Outer Limits 4x4 Board

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?

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!

Pay as much as you can each WEEK then start modding it.
Loans suck!!!!!!!!!!!!
In about 3 weeks time I will be 100% det FREE!!!!!!!! Woo Hoo

yeah i think i will pay it off first before any major mods occur that way the car is mine and i can do what i want to it

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

yeah its a pain having a loan but then its no fun to drive it stock condition at the same time 6one way 1/2 dozen the other
flip the coin

I'm in the same boat except I bought mine already modded. That said i'm still doing more mods while I pay it off.

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.

Ya I`ve owned my lux for about 2 years now and man has it changed in that time.

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.......

umm special deal....

my dad is a business banking officer

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

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.

Mr Kincaid,

What are you on about? Are you talking to me or the Spice man? But, FYI I am paying PAYE tax and I don't have a business. PM if you have a good money idea. Otherwise, I'll just stick to pimping my girlfriend.

Cheers,

Nam

[quote=
I'll just stick to pimping my girlfriend.

[/quote]

lol

N*A*M wrote:Otherwise, I'll just stick to pimping my girlfriend.

Cheers,

Nam

Got pics of this said girlfriend????

i want two things:

pics


and:
sound financial advice where i can write off 42s as a maintenance cost and claim it on tax or something....donations to charity?

i need some help here!!