Advices on a personal loan

Michael_

Aspirant
Joined
Dec 2, 2020
Messages
24
I don't know if this thread is adequate for this forum but I need advices.

I would like to buy an used car. I want to take a personal loan from a bank. 2500 euros. That's about 40 euros monthly for 6 years and 80 euros for 3 years.

I work as a warehouseman with a 350 euros salary.

I woul like to hear your opinions and advices.

Thank you.

Listen to dave ramsey and do not EVER go in debt for a CAR.
Especially being as broke as you are (not even able to afford a 2500€ beater car).

If the engine or transmission goes out, what you gonna do then?

You need to get your income up!

Or at least save as long until you have 2500€ to pay cash for the vehicle. :)
 

Michael_

Aspirant
Joined
Dec 2, 2020
Messages
24
I mean its not the 80s where you could have gotten a 70 chevelle (and parts for it at the junkyard) for practically nothing
 

zappaDPJ

Administrator
Joined
Aug 26, 2010
Messages
7,747
I mean its not the 80s where you could have gotten a 70 chevelle (and parts for it at the junkyard) for practically nothing

Very true. Unfortunately these days it's often a diagnostic computer giving you the bad news, long before a mechanic has even touched the car.
 

Russ

Administrator
Joined
Oct 20, 2011
Messages
1,398
Thank you all for your advices

I will not be taking a loan.

I have asked a friend, family members and they all said no. I will listen to them.

From today I will start saving money. I hope I will collect enough.

My goal is Renault Clio 1.5 from 2014 or 2017. I love that car. :)

I'll also touch on this a little. I'd avoid asking for people to put their credit on the line for you just like you shouldn't really do it for someone else. The harsh reality is when a person can't get credit on their own, there's a reason for it and you don't want to go down the path of messing up your credit as well.
 

Oh!

Adherent
Joined
Oct 1, 2020
Messages
294
I'll also touch on this a little. I'd avoid asking for people to put their credit on the line for you just like you shouldn't really do it for someone else. The harsh reality is when a person can't get credit on their own, there's a reason for it and you don't want to go down the path of messing up your credit as well.
I took that to mean that Oedipus had asked family and friends for advice, not a loan. I could be wrong.
 
Last edited:

Dubbed Navigator

Adherent
Joined
Jul 22, 2014
Messages
388
Where I live, most people do not have insurance for a car.


Then 100 % don't get a expensive loan that will end up in negative equity before you have paid it off.

To have an uninsured driver hit you and write your car off, and leave you with a loan to pay off, would be terrible.
 

Oedipus

Participant
Joined
May 2, 2017
Messages
82
Then 100 % don't get a expensive loan that will end up in negative equity before you have paid it off.

To have an uninsured driver hit you and write your car off, and leave you with a loan to pay off, would be terrible.
I give up on that idea.
 

Guardian Angel

Aspirant
Joined
Feb 4, 2021
Messages
16
A car is not a luxury but a necessity. Buy the car and if you run into money problems you can always sell the car, right?
 

we_are_borg

Administrator
Joined
Jan 25, 2011
Messages
5,702
Unless you are outside public transport or to far from stores a car is a luxury, you can walk, public transport or bike.
 

Guardian Angel

Aspirant
Joined
Feb 4, 2021
Messages
16
Unless you are outside public transport or to far from stores a car is a luxury, you can walk, public transport or bike.
What if a person is really fat and out of shape? Walking or biking is not then an option. Also in small communities public transport is also not an option as it would not exist.
 

vans

Participant
Joined
Apr 29, 2017
Messages
67
It's a distance short enough to cover by motorcycle or even bicycle (little to no fuel or insurance recurring expenses) if public transit isnt available. I presume you had other uses in mind, but idk 21's a bit young for a first car. Maybe building up savings you could later dip in could be more advisable
Even by walking!
I remember two years ago, I was 25 minutes away from work, and I went by walk. It was a "shift" work, so sometimes I had to wake up at 4 AM, and be walking at those hours (same goes when I ended in midnight and I had to go back home).

To be honest, I would go by walk for some time and save money to buy it without a loan. You will get adapted to it, some music and the walk will be really short, believe me!
 

Guardian Angel

Aspirant
Joined
Feb 4, 2021
Messages
16
Even by walking!
I remember two years ago, I was 25 minutes away from work, and I went by walk. I
I live way up in the mountains where it freezes and is often minus 30 degrees in the winter. You just can't walk, plus we have bears and mountain lions here and we do see them on the roads.

(Sorry OP if I seem to be hijacking this thread)
 

we_are_borg

Administrator
Joined
Jan 25, 2011
Messages
5,702
What if a person is really fat and out of shape? Walking or biking is not then an option. Also in small communities public transport is also not an option as it would not exist.
Then being in a car or motorcycle should not be advise, if you are out of shape or obese walkin and biking is good exercise. If something is 30 minutes walking you can take a bike that would take between 10 to 15 minutes. If you do not have money to buy a car find something else only go in debt when there is no other way and that you can pay off the car and maintain it.
 

LeadCrow

Apocalypse Admin
Joined
Jun 29, 2008
Messages
6,659
Even by walking!
Not with cold and rain.

A vehicule with low total cost of ownership makes more sense than walking for other reasons. For example, it accomodates sudden and bad shift times better (you dont want to walk back home tired after midnight, or fear suddenly getting called to work and degrading your social life and sleep because walking would take too long - sometimes a vehicule can mean more shifts attributed).
 

R0binHood

Habitué
Joined
Nov 23, 2011
Messages
1,563
Not with cold and rain.

A vehicule with low total cost of ownership makes more sense than walking for other reasons. For example, it accomodates sudden and bad shift times better (you dont want to walk back home tired after midnight, or fear suddenly getting called to work and degrading your social life and sleep because walking would take too long - sometimes a vehicule can mean more shifts attributed).

lol, dude said it's a 20 minute walk. He'd be saving 30 mins tops, per day.

When I was commuting to central London pre-covid it was a 20 minute walk just to get to the train station (no parking there, so don't even think about driving that part), that's before getting on the train for 20 minutes, and another 30 minute walk on the other end.

If I had a physical place I worked within 20 minutes walk of where I lived, I'd be walking, cycling, or scootering even if I had a car. I'd probably only drive if it was pouring. Even then, a good coat, pair of shoes and umbrella will sort you out just fine.
 

R0binHood

Habitué
Joined
Nov 23, 2011
Messages
1,563
Ahh okay. Even so though, with split shifts he can be home in a few minutes on bike, scooter or personal electric vehicle.

I don't think some people realise and appreciate how close a 20 min walk is to their workplace compared to a lot of commutes.
 
Top