My Dream Car with a Dream Loan Agreement

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.

Credi is the World’s #1 loan management platform for private lenders

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

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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Credi Pty Ltd is a Financial Technology business, not a marketplace lender. Our mission is to change the way we lend money. We want to empower people to help each other and take control of their financial relationships without creating friction and stress.

Credi is the World’s #1 loan management platform for private lenders.

  • Formalise your loan agreements online
  • eSignature functionality means no paperwork needed
  • Trusted by over 5,000 people worldwide
  • Takes minutes to setup
  • Track repayments online or through the Credi mobile track app
  • Option to secure your loan with borrower assets (PPSR registration, for Australian users only)

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& Management

Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.

Better Loan Documentation
& Management

Sign up and become one of the thousands of people and business around the world using Credi to protect them selves with robust loan documentation and management today.