To Payday Loan For A Car or Not?

Go Back   Living and Working in Australia Forum With Immigration and Travel Information > Living in Australia > Jobs and work

Jobs and work This section of the site is for recruitment and employment in Australia discussion. Feel free to discuss your career prospects and the job opportunities available to you in Australia. Talk to other members about the employment outlook in your field.

Like Tree1Likes
  • 1 Post By chicken999

To Payday Loan For A Car or Not?


Closed Thread
 
LinkBack Thread Tools
  #1 (permalink)  
Old 06-07-2016, 09:38 AM
Junior Member
 
Join Date: Jun 2016
Posts: 4
Users Flag! From australia

To Payday Loan For A Car or Not?

I'm at my first job and my wages are coming in fortnightly. I'm at my 5th month and the vehicle I've long wanted is at half price. Would it be wise to take out a payday loan to purchase it or not? Your advice is much appreciated. Thank you!


Last edited by izwilder; 06-07-2016 at 10:01 AM.

  #2 (permalink)  
Old 06-07-2016, 01:37 PM
chicken999's Avatar
Senior Member
 
Join Date: May 2013
Posts: 846
Users Flag! From australia

417 likes received
4 likes given
No! They are a ripoff and too many fees and high interest. Either save up r apply at ur bank for a personal loan or even a credit card - u can get a cash advance on credit card - I did that once to buy a car interest was still high but I paid it off quickly

Sent from my iPad using Australia

JandE likes this.
__________________

Made by our Australia Immigration Timeline Software. Click here to create yours.

  #3 (permalink)  
Old 06-07-2016, 02:10 PM
Senior Member
 
Join Date: Jul 2015
Location: Australlia
Posts: 4,579
Users Flag! From australia

915 likes received
282 likes given
Payday loans, or cash advances, are usually less than $2000, typically several hundred dollars, and charge very high rates of interest — sometimes equal to 300 per cent when calculated on an annualised rate.

Normal bank 'car loan' rates are nearer 10% to 20%.

News Article on Payday lenders: ‘They’re no different to drug dealers

__________________
Full Timeline: www.australiaforum.com/immigration-timelines/131018

Sponsored Links
Advertisement
 
  #4 (permalink)  
Old 06-08-2016, 11:25 AM
Junior Member
 
Join Date: Jun 2016
Posts: 4
Users Flag! From australia

Quote:
Originally Posted by chicken999 View Post
No! They are a ripoff and too many fees and high interest. Either save up r apply at ur bank for a personal loan or even a credit card - u can get a cash advance on credit card - I did that once to buy a car interest was still high but I paid it off quickly

Sent from my iPad using Australia
How much was the interest?


  #5 (permalink)  
Old 06-08-2016, 11:45 AM
Senior Member
 
Join Date: Jul 2015
Location: Australlia
Posts: 4,579
Users Flag! From australia

915 likes received
282 likes given
About 20% per year is a common rate for credit cards with no annual fee, but you can get down to around 14% with an annual fee of about $60.

__________________
Full Timeline: www.australiaforum.com/immigration-timelines/131018

  #6 (permalink)  
Old 06-09-2016, 11:03 AM
Junior Member
 
Join Date: Jun 2016
Posts: 4
Users Flag! From australia

Quote:
Originally Posted by JandE View Post
About 20% per year is a common rate for credit cards with no annual fee, but you can get down to around 14% with an annual fee of about $60.
What is an annual fee? I've got to apologize for not knowing what it is. I'm a greenhorn when it comes to these matters.


  #7 (permalink)  
Old 06-09-2016, 11:14 AM
Senior Member
 
Join Date: Jul 2015
Location: Australlia
Posts: 4,579
Users Flag! From australia

915 likes received
282 likes given
Quote:
Originally Posted by izwilder View Post
What is an annual fee? I've got to apologize for not knowing what it is. I'm a greenhorn when it comes to these matters.
Some credit cards are free to get, but some others have an annual charge whether you use it or not.
The interest rates on those with a fee are often lower.

__________________
Full Timeline: www.australiaforum.com/immigration-timelines/131018

  #8 (permalink)  
Old 06-10-2016, 11:19 AM
Junior Member
 
Join Date: Jun 2016
Posts: 4
Users Flag! From australia

Quote:
Originally Posted by JandE View Post
Some credit cards are free to get, but some others have an annual charge whether you use it or not.
The interest rates on those with a fee are often lower.
What would you recommend in regards with the card?


Closed Thread

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Sell a car having loan Maria from India Housing 1 12-21-2015 07:24 PM
Car Loan on Graduate Visa Simdawg Issues and current events 3 06-10-2014 08:52 AM
Car loan during application MrKelly Visas and immigration 4 11-18-2013 05:35 AM
Car Loan on 820 Visa DanP Visas and immigration 4 10-01-2013 07:09 AM

LEGAL NOTICE
By using this Website, you agree to abide by our Terms and Conditions (the "Terms"). This notice does not replace our Terms, which you must read in full as they contain important information. You must not post any defamatory, unlawful or undesirable content, or any content copied from a third party, on the Website. You must not copy material from the Website except in accordance with the Terms. This Website gives users an opportunity to share information only and is not intended to contain any advice which you should rely upon. It does not replace the need to take professional or other advice. We have no liability to you or any other person in respect of any content on this Website.


All times are GMT. The time now is 03:25 PM.




Powered by vBulletin®
Copyright ©2000 - 2019, vBulletin Solutions, Inc.
SEO by vBSEO
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2019 DragonByte Technologies Ltd.
AustraliaForum.com