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The Pub For General Automotive Related Talk |
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#31 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
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___________________________ I've been around the world a couple of times or maybe more....... |
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#32 | ||
FF.Com.Au Hardcore
Join Date: Jul 2009
Location: melbourne
Posts: 4,649
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Don't forget on the second loan there can be establishment fees and loan maintenance fees which you already probably have on your home loan. Why double up with a second loan? 1 is simpler.
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#33 | ||
Wirlankarra yanama
Join Date: May 2006
Location: God's Country
Posts: 2,103
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I would screw the price down as much as possible, simply tell the seller you will be paying cash. Go the redraw and pay it back asap, besides you will probably be paying less in interest than taking out another loan.
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#34 | ||
Regular Member
Join Date: Apr 2014
Posts: 54
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save for or forget the car ,and clear your mortgage. we are heading for a bumpy ride economy wise. job security would be the key (don't know your situation) but interest rates will head up soon.
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#35 | |||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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which car? i have a 2010 territory & a 2004 honda accord euro, dont owe $ on either. neither are 'fun' - but they do the job. I'm not buying another new car, would rather pay 1/2 price for one 2 years old and still get the factory warranty
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XC 351 FAIRMONT HARDTOP |
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#36 | ||
Regular Member
Join Date: Apr 2008
Posts: 183
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Bank actually love you having less redraw and more loan to pay off. Or should i say they love you having redraw as it shows that you are financially stable so they can then lend you more and more money so you are more indebted.
Trust me on that, I asses and underwrite loans for one of the big 4. You are sitting at less than 50% of loan to valuation ratio and the fact that you have quite a lot in redraw tells me that you are doing all the right things. Although the bank or any financier would prefer things to be the other way round. Use some redraw to purchase the car if you want to and then pretend that you had a loan of xxx amount. That theoretical xxx repayment amount could then be paid back into your redraw to build it back up again. If you end up finacing it, be wary or dealers or finance companys (non banks) who have the ability to load the interest rate by up to 6% above the lenders floor rate....thats why you always see car repayments quoted on a weekly or monthly dollar figure rather than on what the interest rate is as many would fall off their chair... Whichever way you go - congrats. Not everyone these days has the comfort in knowing that they have more than 50% straight out equity in their home which is a very good buffer in the current economic climate.
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Daily driven... Dyno-mite tuned ![]() Last edited by Saski; 17-03-2015 at 01:57 AM. |
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#37 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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thanks Saski, Iam an old bugger though at 44, i do feel sorry for the gen Y's - seems even harder nowdays.
I also have an investment property I'm negative gearing (old 3x1) on 460m2 in Como wa which is an interest only loan of 580k - so the banks are well & truely keeping me in debt. come July I will be getting a 12k tax refund again for that, so as I would be putting that into redraw I suppose that would cancel a lot of the redraw for the car.
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#38 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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this was my first car & loan at age 18 in 1988 - the genuine matching numbers bigport 73 xbgt coupe - the one that I should have kept
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XC 351 FAIRMONT HARDTOP Last edited by 323Turbo; 09-02-2017 at 01:56 AM. |
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#39 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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lol really, what about?
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#40 | ||
Car tragic
Join Date: Nov 2014
Location: Wild West
Posts: 316
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Don't weep, I've sold a lot of cars over the years including uber-collectables like an XR GT, 3 Mk 1 Cortinas (2dr GT, 2dr GT rep and Group N logbooked Lotus), XW GT and a pristine big-tank E38. Worst is to miss out as you can't take it with you as there are no pockets in a shroud.
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#41 | ||
GT-P Whitey
Join Date: Jun 2005
Posts: 610
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On the 7th day, god created a FG MKI GT-P 5.0L S/C - Silhouette Gold Decals... Current ride: FG MKI 5.0L S/C 6SP Auto = 9.5/10 Previous Rides: FG MKII GT-P 5.0L S/C 6SP MANUAL = 9/10 AU III 5 SPEED BLUEPRINT XR8 220KW= 8/10 BA XR8 BOSS 260 BLUEPRINT = 3/10 EB FAIRMONT WINDSOR 302 BURGUNDY = 6/10 |
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#42 | ||
FF.Com.Au Hardcore
Join Date: Sep 2005
Posts: 1,374
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As others have said, use the home loan redraw & continue to make additional loan payments - assuming car is for personal use & has no business type use.
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#43 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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i work fifo in the mining industry, so no, car wouldnt be used for work really.
Thanks for all the help everyone
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#44 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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___________________________ I've been around the world a couple of times or maybe more....... |
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#45 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 2,276
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Quote:
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FG XR6 Turbo (Manual) - 301rwkws @ 15psi ---------- Rapid Systems Intercooler & Battery Relocation - ID 1000 Injectors - Process West Surge Tank - Venom 100 Cell Bolt On Cat - XForce 3.5 inch Catback - Plazmaman 4 inch Turboside Intake - Crow HD Valve Springs - Glowshift Gauges (Oil temp, Oil Pressure, Boost, Volt) - Malwood Opt 5 - XR50 Interior - FG2 Limited Ed 19's - Nitto Invo's |
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#46 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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nope, not really an option - i only want to buy one with 5 star safety rating and 6 airbags (curtains for the 2 kids in the back)
95% of the 08/09 models for sale here just have the 4 airbags, also the mark 2 seems to have some good upgrades - reverse camera as standard, better aircon (maybe?), looks better etc. Not to mention the fact its 4/5 years newer & still has a year or so of factory warranty! its mainly the airbag issue thats pushed me towards a mark 2 though - also they are not half the price here. looking at 18k for a mark 1 with curtain aibags - there are 2 for sale here for that price one red/burgundy & the other green, red I could maybe handle, but not green! getting the factory warranty though is a big plus imo. cheers
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#47 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 2,276
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Fair enough, you play you pay then. There's no way around it, you will loose 30-40k (depreciation/interest) over the life of the car. EDIT: I mean regardless of how you finance it, it will just be either closer to the 30 or the 40 depending on the lender.
