Single Mums who have Car Loans?

[Amberlea]

I just want to hear from single mums who have car loans - how have you afforded them etc?

Im at the end of my stress threshold at the moment after being accepted for at $15,000 loan.

[*Meggie*]

Hey I have a car loan, I got one when I was pregnant but I wasn't showing otherwise I don't think I would have been approved for a loan.

Some weeks are a lot harder than others, with loan repayments and insurance coming out all at once. I live at home with my mum so thats a huge help otherwise my car would have be taken back ages ago.

[mum2littleman]

i also got one when i was preg i was just starting to show so had a big jumper on i didnt want them saying no because of the bub on the way, i got 18grand to pay off the rest of my old loan and the rest for the new car i pay back around$75 a week for 7 yrs :eek: however im still at home and only pay$20 rent and what ever else bub and i need food ect so all up im only spending about $120 a week so i really dont miss $75. sorry wish i could be more help.:kiss:

[m_jelly]

I'm just about done paying mine off ($6000 left). I've only just become a mummy and am on centrelink.

I pay $530/month, which was easy on my work income, and I'm concerned I won't make all the payments on centrelink benefits. Does anyone know if you can renegotiate the loan to get a longer term at lower repayments or do I have to seek actual refinance through another lender?

[MissyMack]

Hi girls,

I got mine while i was still working, before being preg. Got it for $10000, repayments are $125 f/n, which is more than i should be paying, so now being a single mum, i've been handleing it ok.

Now and then it gets a bit hard when a pile of unexpect bills show up, so because i pay more than i'm sup to, i'm in credit, so i can defer them for a f/n.

The only thing that gets me, is that i only have $3000 to go, i approched the back to refinance (for $12000)to get a new car (which the repayments are less than what i pay now) and they declined me :crying:

I dont understand it at all! Good luck girls :thumbsup: i just stick to a really tight budget to get me through. Yes i do find it hard now and then, but i just think of how hard others have it :)

[babyboo]

I downsized my car after seperating, got about $8000 left to pay. Its affordable, i just close my eyes n hold my breathe and hit the PAY button. :laughing:

I try to stay within my means otherwise its too hard to catch up.

[Butterflymumma]

hello,

I got a loan of $10,000 when i was working full time, and the repayments were $50 a week but i have been paying off monthly. This is a big no no because i have only just payed off a little bit in a year and am now only paying off the interest every month. At the moment im on centrelink payments but because im living with my mum they give me less money and it makes life alot harder. But having said that, Life would be much much more difficult without a car to drive around in.

I would suggest getting a small loan of about 10-15 thousand for a term of 6 yrs or so and then budget to pay an extra 30-50 a week extra off, if you can afford it.

You should just consider how you would feel knowing you have an obligation to pay off that loan every wk,f/n or mth.

Hope it all works out for you!!

[kiara]

Does anyone know if you can renegotiate the loan to get a longer term at lower repayments or do I have to seek actual refinance through another lender?

I have my car on finance. I do know that at anytime I can refinance it. This meaning basically at the end of time I pay back more but to help me out short term my repayments are smaller. I have a 5 year contract. I have paid off 2 years of it so if I was to refinance then I could go back having 5 years owing and not 3. I really do think it depends on your lender too.

Sorry that doesnt help much.

[Amberlea]

My loan is for $15,000 over 3.5 years.. the repayments are $440 a month. The only good point is that its a no-interest loan - hence why the repayments are so high(practically double), but I didnt have a choice in that matter because I don't earn enough to get a credit card or bank loan (go figure - Im now paying double what they would ask, so I'm a bit peeved that they wouldnt give me one).

I've probably bitten off more than I can chew - but unfortunately I can't be without a car - so it's either force my budget to stretch or die lol.
I've placed ads to rent out my spare room.. not that many people want to share with kids, but they arent around on weekends anyway, so hopefully something comes of that and it will take away some of the pressure.

[Zada]

The only thing that gets me, is that i only have $3000 to go, i approched the back to refinance (for $12000)to get a new car (which the repayments are less than what i pay now) and they declined me :crying:


we have a loan the repayments are dear so we tried to refinance even though we would be paying less than now they say NO:thumbsdown: sux hey!

[m_jelly]

Its interesting - i called my finance company to see about refinancing and was told i didnt owe enough! i only owe $6500 now and they dont do loans under $10k. Damn me for making all those on time repayments, how dare i??

On the plus side i called my credit card company and demanded a lower rate, and they gave it.

Amberlea - is that like the Motor Finance Wizard car loans - no interest ever and everyone approved? i always wondered what the catch was!

[scorpio83]

Well, I've been knocked back several times.....The told me that they wouldn't give me a loan, coz I've never had one....go figure!am thinking about going to try and get finance on a car soon. Any hints? Is there any one company that is easier than the others?

[Amberlea]

M_Jelly - yep thats exactly who I went through - and yep thats the catch!!

They will give a loan to anyone who earns around $400 a week.. no matter that the repayments are always $110 a week. (doesnt leave you much to live on lol)
Unemployed people can get loans/cars through them if there are two of them applying - hence why they say 'approval guaranteed' .. they do whatever they can to suck you in.

I only agreed to sign the stupid thing because I had no other choice.

[loopi1]

I couldn't afford my car loan so I had to downgrade. :gloomy: I was so upset by this as I was always on time with my payments (before DS) and always paid more than the minimum so I could cut down the years. I had a nice 35,000 plus all the fruit vehicle but when DS came I just couldn't afford even the minimum weekly repayments so I had to sell and get a very very small car. It's a great little car but I luv'd my other one. :crying: In the long run I save on Rego, Insurance and Fuel so it was a win win situation other than I go from paying a car off in 2yrs back to 5yrs. I'm paying the minimum amount but fortunatley I have been able to make the repayments on time. Hopefully I can keep it up. :fingerscrossed:

[jerryklarke]

Hi folks, I live in South Carolina. I have a great question about car loan. If I file bankruptcy, can I still rebuild my credit without a car loan? I want to purchase a paid off car and get liability insurance. I still have a student loan and 2 credit cards; I’m planning to keep them to rebuild my credit. Will these get me to 700s after 2-3 years of paying on time? Can I rebuild my credit without a car loan? Have a nice day.

[Amberlea]

You are in America - so it is highly unlikely that the same rules apply to us here .. you'd be better off asking someone in America.

[Amberlea]

Just wanted to point out that this is my thread from over a year ago and the situation is no longer valid.

[Cairnsmum]

I got a car loan for $5000 with no interest payments in September 2005 from a car yard in Brisbane and my repayments were $55 per week and i had paid it off in May 2007. Plus i was able to get a good reference from them.
I was just starting a new job and receiving the pension when i got the loan.
They help anyone who is unemployed, single parent, student, bankrupt etc.
You pay a deposit anything upto $1000 depending which car you want the loan for.
I paid $750 upfront i think.
I do recommend them if you live in Brissy and want a carloan.