract amount.
Eg. take out loan for 20k, over 5 years, total interest over 5 years is 10 k, so basically your stuck with a 30k debt! If you do get another job, you start paying debt of at $100.00 a week, but still with the damn interest added on. Say you financed for 15%, that keeps added on to your debt!
If they are not happy, slap you with a complaint, then judgement, leaves you with over $500.00 in court costs and the damn Judgment on your record which is worse than a black mark! Try to take out a loan to pay off debt, and be declined because of the Judgment! So up sh*t creek and forget it!
People run they think after a while they will get away with it. They get serve with an order, and next minute you find that your employer has to take $200.00 out of your pay a fortnight and another $700 bucks is added to your debt from the order!
Thats why im scared to take out a loan! Anyone else in my shoes?
I wanna change cars, but im too scared to go down the finance track. I deal with debts everyday. So many people out there obtain finance, then lose their jobs etc and cant pay their loan. Bascially stuffs their lives up. I know what can happen if this does happen, and i do not want to be on the receving end.
Breaching the loan contract is terrible. They take their security eg, you car, then sell it dirt cheap at actions, bascially taking the sale price of the car and putting it towards your whole contract amount.
Eg. take out loan for 20k, over 5 years, total interest over 5 years is 10 k, so basically your stuck with a 30k debt! If you do get another job, you start paying debt of at $100.00 a week, but still with the damn interest added on. Say you financed for 15%, that keeps added on to your debt!
If they are not happy, slap you with a complaint, then judgement, leaves you with over $500.00 in court costs and the damn Judgment on your record which is worse than a black mark! Try to take out a loan to pay off debt, and be declined because of the Judgment! So up sh*t creek and forget it!
People run they think after a while they will get away with it. They get serve with an order, and next minute you find that your employer has to take $200.00 out of your pay a fortnight and another $700 bucks is added to your debt from the order!
Thats why im scared to take out a loan! Anyone else in my shoes?