Where are airbag 5-6 cause mine has curtains?
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FG XR6 Turbo (Manual) - 301rwkws @ 15psi ---------- Rapid Systems Intercooler & Battery Relocation - ID 1000 Injectors - Process West Surge Tank - Venom 100 Cell Bolt On Cat - XForce 3.5 inch Catback - Plazmaman 4 inch Turboside Intake - Crow HD Valve Springs - Glowshift Gauges (Oil temp, Oil Pressure, Boost, Volt) - Malwood Opt 5 - XR50 Interior - FG2 Limited Ed 19's - Nitto Invo's Last edited by Dash_XR; 17-03-2015 at 12:19 PM. |
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#48 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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the car has allready lost 50% so the other 50 will take twice as long to halve in value - i can deal with that.
what do you mean by your last comment? i dont understand it cheers
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#49 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 2,276
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Front two airbags, side two airbags where are the last two? Rear curtain/front knee?
Yeah I was thinking you were talking brand new for some reason, my bad.
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FG XR6 Turbo (Manual) - 301rwkws @ 15psi ---------- Rapid Systems Intercooler & Battery Relocation - ID 1000 Injectors - Process West Surge Tank - Venom 100 Cell Bolt On Cat - XForce 3.5 inch Catback - Plazmaman 4 inch Turboside Intake - Crow HD Valve Springs - Glowshift Gauges (Oil temp, Oil Pressure, Boost, Volt) - Malwood Opt 5 - XR50 Interior - FG2 Limited Ed 19's - Nitto Invo's |
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#50 | ||
BIG MEMBER ;)
Join Date: Sep 2009
Location: Sydney, NSW
Posts: 940
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I would be smashing your 400k loan first before a new car.
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2010 FG XR6T, EGO, MANUAL, LUXURY PACK.
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#51 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
Use your redraw for the full purchase price of the car and put the equivalent of what the theoretical loan repayments would have been back into your redraw account and I hope that redraw account is linked to an offset account to save you interest?
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2017 Mustang GT (Magnetic) |
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#52 | ||
Regular Member
Join Date: Nov 2007
Posts: 362
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This is what your after. https://www.commbank.com.au/personal...alculator.html
It works out at $19000 over 5 years at 5% interest is $359 a month I normally aim for 3 years which works out at $570 a month Thanks Gerard
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2011 FG F6 400RwKw 10.90@129 |
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#53 | |||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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Quote:
cheers
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#54 | |||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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Quote:
take me a year to pay back the 19. cheers
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#55 | ||
FF.Com.Au Hardcore
Join Date: Dec 2004
Posts: 22,909
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Yes alot of the Mark 1's dont have curtains. I think they were made standard in 06/2010.
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2022 RAM Laramie 5.7 2023.50 Ranger Wildtrak 3.0 V6 Premium Pack 2024 Everest Sport 3.0 V6 Touring Pack 2024.50 Mustang Darkhorse 6M Blue Ember + Appearance pack ETA Jan 25. |
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#56 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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i dont think they were made standard until the mark2 - dec 2011
apparently it was only a $300 option before that
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#57 | ||
Regular Member
Join Date: Jul 2013
Location: Perth
Posts: 338
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my dec 2009 sy2 TX terri 7 seater has them as standard though - so does my 2004 honda, i wouldnt buy a car without them.
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#58 | |||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Quote:
I had about 90k in the bank about 4 months ago and while it's nice to sit there and look at it, it's nice to look at my payed off home and now I'm already back up to 15k in savings again.
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2017 Mustang GT (Magnetic) |
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#59 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Posts: 2,276
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Good advice, now you own your house AND have a 2014 F6.
I think they were in G6E up and an option in everything else. So the mk1 has two curtain airbags and the mk2 has 4?
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FG XR6 Turbo (Manual) - 301rwkws @ 15psi ---------- Rapid Systems Intercooler & Battery Relocation - ID 1000 Injectors - Process West Surge Tank - Venom 100 Cell Bolt On Cat - XForce 3.5 inch Catback - Plazmaman 4 inch Turboside Intake - Crow HD Valve Springs - Glowshift Gauges (Oil temp, Oil Pressure, Boost, Volt) - Malwood Opt 5 - XR50 Interior - FG2 Limited Ed 19's - Nitto Invo's |
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#60 | ||
FF.Com.Au Hardcore
Join Date: Jun 2010
Location: Desert City
Posts: 2,326
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Yep.
I despise paying interest, as young bloke growing up I reckon I wasted so much money paying interest on things I didn't really have too. About 20 years ago I stopped paying interest on my credit cards and always payed off the closing balance in full, I still spend a heap per month on my card, I just pay it all off come the due date that's all. And now I reckon that has saved me heaps of interest.
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2017 Mustang GT (Magnetic) |
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