Should i or shouldnt i

Hi all,

Im wanting to know if anyone can help me with this.
Im wanting to get a personal loan to cover all the costs of what we need to get
for our next baby which is due in 15 or a little bit more weeks. We havent brought anything for him. Also dd needs to new cot as the one we brought last year from baby bunting is starting to break and i would perfer something that i can turn in to a toddler bed at a later date.

But df is really againest the idea. ( he loves saving money insted of spending it)
So ill be the only one on the personal loan application..

Whats the best company to go through at getting a loan? Im only wanting to borrow about 8,000 as im wanting to get a few new things for the house.

So ehres some Questions.

Whos the best company to go with?

What questions should i ask them?

What should i look out for?

Do you pay the application fee if you havent been appoved by them?

Should i go through the bank that i have my credit card with?

What happens if i dont spend all the 8,000 and have say 1000 or more left over ?

How long does it normaly take to find out if you have been appoved or not?

Sorry about all the questions im just asking as i want to see if i should be taking out a loan so close to a baby being born.

One last question.. If you was me would you take out a loan seems im getting close to being due?


thanks

Have you considered purchasing second hand items for your Bub to make it a bit easier on the budget? Things like a cot for example, we got ours for $50 and it is in shmick condition, a friend got theirs for $20 from a garage sale! Im not a big one for loans as I think its even harder to pay back once a little one comes along.. JMO

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One last question.. If you was me would you take out a loan seems im getting close to being due?


thanks

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Nope, I'd go and start putting things on layby and making my own payment plan to have it all paid off in time if you are after new things. Saves $$ on interest. And as Peach said, if you're going to go down to one income once bubs comes (if you're not already) it's just another bill that you're going to have to find the money for..

By the sounds of it though I'm a bit like your DF.. I hate waste, and to me paying interest on a loan is a waste ;)

Im starting to think also that im better off laybying.. But i suppose im just being all worried about not having anything for bub that he'll come when we still dont have anything.. Plus christmas is coming up and we still havent done any christmas shopping yet..

A question I have, is if the loan is in your name, are you taking time off work? If so, how will you make repayments? I used to take out loans for things, but after too many years of paying them off and wasting my money on interest, I am also a big advocate of saving for things first.

A tip I read somewhere (may have been BB), if to make a list of all the items you want and email a spreadsheet to a few suppliers to see who will give you the best deal. It's basically like running your own tender. Another tip is to make small purchases every week leading up to birth. Or, as pp said, use layby.

If you take out a loan and can't make the repayments you will end up in credit trouble. I wouldn't expect DF to make the repayments for you. If DF feels strongly about saving, can you work together on a budget and create a schedule to buy things over time? How does he suggest paying for things that are needed?

As long as you have milk and nappies Im sure you will have enough :) My youngest brother came 6 weeks early and he slept in a laundry basket lined with sheepskin for the first week after he was born. Did the job!

I'll just answer one question (like Teagz) and say nope, I wouldn't get a loan that close to my due date unless it was for an absolute emergency, like needing to eat or pay rent! I'd just get baby stuff on the cheap. Just because its cheap doesn't mean it isn't as good a quality (and just because its expensive doesn't mean it is good ;)), and if you don't have the money to spend theres no use going above and beyond your means just to buy a brand IYKWIM.
(just my opinion on it anyway)

Baby items can be done on the cheap. We bought our cot for $220 from Kmart, it does fine for us and on the losest setting with the moveable side off it makes a great toddler bed, you just have to buy a side rail and there you go! Easy as!
Our car seat was from Big W, $150 at the boxing day sale. High chair (not that you need that yet) from Kmart for $98 on special. Bought a 'Safe and Secure Sleeper' which went either in bed with us or in her cot, so we didn't need a basinette, for $50. Pram from Kmart, Steelcraft 4 wheel reversible handle, for $140 on special.
In the end we paid less than $1500 for absolutely everything, including bedding, cloth nappies, nappy accessories (creams, wipes...) and clothes etc.

Most big department stores are due for a big baby sale in January/February. That's cutting it fine time-wise BUT some have a policy of if it goes on special while its on layby they'll reduce the price to the special price. It's a bit of a gamble not knowing what going to be on special but if theres something you want anyway then I'd go for that - layby it early december, pay $10-$20 a fortnight until it goes on special, get the price reduced, and then get it out.

We also laybyed everything, so easy and heaps better than a loan cos no interest ;)

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he slept in a laundry basket lined with sheepskin for the first week after he was born

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LOL! Thats kind of not a bad idea hahahahahaha.

