How do people afford to...
Printed From: OHbaby!
Category: General Chat
Forum Name: General Chat
Forum Description: For mums, dads, parents-to-be, grandparents, friends -- you name it! And you name the topic you want to chat about!
URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=34464
Printed Date: 22 August 2025 at 12:30pm
Software Version: Web Wiz Forums 11.10 - http://www.webwizforums.com
Topic: How do people afford to...
Posted By: Brenna
Subject: How do people afford to...
Date Posted: 03 July 2010 at 1:47pm
|
buy a new car??
I'm becoming an IHC buddy so they'll be included in the normal stuff I do as a mum with my girls and I'm also taking a little girl from kindy on regular outings at the same time. I'd like to get a 7 seater so we can all fit but how do people buy a new car when you don't have the full amount in savings (this is what we've done in the past) I've thought maybe people add it onto their mortgage or get a car loan (but the interest must be huge??) So how did you afford a new car?? Ta  -------------  My beautiful 2 girls...nearly 4 and 13 months
|
Replies:
Posted By: _SMS_
Date Posted: 03 July 2010 at 2:07pm
|
We have always paid cash for cars, we save for it.
We always sell our current car before buying a new one, so we have cash that way too -------------  
|
Posted By: kebakat
Date Posted: 03 July 2010 at 2:20pm
|
We had to buy one before we had the total amount ready to buy straight out..
We put the remaining amount on the credit card (3k) waiting for our mortgage fixed term to end so we could put it on there. |
Posted By: fire_engine
Date Posted: 03 July 2010 at 2:32pm
|
We got an AA loan and paid it off as quick as we could - that was in the pre-mortgage days. Not so sure what we'll do next time. We have $10K revolving credit which is currently in +ve, so would use some of that at least. ------------- Mum to two wee boys |
Posted By: caliandjack
Date Posted: 03 July 2010 at 2:39pm
|
We paid half cash and we sort of used the mortgage - its sits as a separate loan and its been paid of in the same time as it would have been through a finance company only difference is the interest is 6% which is a lot better than finance company was offering. ------------- http://lilypie.com" rel="nofollow">   [/url] Angel June 2012 |
Posted By: KH25
Date Posted: 03 July 2010 at 2:45pm
|
Cool, a new car!!!! Probably won't help you, but for our cars, we have mainly had the money in the bank but when I was younger, I twice got a loan from my parents and paid them back interest free lol!!
I guess it depends how short you are? I imagine you guys should be able to pay it off fairly quickly so I would give your bank a call and see what would be cheaper for you - getting a car loan or just borrowing a bit more off your mortgage. Or even like Stacey said and put it in the credit card if it's not a huge amount. ------------- Kelly, mum to DD, 19Jun06 (26wks 1lb15oz) DS1, 24Oct10 (32wks 4lb11oz) and DS2, 31Dec11 (32wks, 4lb11) http://lilypie.com"> 
|
Posted By: AandCsmum
Date Posted: 03 July 2010 at 3:18pm
|
Don't stick it on your mortgage, you'll take 25 years to pay that car off as well at the next one you put on your mortgage & the next one.
Heard that from a financial advisor. Individual loan is the way to go if you need to replace your car & can't pay for it out right. We got a loan through marac which deals with bigger car yards, smaller car yards are around 3% more. ------------- Kel http://lilypie.com"> 
A = 01.02.04 & C = 16.01.09 & G = 30.03.12 |
Posted By: anon
Date Posted: 03 July 2010 at 3:49pm
|
I put our's on finance through UDC whose interest rate is not too bad. ------------- http://lilypie.com"> 
|
Posted By: lizzle
Date Posted: 03 July 2010 at 4:34pm
|
we got our car loan through finance now. was really unimpressed. our own car completely died so we HAD to buy a new one as soon as possible. had two companies offer the finance and chose finance now cause the terms they offered were great. HOWEVER, when we went to sign, they stacked on a further $2K of fees. I wasn't informed about them and went off at the guy - but we had bought the car through auction already so we were just waiting for everything to be signed. also the $2K in fees was a legit fee that the other company had included - so regardless where we went, we would've had to have paid for it.
our interest rate is 11%. not great but as i said, we weren't in the position where we could afford to wait. |
Posted By: fairy1
Date Posted: 03 July 2010 at 4:49pm
|
I got an loan from the bank for my first car, few years ago now but the interest rate was good and I paid it off in 2 years.
The last car DH brought he went through the car companies loan scheme and he's paid it off over 2 years and I think the interest was ok. I think you should see what the car company could do for you and compare it to a loan from a bank. ------------- http://lilypie.com"> 
|
Posted By: kiwigal
Date Posted: 03 July 2010 at 10:31pm
|
We got my car brand new 4 years ago and stick it on our overdraft account. I think it is all paid off now. |
Posted By: High9
Date Posted: 03 July 2010 at 10:55pm
|
My grandparents got me into the habit of saving the money first before buying anything.
My mum got a car for $16000 but paid half in cash and the rest is done with weekly hp payments. My MIL bought a car on hp. DP and I were given our car by his poppa but we are looking at getting a car next year, just saving some money first and once we know what we've got we'll see if we need to do what my mum did or if we will have enough for a car, although I suspect it will be the first option! I don't think I would get a loan, etc, just the way I was raised. I don't want a credit card, any hps... etc. Much rather pay cash or layby it iykwim. ------------- http://lilypie.com"> 
|
Posted By: tictacjunkie
Date Posted: 04 July 2010 at 12:18am
| We bought ours- nz new jap import, 96 estima that only had 31km on the odo, so nothing flash but it's practical & in the 2 years we've had it have only paid for reg, wof, insurance, & services- no repair bills yet- with a combination of our (very hard) savings & inheritance from DH's nana, got a pretty good cash discount too. |
Posted By: susieq
Date Posted: 04 July 2010 at 9:02am
|
lurker, good on you becoming an Ihc buddy Brenna ------------- susie |
Posted By: MissAngel
Date Posted: 04 July 2010 at 9:10am
|
We paid cash for our new car, but the one i'm trying to sell we paid half cash, half loan. Its all paid back and I WISH someone would buy the bugger! ------------- Alex, Thomas and Lily http://lilypie.com" rel="nofollow"> 
|
Posted By: minik8e
Date Posted: 04 July 2010 at 9:38am
| The car we just bought, was paid for with the cash we got for selling our old one. My car was paid for by a loan from Credit Union - they had really good interest rates, and a compulsory savings requirement ($10 a week) so when the loan was paid off, it felt good because the savings came back to me. DH bought his last car with an interest free loan from his grandmother. |
Posted By: pikelets
Date Posted: 04 July 2010 at 10:05am
|
[QUOTE=AandCsmum] Don't stick it on your mortgage, you'll take 25 years to pay that car off as well at the next one you put on your mortgage & the next one.QUOTE]
The loan doesn't have to be over a 25yr term though, you can have the new amount over a shorter period eg 5 years or however long you need. Or you can get a secured overdraft so the interest is the floating rate. PS - that is really lovely why you are buying a new car Brenna  ------------- http://lilypie.com"> 
 3 Angels - Dec10 / Mar11 / Dec11
|
Posted By: GuestGuest
Date Posted: 04 July 2010 at 10:08am
| We put ours on our revolving credit portion of our mortgage 9 months ago and it's all paid off now. |