Xr6t And A Mortgage?

[ronburgundy]

Might end up costing you more in the long run....

Also if you have a salary packaged car won't work.

Just some things to consider!

[EXGMH304]

I'm 25, renting, and have a personal loan on my BA XR6T (wasn't going with a secured loan) and I'm in way over my head. Untill last week, I was in a $40k a year job, and going nowhere. My job did allow me to form some very good relationships with transport company managers and admin staff, and a couple of weeks ago one of them offered me a job! So Iwent and got a truck license, and tomorrow I start my new career as a truckie!

I'm hoping that this allows me to get ahead now, I'd like to pay the car off and start saving for a house deposit, but I was very stupid when I was younger. I blew every cent on cars, drugs, and just having fun. I've cleaned up my act now, and I'm trying very hard to get out of my hole, but when I sat down and looked at what I needed to do, I realised I owed alot of people alot of money, and it's going to take me a very long time.

I'd realy like to be able to keep my car, and I stand to lose alot of $$ if I sell it, so I will try very hard to keep making payments at the same time as paying off everything else (& there's alot) but I'm finding it hard enough even to look after it atm.

I'd be interested in any advice that anyone has to offer?? My Dad keeps telling me I should keep the car, and I will be driving 120km a day to work and back until I find somewhere closer to live, so having a reasonably young (90,000km) and reliable car is probably a good thing?? Or would it be best to sell and clean up some of the debt??

[R-SPEC]

Depending on what you owe, you should sell it to maximise the potential for left over money in your budget to pay off small annoying debts first. You can always get another XR when you're back on top, and with the new and better income from the new job you'll most likely be able to afford a newer and better car within 12 to 18 months (depending on budget/income...) Either that or keep that car but budget higher repayments to your debt to reduce it quicker.

Good luck with it

EDIT: Budgeting is the key!

Edited 08/03/09 04:52 AM by R-SPEC

[EXGMH304]

I owe $21k on the car, so I would be left paying off $5k on a car that I didn't have, and no $$$ left over to buy another (cheaper) car. Also I will be paying more in rent when I move, cos I've got a realy cheap place atm and I cant find anything that's not at least $25 a week more (yes, that's how bad it is, $25 makes such a difference) but I will save most of that in tolls & fuel.

I'm more than happy with my stock car (tune for better economy maybe?) and can maintain it myself, but that means no log book stamping... Would be happy to keep it forever though.

I think it might be time to look at debt consolidation?? and just keep the head down for a coupla years. Buying a house also means more ongoing maintanance costs, so even if I could afford repayments, I'd still be pretty hesitant untill I had some decent cash behind me.

Will refresh the budget when I have a better idea of how much I will be earning, not sure yet how much I will be working but I'm sure it will be alot!!

Edited 08/03/09 05:26 AM by EXGMH304

[Dillz]

Hang in there man, biggest thing to worry about at the moment is employment and if you got that sorted then the rest is just a matter of being smart with your money until you get ahead.

I did exactly the same as you and when I was younger but in the last year or so I realized that I need to sacrifice now to set myself up so that I’ve got cash to burn later on and can retire as young as possible.

Have a chat with your bank and see if you can extend the time on your loan to the max which will bring repayments right down, this will help you be able to keep the car till you get back on your feet and once you do up the repayments again.

[EXGMH304]

Thanks Dillz, & R-SPEC I'm gonna call the bank! and tighten the belt abit more...

The governments stimulus pkg will help alot, as will living in the western suburbs away from my family & friends. Alot less opportunity for fun!!

I've got 12 months till I can get my semi/double license and earn even more money, so I just have to stick it out till then!

[Snaps]

Im 23, got a 06 bf xr6t on a novated lease and im about half way through paying off my mortgage.

[druxr6t]

That's it mate. Stick it out while you can, earn some good money and before you know it you will be out of the slump your in. You've got one thing on your side though, that is that your prepared to do some hard yards to fix your situation....rather than complaining about it and doing nothing like alot of people do!

[EXGMH304]

Yea, I'm not afraid of a bit of hard work!! And more than happy to do what I have to to fix things! But I might occasionaly complain about my situation too!!

Just was hoping to be all sorted by the end of the year so I could have a house before I turn 30... Doesn't look like that will happen, but whats one more year hey?!!

The other thing I've got going for me is that I'm single now, so no one to spend my money for me!!

[Big_Daz]

My Xr6T Will be financed. Living at home at the moment, with working full time and also studying of a night makes it difficult to live by myself. Plus the fact that I had a prett serious cancer scare late last year, makes it best for the time being..

Cheers

Daz