[Aussies] Query about car loans.

I was wondering, with having a $150-200k/yr job, could you get a loan for a car that costs around $400-500k?

If you're outer australia, whats the loans like there for cars?

 

Providing you're not spending a fuckload of your income on bills, (I'd probably say 60%+) you should be arlight. It all depends on what the bank says, you'd be better off going straight there.

 

I'm not in University yet lol.

I'm aiming for a job that pays well since I'm in Y11 and averaging A+'s in Maths and Sciences, so yeah.

My question was, is it possible and I'll ask this; if you do get a loan what sort of interest would you generally be looking at?

 

Sorry, your post has confused me.

Are you strategically planning on acquiring a job which provides an income between $150,000-$200,000 annually.

And your main question is whether a bank or financial institution would lend you enough money to purchase a car worth $400,000-$500,000?

I'd highly doubt it.

 

I wouldn't even worry about this question if I was you, you said your in year 11? That means you still have another year in school+a gap year?+3 years minimum in uni until you can get a job that pays that much money. See how you feel about this question in 5 years

By to actually answer your question I'd say probably, but it depends what bank.

 

Loans depend on a few things:

• Can you pay it back - Can you definitely pay the bank back with the interest?
• History - Have you had a history of loans; if so, did you pay them back?
• Reason - What reason do you have for borrowing the money?

They are just a few things about it. I would say though spend alot less the $400-$500k on a car, and either:

1. Keep the money in a bank account (for interest)
2. Invest some

 

Im planning on buying one if I do when Im like close to 30 or more lol if I do jeep wanting one

 

I'd advise against it in the first place.

Cars are terrible investments, by the time you have payed off the loan (if you manage to get it) the cars value would have devalued considerably and you will have payed more than the 400-500k anyways with the interest.

 

When you're close to 30 is a long way to go.

You cannot expect to get a job paying that much immediately after you graduate, and it really depends on the course you take. The bank won't give you such a large loan, even if you earn 150-200k a year, shortly after you get a job. You won't get a loan that big without having any assets or anything saved up. You get A+s in math, think about the interest it's going to cost you, how it would bring your budget expense a lot lower.

Let's say you earn 200k a year, you can easily save half of that every year. Do so for a few years and, before you hit 30, you will be able to get the car. Without having to pay interest of any sort. However patience would be the key here.

 

You'll need a collateral, and a job paying that probably won't suffice considering it's a car loan.

 

Yeah, this is correct. If you are looking to buy the car outright and get a 400k-500k loan you will need to put something up against the loan probably, or have someone co sign it for you, normally people use their house as collateral. Because these loans are secured, they are considered lower-risk by the lender. Because of this, interest rates may be lower than for unsecured loans, and the amount you can borrow is often higher. Repayments can also be spread over a longer term. However, if you fail to keep up on payments, you stand to lose the collateral secured against the loan, so that your creditors can sell it off and reclaim their money.

Then you have unsecured loans which do not have any collateral placed against them, and therefore it is widely considered a lower risk to the borrower, as they generally stand to lose less if they run into trouble with payments. They are typically available in smaller amounts over a shorter period compared with secured loans. That said, borrowers who fall behind on payments will still face consequences - in a worst case scenario, borrowers can receive court judgements which force them to repay the amount or face bankruptcy. In some cases the courts can even have the terms of the loan changed to become a secured loan, meaning it is still possible for borrowers to lose their homes or other assets.

Although I'm not sure if you really understand the process of buying a car, most people don't go to the bank and take out a loan for the full amount of their car. The method normally used is called Hire Purchase (HP) which is the legal term for a contract, in which persons usually agree to pay for goods in parts or a percentage at a time. You basically just pay the sum directly up in installments with added interested, the amount which you pay normally depends on how big, or small of a deposit you are willing to put down on the car itself.

Another thing you should probably take into account is your credit rating, this will have a big effect on whether or not lending business' will take the risk of lending you funds. It simply is just a report that evaluates the 'credit worthiness' of an individual and will play a big part in being able to take out any substantial loan.

 

you can try looking up here. i know there are good deals that will help you alot

http://www.loans-portal.com/best-auto-loan-rates/
http://www.loans-portal.com/new-car-loan-rates/
http://www.loans-portal.com/car-loans-for-people-with-bad-credit/

 

why in the hell would you want to get a car that costs 400k-500k...Buy a house...

A 500k car is a terrible idea...Of course, you're just a little kid, you might dream of things like this.

 

You would have to loan against your house not your paying job...

 

Mate take it slow.

Start with a house, Secure your bills and then begin to think about luxuries.

 

Why the hell wouldn't someone 'want' a 400-500k car? I was enquiring if it was possible because I was curious.

Also I doubt 'kids' are the only people who 'dream' of getting fancy cars. Besides, a lot of people like to follow their dreams anyway.

 

I'm sorry, just because you're doing well in School doesn't automatically secure you a high paying job. Personally I wouldn't think that far into the furture and think more short term.

Also, I'd be extremely surprised if you get a 200k a year job as soon as you graduate by the time you're in your 30's all loans would have probably changed.

 

I never said if I did manage to ever get a car like that it'd be as soon as I graduate.

 

Mate when you graduate your going to be on about 25k a year simple as that...

There is no way your going to find a job straight out of school that's going to pay any where near what your thinking... Im sorry but you may as well here it now, your expectations of life are way to high... Wait till you get out in the real world and the only job you can get pays $.9.50 an hour and your only working 12 hours a week...

Also if you took a loan out on a 400 500k car you would have to pay around 750k back to the bank...