Loan Help!

[R34NRG]

so i sealed the deal to buy a r34 and everythings going sweet.

then i call my loan company and they dont want to give me the loan because its not a big company.

they go they will give me the loan if i buy it from nissan (yeh as if, who makes those cars anymore)

unless i go for personal loan or to another company i cant get the loan. the only reason im with this company is because i get a interest rate of 8% but anything else is like 12%.

guys can u help me out here how can i get around this bs

[satanic]

Head over to HSBC and take out a personal loan (for around $30k I'll assume)... you'll be hit with 9.95% p.a. fixed and have the option of paying weekly, fortnightly or monthly.

I went for a car loan with them (7.75% p.a. fixed) but that fell through as the 34 is a "grey import" so they won't do it.

Personal loans are better as the car is not held as security if you default, you don't have to have comprehensive insurance (I don't know why you wouldn't though) and the rate makes it only $20 more expensive per fortnight.

My 2 c

Good Luck

[R34NRG]

how long ago did u get this loan?

[predator]

Calculate an interest rate of 4% difference.. over 4 years say.. on $20k..

Thats a few grand, but you'll notice it fark all on the amount you're paying back each week..

[Tangles]

so i sealed the deal to buy a r34 and everythings going sweet.

then i call my loan company and they dont want to give me the loan because its not a big company.

they go they will give me the loan if i buy it from nissan (yeh as if, who makes those cars anymore)

unless i go for personal loan or to another company i cant get the loan. the only reason im with this company is because i get a interest rate of 8% but anything else is like 12%.

guys can u help me out here how can i get around this bs

www.homepath.com.au

cheapest rate out there (for houses)

they do personal loans too Im sure

ask 'em, Im sure it'll be worth it

[satanic]

I got the loan in 2005 June so the rates may have changed a little bit since then...

If you have a home loan, do a re-draw on that, it's by far the cheapest way to go

[Shell]

If you have a home loan, do a re-draw on that, it's by far the cheapest way to go

I've never understood this!! I'm sure it's right as lots of ppl say to do it, but I don't understand how it works??

[skyzerr33]

I've never understood this!! I'm sure it's right as lots of ppl say to do it, but I don't understand how it works??

u redraw money you have already paid off your home. say u've paid 100k already. it then drops to 70k if u redraw 30k. just means your paying ur loan off longer so the bank gets more interest payments out of you.

of course your loan needs to have the redraw option available to it, as not all do.

another way is the revalue your house and draw against that if its more than original valuation when you got your home loan.

[satanic]

Generally speaking a home loan will be much cheaper (interest-wise) when put in comparison to a car/personal loan. The simple matter being the longer loan terms, and ultimately the larger loan principles.

Think about it this way, the larger the amount you borrow the less interest the bank will "charge" you percentage wise. It's because the smaller percentage is still a HUGE amount and offsets the loss - also because there is less risk involved (you'll need much more credit to be able to borrow anything big).

Go enquire about borrowing a million dollars and you'll be very surprised at the interest rate that is applicable

[dr00]

yes but redrawing from your mortgage means you are paying it off over 30 years instead of 5 so you will pay more interest than a personal loan. make extra repayments and you will be much better off though.

[Shell]

yeah i understand what you guys have said...

but say you have 300k loan and you add 30k for the car... so 330k loan. So you're paying interest on 330k every time they calculate it!

i would have thought you'd pay less interest by having the car loan seperate and having them calculate it on the 30k (even if the rates higher).

i hope I'm making sense :lol:

[satanic]

The answer lies in the differences between interest rates of the two...

Trust me, it is a reccomended way to finance heaps of stuff, not just cars.

[MFC05]

Just apply for a personal loan from you bank that u are with but the interest rate would be higher !!

[zaffa]

if worst comes to worst go ge auto finance lol...