My car is costing me too much money?

Question

So basically i want to start off by saying im in Australia not the U.S, and I have a car loan with Esanda. Its a 2004 Mazda 3 but it is costing me a fortune and I can no longer afford it. I have bad credit since I purchased this car and have 3 defaults that are paid and 1 unpaid on my credit rating, which means I have tried to get out of this car and downgrade to a cheaper one but no one will give me a loan. Does anyone have any advice as to how I can get this car off my hands and maybe just pay in full for an old bomb that will get me around?? The only problem is its not in immaculate condition and I still owe around 21000 on it but I dont think I will get that if i sell it privately or trade in. Any advice in regards to Australia will help

Answer 1

Yes, sell it on Yahoo cars Australia.
Or sell it by a local paper or shop window ad.
Get the thing sold, it is losing value every day !
Don't buy a car again, get a motorbike or go by bus and train !
Then you'll never need a loan again !
In OZ I went everywhere by train and bus it was a great holiday !
We love OZ so much, you are so lucky to be in OZ !
In Uk we just dream about your great life in OZ !
If only there was still the penalty of transportation I would be a top criminal and get a free trip to OZ !
Or the £10 tickets, I would be first on the boat !
What a great life, hello to all you in OZ !
You're lucky people !
Well done for living in OZ !

Answer 2

Sad fact::: All cars cost too much money! And the newer they are the more they cost you!

The only thing you will spend more money on is a home, and when you sell it , you most likely won't lose money on the resale value!

I don't know how much "old cars" cost in Austrailia, - but you can buy a fairly reliable one for a reasonably "small" amount!
Somebody has taken out all the "depreciation", and maybe gotten all the factory taken care of. Perhaps you can "trade down" for something you can use, and let the guy take over paying of the car you can't afford! The only other solution is to "take a bath" on the resale value, - -and get out -- still having to pay off part of old car!

I started out with a $150 car in 1952, - and as near as i can remember, - I paid $1600 for teh most expensive. I usually drive each one 100k or more, and usually don't spend much more on maintainace than the cost of the car during that time! This excludes gas oil, tires, which all vehicles require,- no matter now new they were to begin with! Some cars I sold for as much or more than I paid when I bought them! Unfortunately some also turned out to be "junk", - even then they didn't amount to a whole lot of loss! Only "catch here" is tha tI do all my own mechanic work!

Answer 3

Try to sell it on your own if possible or have someone take over payments...it's never an easy situation to deal with. Trading in will lose money as the dealer will only give you a trade-in value versus retail value for your car. Look into refinancing for a longer period to lower payments. Only other way is to default on the loan, give it back to the bank or dealer and get away from payments for a year or so to rebuild your credit.

Answer 4

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Answer 5

Esanda Boat Finance

Answer 6

1

Answer 7

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Answer 8

Thanks so much for all your help in finalizing the car loan for us. I didn't think such wonderful customer service still existed in this day and age! Your regular communication, kindness and assistance were very much appreciated and I will certainly be recommending ([e-mail]) to friends and family should they be looking for a loan in the future.
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