Best $10000 6 month loan

LHager on 06/02/2018 - 10:44
Last edited 06/02/2018 - 16:47

Hi, looking to get a $10000 loan for a car and wondering what my best options are. Looking to get something with flexible repayments and no penalty for paying off early. Looking to get a 1 year max loan but i'll probably be able to pay it off in 6 months give or take.
Also because i plan on paying it off so early i'm not sure if i should get it as a secured loan vs getting an unsecured loan so that i don't need to tell the insurance company the car is under finance and pay a higher premium.

Thank you

EDIT: Can't just save and wait 6 months as i don't have a car and need one to get to work (no public tranpsort).

Financial

Comments

  • dbui8743 on 06/02/2018 - 10:50
    +5

    Credit card balance transfer?

  • [Deactivated] on 06/02/2018 - 10:52
    +22

    Wait 6 months and pay cash

  • userid007 on 06/02/2018 - 11:08
    +1

    bikies.

    On serious note, citi ready credit

  • Oz8argain on 06/02/2018 - 11:20
    +1

    save for 6 more months

  • [Deactivated] on 06/02/2018 - 11:24
    +3

    Ask mummy or daddy

  • Quantumcat on 06/02/2018 - 11:38
    +2

    If you can pay that much in 6 months then why not just catch the bus or Uber around for that amount of time, you'd be saving money with fees, interest, a year's insurance and rego. Or get a $1000 cheap car and sell it for $700-$1000 when done, or a $200 bomb that you'll sell for scrap when done. Much cheaper insurance, saving 100% on the fees and interest, a little cheaper on rego probably (there's a component that depends on the value of your car right?)

  • Hager on 06/02/2018 - 12:01

    My work isn't public transportable and i have no car at the moment so can't really wait. How does credit card balance transfer work if i need to get cash for a used car? I have a card with 6k limit at the moment. Citi ready credit looks really good thanks!

    • [Deactivated] on 06/02/2018 - 12:46

      Maybe your work had options for a lease car or to borrow a car

    • Quantumcat on 08/02/2018 - 12:42

      Get a cheap car and sell it when you've finished saving.

    • dust on 08/02/2018 - 14:23

      Is push bike an option? Or as suggested above, getting a cheaper car?
      Borrowing money to buy a depreciating asset (like a car) is almost always a bad idea.

  • ballofspam on 06/02/2018 - 12:28
    +1

    Gem Visa https://www.gemvisa.com.au/
    Any purchases over $250 will be 6 months interest-free, $99 Anual fee though

  • Donaldhump on 06/02/2018 - 12:56

    me, 9% interest rate

    i will hunt you down if you dont pay

  • Cartman2530 on 06/02/2018 - 15:03

    Just save $500 a week for 6 months, then buy outright. Its the best option.

    If you can't wait, buy a cheap Echo with 6 months rego to get you around while you save. They cost next to nothing on fuel and servicing and are very reliable.

    • dcep on 06/02/2018 - 15:31

      how much does a cheap echo with rego cost ?

      • Cartman2530 on 06/02/2018 - 17:06

        I got mine for $1500 with 6 months rego (2003, manual with 120,000ks), and still have it after 2 years. I had to negotiate a little with the seller but it was worth it, quite possibly I got lucky as well. The only thing wrong was some fading paint on the bonnet, which doesn't really bother me.
        All the mechanicals were fine, and it had low ks which is all I care about.

        Great car for a cheap run around.

  • Yttrium on 06/02/2018 - 15:11
    +1

    Wait 6 months , to buy something with your own money , instead of buying with someone else's money.

  • The Wololo Wombat on 06/02/2018 - 15:55

    I'm actually in exactly the same situation as you.

    I am tossing up one of the following:

    1: A 0% purchase card with a low annual fee (https://www.finder.com.au/credit-cards/0-purchase-credit-car…)

    2: Putting the entire sale on a credit card, then getting a 0% 24 month balance transfer to another credit card (earning a tonne of FF points too), some have 100,000 point sign up bonuses, eg, the citibank one

    • Hager on 06/02/2018 - 16:50

      How would that work if you're buying a used car and are using cash?

      • The Wololo Wombat on 06/02/2018 - 17:42

        That I'm not 100% on. Maybe using PayPal? There is a 2.9% (or something fee though)

  • ronnknee on 06/02/2018 - 20:49
    +1

    If you must get a car for work, then you should probably get a cheaper one as you cannot afford it right now.

  • pieham on 07/02/2018 - 07:48
    +1

    You could try ratesetter (https://www.ratesetter.com.au/personal-loans/car-loans).
    Interest rates are currently ~10.2%pa and they have both secured and unsecured loans.

Login or Join to leave a comment
Login Join