Unsecured Car Loans

[ash_29]

P.s.

No hate mail guys hahaha, i work there but i don't set policy's.

So yeh if u got q's im happy to answer... well id do most things to see more imports on the roads and less commonwhores.

cheers

ash

[ix9]

Do you even HAVE a credit file?

You just turned 18 so chances are it's still blank. With 6 enquiries for loans. Banks number 2-6 are probably looking at it thinking "Hmmm, wonder why the first bank didnt give him a loan" and denying your application.

Go with your current bank, they can see your savings history (no other banks can)

Best bet would be to get a cheap first car on a secured loan, drive it for a year, pay as much off as you can, THEN move up to an import.

Unsecured 10k isn't usually hard to get at 18 with savings history.

[gareth669]

I work for bankwest Personal Loan lender, strange u got knocked back mate, doesnt make a dif to us whether its an import or not. And yeh because of current global credit problems all banks have raised their risk intake levels

Hey is it 3 or 6 months that i have to wait before another enquiry with bankwest?

[ash_29]

6 months champ

[gareth669]

6 months champ

thanks mate

[Dsturbd]

Had a job for 6months , maybe theres ya reason

global credit problems all banks have raised their risk intake levels

bankwest rejected yet walk across road to st george n they more then happy to help me ...

[-Dukes-]

I just told the bank the money was for "Plumbing equipment"

They kinda wised up though when I withdraw it all in cash,

The teller said to me "Your not buying plumbing equipment with this money, are you"

Was hard to keep a straight face,

[Magic]

If your folks are cool with it get them as a guarantor, meaning one of ur folks names are on the loan as well as yourself, but deposits coming out of your account. When I was 18 last year I got 15k out with zero credit history and in 1 month of having a full time job. Gives the bank some piece of mind if u cant make payments they'll hassle ur folks.

Not sure why the banks didn't recommend that option to you..

Edited January 7, 2009 by Magic

[RICCA]

The 200sx I'm looking at is private and I'm with bank west they knocked me back but didn't give me a reason.

I'm also employed full time and have been for 6 months and i have 4 grand to put towards the car/insurance most to insurance.

I was planning on finding a new bank that doesn't mind unsecured imports and putting all my money into that account and get my pay directly into that account so they can see my income which is around 40k a year.

Also i have no debt and no credit cards or anything of the sort.

Dude you should be fine try a different bank ask around 1st call up BUT dont say ur name just say your interesent in getting a loan !

[MeLSki]

Sorry if this has already been said but have you considered just getting a Personal Loan and not mentioning it's specific to an import? I'm with CBA and When I got my loan for $10k I told the banks it was going to a range of things, a vehicle as I had written mine off, travel, new things for the home, bond etc

Yeah they need to know where the mass majority of the loan is going but I found out after I took out the loan that the reason they needed to know that was for a follow up call for trying to sell insurance to me.

Also don't call too many banks at once. I called three different places in the oen day and got rejected from all andit was due to the previous quotes still existign or something like that. If you put in an interest in a loan with oen place, wait at least a fortnight till you go for another. Also if your bank has been overdrawn in the past 3 months you have no hope!! Mien was rejected for a $10 accidental overdraw. You need to shwo the banks you can control your accounts.

And what's the big hurry for anyways? You're only a little one, get yourself a bunky first. It's not just a case of take out a loan, buy a fully sick car and you're done. You've got to make sure you've got security to pay for the loan, there's interest to conider, loan protection, you're putting your own credit history on the line at a very young age, then also if anythign happens, you need to be able to cover repairs etc

At the end of the day you may end up needing a parent to go guaranture for you anyway for that amount of money at your age with no credit history?

Edited January 8, 2009 by MeLSki

[RICCA]

Sorry if this has already been said but have you considered just getting a Personal Loan and not mentioning it's specific to an import? I'm with CBA and When I got my loan for $10k I told the banks it was going to a range of things, a vehicle as I had written mine off, travel, new things for the home, bond etc

Yeah they need to know where the mass majority of the loan is going but I found out after I took out the loan that the reason they needed to know that was for a follow up call for trying to sell insurance to me.

Thats i right you can say that!

My bank ask alot of qestions about what car year and so on but i think you vould just say it for a few things worth to give it a shot i got it ** think the chick at the bank likey me ha ***

[MeLSki]

No Ricca they were just liek "HERES YA MONEY NOW FK OFF" lol just kidding

[RICCA]

No Ricca they were just liek "HERES YA MONEY NOW FK OFF" lol just kidding

No thats what i said to you last night LOL HAHAHAH JK

But YES try give a shot at a few banks (keep on topic im on my last strike hahha )

[Dani Boi]

I got a loan with westpac without question what the money was used for. I think if its unsecured they dont care what the money is used for? I was 18 then and only on 33k a year but had about $7,000 saved up with no bad credit history. Have you tried west australian finance?

[Magic]

Thats i right you can say that!

My bank ask alot of qestions about what car year and so on but i think you vould just say it for a few things worth to give it a shot i got it ** think the chick at the bank likey me ha ***

is yours a secured or unsecured loan?

[RICCA]

Mine is unsecured loan

[RICCA]

Not that we don't care what its for, just have 2 check its not used for personal investment, business use or illegal shite.

And yeh all banks tightened their policy... didnt say to the same level. So some banks will be easier to get finance with than others. but 90% of the time your own bank would be your best bet... as long as wot melski said you manage all your accounts porperly.

i got a 18k unsec loan with anz wen i was 18.... now work at bankwest so jsut refinanced... gd old 9% staff rates ahahahaa

So Ash You can help me Get lower fee's through bank west aye aye DO IT!!

[ash_29]

Not that we don't care what its for, just have 2 check its not used for personal investment, business use or illegal shite.

And yeh all banks tightened their policy... didnt say to the same level. So some banks will be easier to get finance with than others. but 90% of the time your own bank would be your best bet... as long as wot melski said you manage all your accounts porperly.

i got a 18k unsec loan with anz wen i was 18.... now work at bankwest so jsut refinanced... gd old 9% staff rates ahahahaa

[ash_29]

LOL Champ i wish, id have more friends than paris hilton has on facebook.... but im happy to give out tips or if you are unsure about something.

BTW don't get personal loans guys - debt = bad.... save up as much as you can! Especially for a car, which is an asset that depreciates in value.

[burkill]

can your parents back you up?

i got turned down, although i have a full time job upstairs from the bank LOL.

i wanted about, wouldn't give it to me, so i just got 5 of parents, interest free but i have to drive a celica. i think it was good choice, i can pay it of as fast or slow as i like, it's cheap as to run, insure, etc. let's me save for something new in the long wrong.