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Australian Falcons Discuss the australian born and bred models here. Includes the 80's 90's and present day Falcons offered by Ford Oz.

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Old 08-10-2004, 05:46   #1 (permalink)
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Dilemma

hi everyone,
recently ive been looking into getting a new car. im only 19 it will be my second car. and my first ford. the bank declined my loan for $50,000, which is fair enough i suppose, but i was still dissapointed considering i paid my first car loan of $15,000 off in 6months. I earn good money, live at home and dont have many expenses! So i have to go through Ford Finance. For those of you that have gone trough ford finanace, is it like a personal bank loan where you can make extra repayments and pay the loan out quicker and save yourself money by paying less interest or can you only make the minimum repayments? which is what i want to do!

And then theres what car to get???
I had already decided on an XR8 even though im not allowed to drive it till im off my P's and then one of my mates convinced out of it by telling me i will get caught by the police! So i either
1 - get the XR8 and hope to christ i dont get caught
2 - wait just over a year till im off my P's then get the 8 (which will be hard)
3 - get an XR6 N/A and then maybe regret not waiting
4 - get a Territory Ghia (only bad thing is no manual)

PLEASE HELP ME!! WHAT SHOULD I DO????
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Old 08-10-2004, 05:58   #2 (permalink)
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Re: Dilemma

Quote:
Originally Posted by Orange XR6ute
hi everyone,
recently ive been looking into getting a new car. im only 19 it will be my second car. and my first ford. the bank declined my loan for $50,000, which is fair enough i suppose, but i was still dissapointed considering i paid my first car loan of $15,000 off in 6months. I earn good money, live at home and dont have many expenses! So i have to go through Ford Finance. For those of you that have gone trough ford finanace, is it like a personal bank loan where you can make extra repayments and pay the loan out quicker and save yourself money by paying less interest or can you only make the minimum repayments? which is what i want to do!

And then theres what car to get???
I had already decided on an XR8 even though im not allowed to drive it till im off my P's and then one of my mates convinced out of it by telling me i will get caught by the police! So i either
1 - get the XR8 and hope to christ i dont get caught
2 - wait just over a year till im off my P's then get the 8 (which will be hard)
3 - get an XR6 N/A and then maybe regret not waiting
4 - get a Territory Ghia (only bad thing is no manual)

PLEASE HELP ME!! WHAT SHOULD I DO????
If you buy an XR8 and drive it on your Ps and a pissed idiot runs into you in an unregistered stolen car while you are stopped at a red light.
YOU ARE UNINSURED, UNLICENCED and when the coppers arrive basicly FCUKED.
As you now owe the finance company a shit load of money and have voided your finance agreement by being uninsured you will probably be bankrupted too unless you come up the full amount owed imediately.
If you get backrupted you will NEVER get finance for anything ever again.

Buy and older xr6, say AU or EL, wait until open licence and then buy the new model XR8.
Are you getting the picture...
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Old 08-10-2004, 19:30   #3 (permalink)
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Re: Dilemma

Hell, I spend money I don't have, and I'm 19, and I earn a decent wage. But 50k? Come off it!

The most I would spend on a car at this age is 25k, and I would probably think twice about that.

Ford Credit does all the relevant stuff for financing a car for you, I believe that if you pay it out sooner than you agree'd to you have to pay extra at the end of it, and you'd also have to make the balloon payment.

I'm not all that sure, I didn't really read my contract as my old man was doing it all for me. I just pay for it.
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Old 08-10-2004, 20:05   #4 (permalink)
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Re: Dilemma

cars may be nice, but realisitally how long do u think it will take to pay off? Even if you earned $50k a year b4 tax which is way higher than average for your age, it doesnt make financial sense, it would take you 3-4 years to pay if off unless you didnt have a life... if you had $50k in cash i would invest it, or use it for a deposit on a house... do something sensible. At 19, your desires from impulses get the better of you and lead you in to debt which is hard to get out of. Most people that go in to debt spend the rest of their lives trying to keep up with it. They never actually break through. Get something that is reliable (doesnt mean gutless), isnt going to depreciate TOO MUCH (dont buy brand new) and i wouldnt be spending over $20,000 - and as Freestyle says - think twice about that. I might be buying my sister in laws AU Fairmont Ghia for $12k ... see that was a $50,000 only a few years back, its still nice
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Old 08-10-2004, 20:20   #5 (permalink)
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Re: Dilemma

Runout demo XR6 N/A for around 30k should be a good car for a long time. Massive difference between a 30k loan and a 50k loan even if you use your current car as a deposit.
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Old 08-10-2004, 20:56   #6 (permalink)
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Re: Dilemma

$50k is a lot, i admit i'll be pushing for around $30k, but that will only happen when i am in a very secure financial position.
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Old 08-10-2004, 21:19   #7 (permalink)
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Re: Dilemma

Sorry mate, but I agree with everything said here. It is not a good idea to spend so much at your age... unless you're raking in much, much, much more than the average young person.
A few things to consider:
- The vast majority of insurance companies won't even touch you with an XR8... and if they do, you're in for a hell of premium.
- The first police car that see's you with a bonnet bulge and P plates will have you for dinner.

Get youself a nice 6 cylinder and work your way up to what you want in later years.

I know its hard to read all these threads on turbo's and V8's. They sound unreal, but you've got to be realistic. Most of these guys have worked their way up to it, or are blessed with better than average financial situations.

I'm only in my 20's... I got a new XR6 only because i was offered a freakishly low price (was looking for a 2nd hand AU), and because I had a great deposit.
Hope this helps
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Old 08-11-2004, 00:15   #8 (permalink)
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Re: Dilemma

Quote:
Originally Posted by TJS-81
Sorry mate, but I agree with everything said here. It is not a good idea to spend so much at your age... unless you're raking in much, much, much more than the average young person.
A few things to consider:
- The vast majority of insurance companies won't even touch you with an XR8... and if they do, you're in for a hell of premium.
- The first police car that see's you with a bonnet bulge and P plates will have you for dinner.
Oh, I don't know about not touching him.

They agreed to touch me, and I had one at fault on my learners..

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Old 08-11-2004, 00:45   #9 (permalink)
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Re: Dilemma

^^^ **** that premium estimate is insane.

Insurance should be close to your number one consideration when buying a new car. You dont want to buy a car then later find you can't insure it for a reasonable price.

For example when I was 18 (or there abouts) I had found a XE ute converted with Ghia front & v8 (351 clevo) for $6,000, put $100 deposit on it subject to finance. Got finance approved then looked for insurance before picking up car, found out the cheapest i could get at the time was about $2,500.

I thought **** that the insurance co would own the barstard in 2 1/2 years, so told the bloke I wasn't approved for finance and done my $100.

Car was nice but not that nice if you know what I mean :)
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Old 08-11-2004, 00:57   #10 (permalink)
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Re: Dilemma

Quote:
Originally Posted by Ben Nurmi
Oh, I don't know about not touching him.

They agreed to touch me, and I had one at fault on my learners..

are you ****ing insane???? do you actually pay that each year??? you should get a grip on reality if you believe its worth having a car that cost 9k in insurance each year.
dont get a 50k loan, if you really want a V8 then wait the 12 months and if like you claim that you were able to pay off a 15k loan in 6 months then save for the 12 months and you should have 30 saved going by what you reckon you paid off in 6 months. if you buy brand new your gonna lose about 30% of its value the first year anyway so if you ever get behind in your repayments, selling the car isnt going to cover what you owe.
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