Howdy
Phat you may want to try a broker, I had a bit of trouble getting finance for my R33 Skyline . At the time i was only in a part time job. My main credit union wouldnt do a car loan as i was only in the job for a few months , RAC wouldnt do a car loan A: because the car was an import B: becuase the car was older than 7+ years
That is probably going to be the real killer not the actual 'getting finance for a grey import' its the cars age. Most will not have a problem financing relatively new cars such as R34 because they check up on the average value of the car in australia.
In desperation looking for finance i rang a few main stream banks and spoke to them about it , a guy from ESANDA finance (which is a partner of ANZ) advised me that most will not finance or even want to becuase they want to appear to be helping the australia job market (which is noble but stupid) . RAC is mainly the same or any type of automotive organisation
now im sure you want to stop hearing about the negative stuff ill tell you some positives. I have my skyline now but It depends on how you want to get there
Dealer finance (easy appears good but interest rates can be 12%+ upto 18%!!!!) which is what i was quoted
think of it like this
20000K Loan through a dealer
at 18% interest
Repayments over 5 years (without 18%Interest) = 4000
Repayments over 5 years (with 18% Interest) = 4720
= 23600 and thats just the interest added on
Admin fees +50$ a month
Stamp duty 3-7% depanding on what the dealer sets usually its 5%
Now the thing with dealer finance is that there is a list of terms and conditions a mile long , such as if you want to pay it off just say a bit more every tax year e.g 1000 extra every year to get the payments down, well guess what most of the time you cant
dealer finance is evil and should be destroyed by the son of rajab, some people can get better deals alls im saying is beware and read the fine print, if you were like me your eager and want a car and money now !!! but think what you sign tommorow will be with you for 5 years (much like a girlfriend)
in my opinion with all these factors i believe you should get yourself an EA falcon (jokes!!) get a personal loan
the interest rate varies from 9-11.5 percent less fees and if you want to repay it back earlier (WELL GO FOR IT TIGER!!)
the type of loan would more than likely be an unsecured (untiered) loan as the car is more than 7 yrs old and cannot be used for security
unsecured personal loan may cost a little bit more in interest such as a 1% difference which can total 100$ a year difference.
they are worth it becuase the security of the loan is there, its your car! not the dealers if you want to drift it into a pole then its your problem not the banks, the banks dont give a flying .... if you crash it as long as you make the repayments
if your lucky to get a secured personal loan also keep in mind if using the car as security then they may request you have insurance (which im sure you would get anyway)
I rang a few companies (major banks as more reliable) and credit unions. and out of all of them the NATIONAL was willing to give me a loan , not based on whether i had been in my job for a certain amount of time or what i wanted it for (tell them you want a dick englargment ) they dont care as long as you can pay and your income can meet your repayments
if you live at home with mum and dad even better, its not hard just perservere the world can seem against u at time ( as mat and me soon found out) but there is always someone willing to take your money from you
hope this has helped I work for a bank so if you need any more help or you want to ask me some questions about which companies i have tried then email me or leave me a post) i researched getting a skyline/insuring and getting finance for about 6 months
Insurance , well depends on what you really need
when i first got my r33 i insured it for 3rd party fire and theft through suncorp metway for $350 a year
comprehensive is a bit harder, im 20 so i tried a few
quoted young&Cool stock r33 parked in a company car park(if you drive to work) full compro = 2600(mods effect premium a ship load e.g i askedf if i had mags how much extra $400 on premium a year , exhaust 300$+++ it all ads up and dont even put down you park in a public car park premium ended up to be around 5000
Famous classic car insure r33 all legal mods (doesnt effect premium) for me 2600$ a year
they will match other quotes aswell so if you can get another quote they will match it which is good of them so email me and i can give you some details on where to get some quotes from
im sure you could get them down even more they are a good bunch to deal with , im just a little apprehensive about if iever have to make a claim through them as they are underwritten by an offshore provider that does not conform to australias credit control /insurance act/ so as much as famous are a good company they are licenced etc.. if their underwriter goes down the toilet then well thats stiff bickies to you !! but i think its worth the risk
well just have to cross that bridge ( i hope not) if we ever come to it
catcha
Mark