I'm 18 years old, almost 19 and I was wondering whether it would be a bad or good thing for me to finance a car?
I'm currently a casual labourer and getting $635 a week, starting next year I'll be doing a apprenticeship and will be getting around $540-$580 a week.
I'm in really bad need of my own car as I'm using my parents and it's getting it of hand.
The main thing would be to keep it affordable. You will need a car, but the car won’t make you money, you will lose value over time.
If you were to get a loan for $10,000 over 3 years the repayments would be less than $100 per week.
You should also be saving 15% of your wage to help you move out of home one day so if you can live off $300 per week then go for it.
Speak with a local broker about your options and the requirements for qualifying for a loan