I have come to a descision that is not easy to make so i need some help..
i bought my truck for $10K but got the loan for $13k to make sure i had enough for insurance, etc etc so my total loan is $13 k i have 10 years to repay the loan and $150 comes out every month automatically to pay it off. the loan is at 6.2% but is variable so what im askin is should i work like a bastard to pay the car off and then start modding or just play it out over the ten years... the only thing im worried about is interest rate rising and i really dont want to have the loan for 10 years i want toget it off as fast as possible..
so summing up
$13,000 loan
10 years to repay (maximum)
6.2% variable loan..
currently $150 a month being paid off.
WTF should i do?
Notice: We request that you don't just set up a new account at this time if you are a previous user.
If you used to be one of our moderators, please feel free to reach out to Chris via the facebook Outerlimits4x4 group and he will get you set back up with access should he need you.
If you used to be one of our moderators, please feel free to reach out to Chris via the facebook Outerlimits4x4 group and he will get you set back up with access should he need you.
Recovery:If you cannot access your old email address and don't remember your password, please click here to log a change of email address so you can do a password reset.
WHAT SHOULD I DO????
Moderators: toaddog, TWISTY, V8Patrol, Moderators
WHAT SHOULD I DO????
NAM IS THE SOFTPORN KING!!!
<mage> what should I give sister for unzipping?
<Kevyn> Um. Ten bucks?
<mage> no I mean like, WinZip?
<mage> what should I give sister for unzipping?
<Kevyn> Um. Ten bucks?
<mage> no I mean like, WinZip?
I dunno dude. If you really like the car as it is and are happy to pay it off slowly, just keep going on current arrangements. Maybe increase your repayments a little if there's room. If you wanna mod it then start saving on the side. Build up the funds in your bank account and either make an extra repayment here and there or do a mod on your car. I work for NAB and have a friend who's a loan manager. You might be able to refinance if the interest rates start climbing too much. In the meantime, get a lottery ticket every week!
im currently paying off my $18,000 loan which i used to buy my hilux, pay parents back and by come dj gear, the repayments are $500 a month, so it goes pretty quickly, just pay as much as you can and get it out of the way. Luckaly atm i only owe the bank money, but it still sucks big time
www.overkill4x4.com
ph 94766137
ph 94766137
I'm lucky as I own my chunk of sh1t.
But if I was you I would pay it off ASAP, if you plan to keep it then do some basic mods that will still be covered by your insurace. Once you own it you can go sick and not worry about scratches/dents and mod the bejesus out of it.
But if I was you I would pay it off ASAP, if you plan to keep it then do some basic mods that will still be covered by your insurace. Once you own it you can go sick and not worry about scratches/dents and mod the bejesus out of it.
I just luv my "clacker Jabber"
Re: WHAT SHOULD I DO????
spice wrote:I have come to a descision that is not easy to make so i need some help..
i bought my truck for $10K but got the loan for $13k to make sure i had enough for insurance, etc etc so my total loan is $13 k i have 10 years to repay the loan and $150 comes out every month automatically to pay it off. the loan is at 6.2% but is variable so what im askin is should i work like a bastard to pay the car off and then start modding or just play it out over the ten years... the only thing im worried about is interest rate rising and i really dont want to have the loan for 10 years i want toget it off as fast as possible..
so summing up
$13,000 loan
10 years to repay (maximum)
6.2% variable loan..
currently $150 a month being paid off.
WTF should i do?
What you should do is celebrate who lent you 13k for truck and insurance at 6.2% that is a bloody good deal....10 year term what are they holding as security......
Man let us know as I have a heap of doh I would convert to this type of loan.......
Official member of the Babinda Jimmy James Beam III Fan Club
Darth Bobo Honker Hunter Inc, for the up gunned Poodlefaker.
:armsup:"ARMS UP":armsup:
Darth Bobo Honker Hunter Inc, for the up gunned Poodlefaker.
:armsup:"ARMS UP":armsup:
hook us up with a spechl deal
at that rate, i would mod it and just pay the loan at $150 a month
i owe more money every month then i care to think about it
if i married someone they would take half of nothing, and if i had kids there would be debts to leave them
8)
least im not bankrupt yet
at that rate, i would mod it and just pay the loan at $150 a month
i owe more money every month then i care to think about it
if i married someone they would take half of nothing, and if i had kids there would be debts to leave them
8)
least im not bankrupt yet
hands and mums dont count!!!
N*A*M wrote:I dunno dude. If you really like the car as it is and are happy to pay it off slowly, just keep going on current arrangements. Maybe increase your repayments a little if there's room. If you wanna mod it then start saving on the side. Build up the funds in your bank account and either make an extra repayment here and there or do a mod on your car. I work for NAB and have a friend who's a loan manager. You might be able to refinance if the interest rates start climbing too much. In the meantime, get a lottery ticket every week!
NAM,
This is a genuine and sincere reply to your question.
You need some bona fide and cost effective financial counseling. I will assume you are an employee paying PAYE tax and don't have the option of depreciating your vehicle or claiming running costs and repairs.
Therefore, if you live in AU, find your nearest H & R Block, make an appointement and go see them. All the best mate.
Peter Kincade
Who is online
Users browsing this forum: No registered users and 1 guest