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Old 08-19-2003, 23:52   #1 (permalink)
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financial advice needed

ok guys..as you might have read a couple of weeks ago I crashed my car a little and it needs around $1500 in repiars.

At this stage I only work during the holidays when I am at home. I live at uni and im studing full-time. But I am currently looking for a job that near uni in Geelong.

Ok so I need the cash and I cant ask my parents for it because I already owe them for the car in the first place, and they dont really know the full extent of the damage at the moment. Plus I want to do it on my own.

So Ive been looking around where I can get some cash. I went to ANZ and they offer a credit card that has a rate of 7.95% pa for the first 6 months then 11.75% pa after that.

I went to the Bank of Melbourne today (thats who im with at the moment) and I have a good chance of getting a loan from them. Unfortuatly the smallest loan i can get is $4000, I only want $1500 so there is a lot of interest on money I dont need. This loan is at 13% pa.

So Im wondering if anyone has some advice on what I should do and what other banks I should try out?

At the moment I have an income of $800 per month, and that without a job. Im 20 if thats makes any difference, 21 in december. So im prepared to but $200 p/m on the loan or card.

Thanks guys.
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Old 08-20-2003, 00:04   #2 (permalink)
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Re: financial advice needed

shop around a but but in this case I think credit card may be the better option.
Go get an ANZ first card as you stated, they have the most compedative card on the market at the moment. Close second is the Virgin card though.
Get the cash you need then pay it off and cancel the account.
Case closed.
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Old 08-20-2003, 00:10   #3 (permalink)
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Re: Re: financial advice needed

Quote:
Originally Posted by carazy
shop around a but but in this case I think credit card may be the better option.
Go get an ANZ first card as you stated, they have the most compedative card on the market at the moment. Close second is the Virgin card though.
Get the cash you need then pay it off and cancel the account.
Case closed.
yeah ive had a look on te net and ANZ seem good. Its just that I still dont think I totally understand how credit cards work. They say pa but that really means per month doesn't it?
Im just a bit confused.
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Old 08-20-2003, 00:17   #4 (permalink)
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Re: financial advice needed

The problem with credit cards is they tend to charge interest on the full balnce of the original outstanding transaction till it is paid to zero.

The interest rate is still per annum, but charged monthly.

Get a personal loan, way cheaper then a credit card for a start, take the $4000 if they will let you have it, juts get a loan with variable rate, and no penalty for early termination, then straight away pay back $2500 that will drop the amount of interest payable straight away, then pay back the rest per the monthly or weekly schedule, if it is a variable rate loan, then the extra payments should mean you are in fornt, so if for a month or 2 you couldnt make a payment, you would have $2,500 worth of payments up your sleeve.

Well talk it all over with the bank, and ask lots of questions as to the above.

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Old 08-20-2003, 00:30   #5 (permalink)
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Re: financial advice needed

if you opt to have the interest free days then the interest is calculated on the complete amount charged during this period.
if however you select to have no interest free days you have no yearly fee and the interest is calculated on the amount owing.
The anz card is also more flexable becuase the minimum payment is caluclated on paying the amount off over 4 years rather than 3 like normal cards.
If you want to use the card as a loan don't select any rewards program and don't select the interest free days.
Becuase of the introductory rate for credit card if your talking a short term loan then cc's are the way to go.
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Old 08-20-2003, 07:25   #6 (permalink)
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Re: financial advice needed

Just to add my 2cents... with credit cards (commonwealth bank), students dont pay account keeping fees or any shite like that. mind you i got offered a card about a year or so ago so you best look up on that.
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Old 08-20-2003, 22:53   #7 (permalink)
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Re: financial advice needed

well as far as i know you wont get a credit card anyway without a job. interest is charged per annum which means if you get a $1500 card (say at 10% pa which you wont get anyway) your interest is $150 per year. divide that by 12 (months) and then add the minimum payment per month and thats what you have to pay per month. as far as a bank loan is concerned, only gettin $800 a month youll be pushing it. i tryed to get a $5000 loan when i was TAKING HOME $850 a WEEK and they wouldnt do it.
hope it all works out...may need to get the parents help yet?
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Old 08-21-2003, 19:27   #8 (permalink)
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Re: financial advice needed

I got a $2k card from commenwealth bank. Im full time student, and only earn round $130 a week :(

Add up the value of all the gear u own(clothes, car, bed, ...), your income, and i think u will get a card like mine. Only down side is that its 16%pa. But on smallish amounts thats not too bad.

Thay throw cards at most ppl these days.

If u cant get it (and i did) i'll be suprised.



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Old 08-21-2003, 19:56   #9 (permalink)
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Re: financial advice needed

Is there anyway to get the cost of the repairs down?
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Old 08-21-2003, 20:39   #10 (permalink)
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Re: Re: financial advice needed

Quote:
Originally Posted by EBXR
Is there anyway to get the cost of the repairs down?
ha ive already done that..pedders where charging 2300, i went to another place and he said 1500 and thats just about worse case.

I send my application off today. Now i have to wait 10 days..how hard is it to say yes...lol
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