80 to 200 - Talk me out of this... (1 Viewer)

[Markuson]

That's in Australian currency, right?

Yep, AUD

A $50k Australian dollars (About $36k USD) loan at 6% interest paid over 36 months is about $1500 Australian per month (about $1100 USD)...so if that is 20% of your income...that means your income is about $7640 Australian per month (about $5500 USD per month).

Am I close?

If so...that's a pretty good wage for a 19 year old.

 

[AussieHJCruza]

Not bad, income is about 5k per month and (I should have added this before) I would put down a 10k deposit, whichever 40k financed

 

[Markuson]

Not bad, income is about 5k per month and (I should have added this before) I would put down a 10k deposit, whichever 40k financed

That's a good portion of the "more info needed."

 

[92LXAZ]

Jumping over into 200 land, hey I like them too...if I was that age, making that salary, with my brain today, I would not incur any debt. Especially vehicular. I would enjoy the 80 for a few years while you save to be able to buy the 200 cash. You'd save a ton in interest and not have the debt hanging over your head. I've never been able to (or made myself for that matter) do this and it's something I regret. Still struggle with the want it now mentality. So as you requested in the thread title that is my attempt to talk you out of it.