My Dream Car with a Dream Loan Agreement

A Dream car and dream loan agreement

Written for Credi by Harry McGregor

 

Loaning in Australia is not a new phenomenon with the Australian public lending in excess of $1.65 billion in unprotected and unformal loans each year.

In my previous blog, I noted my personal experiences in-house ownership from the perspective of a member of Gen Y. When on the web I noticed a reoccurring fact that up to one-third of first-time buyers borrow or are lent money from friends and relatives. The first thing that came to mind was how money can ruin relationships. Loans between related parties are built on relationships and the thought of being in a position borrowing without a formal lending agreement seems rather risky. And it was for me.

Two years ago, my car decided to throw in the spanner and call it a day. My 1998 VW Golf had had enough and I was in desperate need of a new vehicle. In light of the lifestyle I live of surfing, beach and my dog Layla, I came to the conclusion to purchase a ute, and this is where it became interesting. I decided to have a search online at second-hand cars and picked out the one, a 2006 Nissan Navara. The next step was car loans. When searching for the best car loan I came to a figure of $96.88 a week which whilst studying I could potentially do. When I dug a bit deeper I found something interesting in the fine print of the car loan;

“This calculator is a guide only. Your interest rate and payments may vary according to your financial situation and other credit approval criteria.”

For a 21-year-old with limited finances and no previous credit history, the figures just kept going up and up and my hopes of purchasing my dream car were dwindling. I signed up to Credi and with the help of my parents, I was able to drive out of the car yard with no interest rates and free of a bad credit rating. But it doesn’t stop there. Just as my one-month warranty ran out, the clutch blew… a $2200 bill. Due to Credi’s help, I was able to increase my repayments and get the help I needed.

Money should never get between relationships and thanks to Credi the terms of the loan are being met and things have never been better! Thanks Credi, From Harry and Layla.

 

Written for Credi by Harry McGregor

 

 

NOTE: The views and opinions expressed here are mine and do not necessarily represent or reflect the views of Credi Pty Ltd.
Credi Pty Ltd (Credi) is not a bank, provider of legal advice or a financial lender. Credi only provides a platform that allows friends, family and third parties to originate, negotiate and conclude loan agreements amongst themselves. Credi does not provide legal advice, monitor or assess, agree, approve or decline any loan requests nor does the platform perform any funds transfer services.
Credi is not a law firm or legal practise, is not engaged in a legal practise and Credi does not act as lawyers. Nothing on this site is legal advice and you should consult a lawyer to get certainty of your legal rights and obligations.
The use of the Credi platform is governed by Credi’s Terms of Use.

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