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  #1  
Old 04-01-2013, 08:05 AM
floorguy floorguy is offline
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Default Ex bankrupt & self-employed looking for finance

Hi, I'm looking to finance a new van for my business. I am a discharged bankrupt, and the info falls off my credit file next February, but I don't want to wait that long. I have applied for finance for a used vehicle about 3 or 4 months ago that wasn't approved. That was with a broker who applied through GE money.

I was wondering if somebody can put me in the right direction in getting a secured car loan. What I need to do and what my chances are. I can more than afford it, and my income outlook for this fiscal year is approx $75,000 nett.

Cheers in advance for the help
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  #2  
Old 04-01-2013, 03:20 PM
littleroc02us littleroc02us is offline
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Default Re: Ex bankrupt & self-employed looking for finance

So are you saying that you don't have any money saved for a van. Why do you need a brand new van. My buddy who is a professional painter found a beautiful Ford Econoline van for 8k and put new tires on it and it looks incredible. Why not buy a used one for cash?
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Old 04-01-2013, 05:46 PM
floorguy floorguy is offline
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Default Re: Ex bankrupt & self-employed looking for finance

Tax relief. I have money saved.
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Old 04-03-2013, 05:06 PM
littleroc02us littleroc02us is offline
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Default Re: Ex bankrupt & self-employed looking for finance

Ok, so does that mean you have enough cash to buy a used van?
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Old 04-03-2013, 05:31 PM
floorguy floorguy is offline
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Default Re: Ex bankrupt & self-employed looking for finance

Clearly you don't wish to help me.
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Old 04-04-2013, 01:27 PM
littleroc02us littleroc02us is offline
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Default Re: Ex bankrupt & self-employed looking for finance

What I'm trying to educate you on is to help you from not borrowing money to buy vehicles, especially when you declared bankruptcy and make 75k a year. In addition, buying new vehicles isn't a good economical choice due to the depreciation a car takes the minute it leaves the lot of 15-20%. So in other words you immediately owe more then the van is worth the minute you buy it, plus over a period of 4 years it will lose approximately 40% of it's value. So why not buy in cash a used van that has already taken a hit????
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Old 04-04-2013, 06:03 PM
floorguy floorguy is offline
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Default Re: Ex bankrupt & self-employed looking for finance

Vehicles are 100% tax deductable in Australia.
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Old 04-04-2013, 06:10 PM
littleroc02us littleroc02us is offline
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Default Re: Ex bankrupt & self-employed looking for finance

Do you know what a tax deduction is though? It means if you spend 30k on a new van and your in the 25% tax bracket you get back $7500. So you spent 30k to get $7,500. If you were to buy a van for 10k, you'd get back $2500. But you only spent 10k. Still gets the job done and you spent far less money, which means more money in your pocket.
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Old 03-02-2014, 08:14 AM
JerryBorgg JerryBorgg is offline
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Default Re: Ex bankrupt & self-employed looking for finance

The perception Online Trading puts on is that the risk is too high. When actually any gamble includes a level of risk that could potentially force you to lose what you have invested.
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