Car loan for a Corolla

[afton]

I'm buying my first car, probably will be a Corolla and

have about $7000 cash to spend. Even a Corolla, it's going

to be too old (I'm worried about repair and servicing costs).

I'm thinking of getting a car loan (~$15,000) so I can get

a newer Corolla. What do you think?

edit: the newer Corollas also have better safety features (ABS, airbags, etc)

Edited March 23, 2008 by afton

[1rocky]

If you have a good job and you know it wil last a while and have a deposit it might be worth it at least you would have less chance of breaking down with a newer car. My first car was a toyota crown and i didnt even make it out of the driveway before it broke down.the next was a leyland Marina a green car that constanlty broke down and even the chasis was in a mess. I would have been betteer off to buy a decent car and in the end save money. Another thing also is to think of insurance as well and factor that into the repayments of your car especially if you are going pay by the month insurance.

[T.J]

all i ever had was old cars ranging from a 79 corona to an 1990 sx and finishing with a 85 cressy all up about 10 cars and they all were relitively unreliable mainly the ones that werent toyotas were worse your better off getting as new a car as possible with the lowest klms possible for your price range of 7 grand youll pick up a relitively good ae101 if your planning to lob another 15k on top of that youll get yourself a nice stivo with change left over just be carefull when choosing make sure you get it checked out of all the years ive been buyng cars ive seen some shockers!

[keifer33]

Are you a younger driver aswell cause insurance is a bitch atm

I grabbed my 06/07 last year and financed most of it and its been amazing so far, I forget the payments are even coming out :P. But my biggest problem is the insurance I had more luck paying the lump sum for the year then doing it monthly which meant less deposit. But so far I havent had one issue and its been a load of fun having a nice new car while lots of my mates are dumping money into cars to keep em going. Just make sure you can afford it. I always have a bit extra cash in the bank just incase something goes wrong.

[afton]

for your price range of 7 grand youll pick up a relitively good ae101 if your planning to lob another 15k on top of that youll get yourself a nice stivo with change left over just be carefull when choosing make sure you get it checked out of all the years ive been buyng cars ive seen some shockers!

I'm actually gonna keep the cash in my savings account for it to accrue interest and

spend only $15,000 for the car. (or should I pay $5000 deposit and borrow only $10,000?).

For that amount of money I'll be sure to get it checked comprehensively.

[afton]

Are you a younger driver aswell cause insurance is a bitch atm

I'm >25 B)

Just make sure you can afford it. I always have a bit extra cash in the bank just incase something goes wrong.

I'm keeping a few grand in a savings account for emergencies

[Leroy]

I'd be buying an older corolla (late 90's to 2000)... something a little 'grandma esque'.

That way you'll have a couple of grand left in your pocket, a car that won't pull women but will last almost forever, and you can start your saving for something more important (which, who knows, may be a 'new' new car one day!)

[daviboy]

i had an old Nissan Skyline 1988 which was comming with a few problems. I just wanted something nice and reliable to go around with a bit more power. So i went to the bank, asked for 20k

I had my apprenticeship wages and my once a week at woolies job to cover it.

They lent it to me, i went and bought a 2005 Sportivo, and insurance im paying monthly (thats the only way i can afford the insurance)

But i quit my woolies job cos i had enough of it and had 2 extend my loan period with the bank, it was tough but its life and u suffer the consequenses in some ways. but i got NO Regrets now.

I love my car, and if i had my old car, i probly wouldve spent that much on fixing it and making it what its not

Hope that helps.

[Brad!]

First car was a Hyundai Excel.

Bought it for $500, spent around $4000 Mechanically on it, clutch blew, rego was due, sold for $250.

From that i found it hard justify buying a second hand car.

Turned 18, got a loan for 30k and went out and bought my current car.

No deposit, or security of any sort, and have ended up with fixed 12% intrest. Keep in mind, ill end up paying close to $40k if i hold the loan out

Insurance for my first year was 3.5k so come the first year of renewing rego/insurance, i decided 6 months before hand that i would save to make sure i had enough money. Luck came my way and my insurance dropped to below 2k.

Moral behind the story? There is not one - My thoughts on the situation is

If you have a secure full time job, why work your ***** off when your young. Get something to reward your self, as no one else is going to do it for you!!

If you do get a loan, make sure its with a big institution or someone that will let you pay the loan out early. Some loans require you to pay out the interest you would of had to pay, even if you pay it out early

[Dead]

Turned 18, got a loan for 30k and went out and bought my current car.

Brad...you're a youngin. Had no idea old friend :P

[afton]

First car was a Hyundai Excel.

Bought it for $500, spent around $4000 Mechanically on it, clutch blew, rego was due, sold for $250.

There's just no way you would get a good car with $500

[Dead]

First car was a Hyundai Excel.

Bought it for $500, spent around $4000 Mechanically on it, clutch blew, rego was due, sold for $250.

There's just no way you would get a good car with $500

I bought a KE30 Corolla for $500 and all I had to do was put oil, petrol and water in it for a couple of years. I still see it driving around. I mean it had a sticker on the back window saying 'UBER-LANDBOAT' but it was happy doing 110 on the freeway all the time.

[Brad!]

Turned 18, got a loan for 30k and went out and bought my current car.

Brad...you're a youngin. Had no idea old friend :P

I did well to hide it.

If i didn't nelson would of fondled me!!

[Dead]

Turned 18, got a loan for 30k and went out and bought my current car.

Brad...you're a youngin. Had no idea old friend :P

I did well to hide it.

If i didn't nelson would of fondled me!!

This is very true...

[Simo]

Was Nelsons first car a Toyota Hiace??

[GtiRboy]

First car was a Hyundai Excel.

Bought it for $500, spent around $4000 Mechanically on it, clutch blew, rego was due, sold for $250.

There's just no way you would get a good car with $500

I bought a KE30 Corolla for $500 and all I had to do was put oil, petrol and water in it for a couple of years. I still see it driving around. I mean it had a sticker on the back window saying 'UBER-LANDBOAT' but it was happy doing 110 on the freeway all the time.

My first car was a KE70 corolla. It had about 250,000 on the clock, and it ran perfectly. Started fine everytime. The only things i spent money on were tyres, oil and fuel. And it copped a ****load of abuse too... like once i didn't change the oil for like 20,000 and it still runs well now - Its still in the family..

If there were any car i would suggest for a first car, it'd have to be a KE corolla... lol, but you've got alot more of a choice of cars with the money you're willing to spend

[Bye Evo]

Depends on your situation, are you living at home, renting, looking at buying, paying off a mortgage etc...

Borrow less = less interest to pay

Do some research and see how much insurance will be for the different year model car's you are looking at.

I bought my AE112R Corolla for just under $10K and its fantastic, insurance is less than $700 a year and I am 25.

Good Luck

[T.J]

pay as much as you can up front itll keep your payments low also helps with your rappor with the bank for later purchases

ie house or houses

if i had kept my cressida as pimpin as it was i couldnt drive the freakin thing more than half an hour before it got too hot to drive the amount of times it stopped dead in traffic either from the motor seizing or the efi fuse blowing was so stupid im glad i paid my car off fast cause no way could i handle 2 mortgages and car payments especially not now

[Bee]

my first car was an 85 corolla hatch that off kinda red colour.....i loved that car it was awesome... bought it for $3500 and sold in for the same hahaha