Finance

[GTS-tt]

Gday ppl!

Im thinkn about bringing over a V35 350GT coupe from japan, coz the sticker prices on these cars I see here in adelaide are quite frankly staggering ($40K plus) and Im suprised people are paying this when turbo, manual 34's are only around the $24K mark... $17-$20K privately... Obviously I like the V35 coupe, but at that price, give me a R34 any day!! Hell I could get an R32 GTR in show condish!

Anyway, back on topic... I'm just wondering how people here go about aranging finance for a car that is not even here in the country? I mean, I can afford a $30,000 car, but I dont have $30,000 if you get my drift! Anyone here got a favourite bank etc that they have success with in the past? Is there such a thing as a car loan for these types of vehicles or are people forced to pay the higher interest rate of a personal loan? I've known people 1st hand who have gone for local vehicles such as fords and holdens (new) believing they could not arrange finance for a car that was still in japan.... so sad...

Any advice or past experiences would be greatly appreciated.

[cruzin33]

personal loan would be better, i told my bank(commonwealth bank) i wanted 30grand to buy a car and other items and they handed over the money the next day

[Madaz]

i dont think interest rate is that much higher ?

[RubyRS4]

Yeah, personnal loans interest rate isn't that much higher ... and there's better flexibility in acquiring the funds for your car.

If its a car loan, then you'd need to provide documentation on the car before they'll hand over a cheque.

I was lucky ... I paid for my 2 Stageas in cash

[SLED]

Interest rate may be the same but a personal loan has the interest & fees calculated up front which is payable regardless of how soon you pay it off.

Having said that, I don't think you've got much choice.

If you've got a mortgage, that may be a better way of doing it by extending your home loan (tell them its for a renovation) or use your redraw facility which most variable loans have.

[Nightcrawler]

yeah you will finance a bit hard to get as soon as you mention you are forking the cash over to some unknown entity overseas, in the hope that they will send you a car. If I was you I'd get a personal loan and say it is for a holiday

Yes, like Reuben, I bought my R34 for cash - didn't have to worry about a loan then

[Madaz]

also personal loan is unsecured

[kralster]

in before

zomfg don't be a n00b and finance a car, if you can't afford it outright you can't afford it at all11111111111 rofflebbq

[mid life crisis]

paid cash for my car and boat i hate loans with a passion house has been paid off for 3 yrs and loving it

[SLED]

paid cash for my car and boat i hate loans with a passion house has been paid off for 3 yrs and loving it

yeah I remember that feeling like a Toyota commercial .....but I jumped alot higher

[R33LIN]

Interest rate may be the same but a personal loan has the interest & fees calculated up front which is payable regardless of how soon you pay it off.

Having said that, I don't think you've got much choice.

If you've got a mortgage, that may be a better way of doing it by extending your home loan (tell them its for a renovation) or use your redraw facility which most variable loans have.

i agree with sled, the better option is to either redraw (if you have a variable home loan) or if possible apply for a top up on your loan. with the commbank there are three types of personal loans that you can apply for unsecured fixed, variable and secured fixed rate

the loan terms for unsecured tend to be around the 1-7 years with minimum starting at 5000 with a max of $50,000.

the fixed rate secured loan is for cars that are bought from reputable car yards, with the car being no older than 5 years. the loan term on these are 1-5 years with min 14,000 and no maximum amount you can borrow.

also to add there tends to be a establishment fee of around 300.

in order to apply for a personal loan, one must be working preferably full time and be able to provide financials for two consecutive pay slips. what i also say is the more information you can give the better.

as long as the loan purpose is for "personal use" they dont really care. say its for a holiday, say its for a wedding, say its for rennovations.

by all means shop around for rates, value and service.

if you have questions, dont hesistant to ask

goodluck with it all

Edited June 29, 2008 by R33LIN

[chef_stagea]

im rocking a unsecure personal loan... 12% interest witch isnt greattt... but at 18 wat can i expect.. im threw westpac... no prods just call em ad tell em what you want. pretty sure imported cars cant be used as a security tho (dont ask why) also puts interest up a % or 2..

[Rocky88]

in before

zomfg don't be a n00b and finance a car, if you can't afford it outright you can't afford it at all11111111111 rofflebbq

Buying things you cant afford outright is the whole point of loans lol...

[cruzin33]

in before

zomfg don't be a n00b and finance a car, if you can't afford it outright you can't afford it at all11111111111 rofflebbq

Whats wrong with loans? if you can afford payments it saves having to wait 3-4 years to save the money plus it gives you a good credit rating.

[Damo_R34]

im rocking a unsecure personal loan... 12% interest witch isnt greattt... but at 18 wat can i expect.. im threw westpac... no prods just call em ad tell em what you want. pretty sure imported cars cant be used as a security tho (dont ask why) also puts interest up a % or 2..

Im through Adelaide Bank, and have a car loan for mine secured at 7.95 ish % over 7 years. They have a much better rate than most banks, my mum works and Westpac and she couldn't match the rate of Adel. bank.

[RubyRS4]

paid cash for my car and boat i hate loans with a passion house has been paid off for 3 yrs and loving it

Yep, I hate credit cards and loans too. Loans have their place, but the sooner you knock 'em off the better. There is nothing wrong with loans as long as you manage your money properly. I've always worked my money to make the best return for me. 6 years on, it worked and I've paid all my debts off. I have 2 cars, 4 bikes, a home and no credit cards ... and I'm now looking at purchasing my next house with a fat deposit, and renting out the existing home. I'll be taking out an 80% loan for the house, but I'll have it paid off in 10 years if I manage my capital/money right (again)!

[mid life crisis]

ive often thought of a investment property but have seen to many horror stories tenents from hell ect and the law seems to be on there side and not the house owners . all our extra goe's into super atm till something better comes up

[TUFF_350]

Id see a broker,

they'll shop round for the best rate for only a small fee. Eg my loan of $10k, banks couldn't do better then 13.5% but this guy i used secured me 9.5% with a mob called Lifeplan. Unfortunately hes moved o/seas (lol no its not dodge) but im sure a quick google or yellowpages search will find another.

[Rocky88]

im rocking a unsecure personal loan... 12% interest witch isnt greattt... but at 18 wat can i expect.. im threw westpac... no prods just call em ad tell em what you want. pretty sure imported cars cant be used as a security tho (dont ask why) also puts interest up a % or 2..

I got loan through CPS community and they took my R32 as security...

[Damo_R34]

Pretty sure that with an unsecured personal loan, you dont need to provide anything as security, if you can't pay the money back, the bank will hunt you down. But if your getting a secured car/home loan, they take the car/house as security.