credit without a job?? Anyone got it??
May 19th 2005, 8:50 am
#1
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Thread Starter
Joined: Dec 2003
Posts: 64
credit without a job?? Anyone got it??
Due to be arriving in Sydney early Sept, and will need to get a car fairly soon after arriving. Don't want to blow large part of my (rather small) savings so thought would get it on credit. Are you able to get credit before you have a job? How does it work? Do they charge more interest?
Thanks
Thanks
May 19th 2005, 9:11 am
#2
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Joined: Feb 2005
Posts: 2,551
Re: credit without a job?? Anyone got it??
Originally Posted by Rockville
Due to be arriving in Sydney early Sept, and will need to get a car fairly soon after arriving. Don't want to blow large part of my (rather small) savings so thought would get it on credit. Are you able to get credit before you have a job? How does it work? Do they charge more interest?
Thanks
Thanks
I would suggest you deposit most of your money in a bank or credit union account (maybe putting 50% + [depending how much you have] into a term deposit or something)
I would also look at being prepared to buy a car second hand, even if it's 10 yrs old or so, as long as it's mechanically sound. You could pick up a reasonably decentcar through the papers for between $2,000 and $5,000.
Make sure you check that the vehicle has no legal lean or that on it.
Dept. of fair trading or consumer affairs shoudl be able to give you a phoneline number you can ring.
Good Luck
May 19th 2005, 9:41 am
#3
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Posts: 64
Re: credit without a job?? Anyone got it??
Many thanks Kiwichild.
May 19th 2005, 1:11 pm
#4
ah-beng
Joined: Aug 2004
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Posts: 3,113
Re: credit without a job?? Anyone got it??
On a car, having discussed it with the bloke we bought ours from, they tend to go on the % of the value you need to borrow.
So some bloke without work wanting to borrow 90% of the car value - get lost. Want 10% hey no worries... and any range in between. Rationale being, if you dont pay they repo the car and they're really only risking the lost capital value of the car between when you drove it off the forecourt and when the repo bloke flogs it.
It seems to me that things like having a aussie driving licence help in the creidt scoring... So go get that sorted out , not sure whats it like in NSW a search will help you find out how to get one - but do that up front it might help tip balance.
There is quite a lot of discussion here about 'low document' lowns and them being more acceptable (not proving your income etc means low document) so you should be ok. Interest is in the 10% range +/- 1% at new car dealers some are doing deals like Saab for 5% on finance.
So some bloke without work wanting to borrow 90% of the car value - get lost. Want 10% hey no worries... and any range in between. Rationale being, if you dont pay they repo the car and they're really only risking the lost capital value of the car between when you drove it off the forecourt and when the repo bloke flogs it.
It seems to me that things like having a aussie driving licence help in the creidt scoring... So go get that sorted out , not sure whats it like in NSW a search will help you find out how to get one - but do that up front it might help tip balance.
There is quite a lot of discussion here about 'low document' lowns and them being more acceptable (not proving your income etc means low document) so you should be ok. Interest is in the 10% range +/- 1% at new car dealers some are doing deals like Saab for 5% on finance.