I would be checking the repayment on your current credit card- is that the best option for you? You could be getting a better rate elsewhere and paying less back on this.

You could be freeing up some extra cash in order to save for those items.

If you really need to have everything at once, read the fine print.

Thanks ladies for your replies. Im thinking i may just go to target and have a look around at the clothing etc. As i know they have a sale on this week on jumpsuits,body suits etc. Also i think i went in to panic mode thats why i wanted to get a loan as dd is just about out grown her clothes and needs the next size. As i only have a few dresses in the next size but df seems to think she wont need much as it is coming in to summer and its quite hot where i am and that she will only need some body suits and singlets and a few outfits for the cooler nights... Ahhh so worried

I am also one for only spending money on what's needed, not just throwing it away.:D

Really, bubby doesn't need a beautiful hand-carved mahogany crib that will cost you a heap of money and only last the first few years.. Especially in the first few weeks/months, as long as bubby is comfortable it doesn't matter if they're sleeping in a laundry basket on the floor or in a luxury crib.

Especially if you utilise layby facilities or just pick up some bargains at garage sales, it shouldn't cost you all too much to get the necessities for bubby.

Remember too, friends and family can be a great source for hand-me-down clothes, storage units, cupboards and old baby stuff.

As soon as your bubby's worn or used an item once, it's second-hand...

Just my opinion ! :D

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I would be checking the repayment on your current credit card- is that the best option for you?.

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On my credit card i get 60 days interest free and i have a 5,000 credit limit.
df used the credit card to get our car fixed and the repayments for it was great as we was only paying 25.00 a month in interest until the everything was payed off which took us only 3 months which makes the interest being 75.00 for 3 months on a total of 3500( We paid to get the car fixed.) it only took us 3 months to pay off as we was in the process of moving at the time.

hope i make sence

I agree with the others, I would never go into debt to buy baby things. All of DS baby things were second hand (a lot were fifth hand!) and he had more than he needed. Keep your eyes open for sales, and also classifieds in the local newspaper

I agree with the others, I wouldn't go getting a loan for baby stuff. Chances are, if you are going on leave from work, they may not give it to you anyway.

garage sales are great, you can pick up some nice stuff at bargain prices, and the good thing with baby stuff is it's usually in pretty good condition as it's not used for too long. Ebay is another place to look, or free cycle. Op shops can be good for clothes too, I've bought most of DD's clothes off Ebay, or they have been passed onto me from work colleagues. I myself can't justify buying expensive (for what they are!) new clothes when she'll grow out of them very quickly.

On BB there is a freebies section that you could look at for some items that you might need.

I would not be getting a personal loan for baby things.

Check out freecycle and in the Trading Post. Look at op shops and garage sales. Ask around at Vinnies or the Salvos. I think I spent a total of about $1000 on baby things for the first year of my son's life. And that included a brand new car seat.

Op shops often have baby singlets for 10c..... if you're in a spiffy suburb, travel to one in a "newer" or less-spiffy area, where they are likely to have cheaper baby items. Just wash them and they're fine. Babies don't know if they're first- or second- or third-hand. And they don't care... as long as they're warm, fed and loved.

Some of the other ideas are great too.

Check out ebay, op shops, 2nd hand shops, garage sales. If friends/family ask you what you would like, tell them! A lot of the time people are happier to be told rather than have no idea and buy more of the same thing you already have (like millions of 0000 growsuits). Babies really don't need a lot. I went to Salvos and bought 30 or 40 shirts and t shirts ranging from 000 to sz 1 and they were $1 each and majority had the tages from the shop still on them. It would have probably cost me easily a couple of hundred $$ from the stores. The only reason I would personally not have a loan is because of all the interest you pay. If you write out a list and take it step by step that is easier. (Baby doesn't need a walker thing when it is born, bit later down the track) so why buy it now?

Op shops. Answer to anything & everything. Seriously! I saw a change table, with bath underneath for $50 the other day. I've seen cots, basinettes, cradles, high chairs & prams.
I always pick up clothes in pretty much new condition. I got some boys clothes for a friend last week, size 0000 with the tags still on for $1. Pretty much all our clothes are from op shops.
DD1's cot came from a garage sale a week before she was due for $100 & DD2's came from FiL's recycling centre! It was a better, sturdier cot that DD1's & would've easily been worth a good $600 or more at a baby shop. Was a solid timber one. I took the side off for a toddler bed & she was in it til she was nearly 3.