Loan Repayment For Imported Cars

[Cowboy1600]

Does that mean if I'm the secretary for a dentist I can start performing root canals?

My point was that if you look around its possible. I had no idea my case was an exception to the rule, but I'd be willing to bet if it was as easy as it was for me it wasn't a one off, so look around until you find someone at a decent rate who's prepared to offer what you need.

if you're a qualified dentist, sure. As a qualified finance broker, I assume I can comment on such things. In order to service our brokers I need to know all aspects of the industry inside out.

I never said it was impossible, but rather said your deal was the exception to the rule.

Edited October 31, 2012 by Cowboy1600

[GTR-N1]

I know another Credit U. who'll give a secured loan on a 7 yr old car.

So in addition to Ryan, is this exception #2?

[bigkevracer]

Conclusion? Credit unions aren't quite the heartless bastards the rest of the finance industry is. They're prepared to negotiate to help the customer.

[Cowboy1600]

I know another Credit U. who'll give a secured loan on a 7 yr old car.

So in addition to Ryan, is this exception #2?

It's still not the rule.

Seven years is still out of the norm, but not unheard of. Eleven years is very, very unusual. Even the PCU website says they'll go to five, so for them to negotiate to eleven is odd.

[GTR-N1]

Another one...

Greater Building Soc

Partly Secured Loans on cars up to 10 yrs old

[Cowboy1600]

I'm sure you can find more, too. Are you aware of how many lenders there are out there?

Oh, also, did you check the comp. rate on the Greater Building Society? It's 16.41%pa. That's credit card territory. It's fine to say they'll secure it for older cars, but if that means you're paying worse than unsecured credit card or personal loan rates, then it's all a bit pointless, don't you think?

EDIT: Actually, to correct the above you can get 11.19% on cars up to 10 years old. That's pretty good. 10 years is still odd. And I can get 11.95% through a major at the moment for unsecured personal loan.

Edited November 1, 2012 by Cowboy1600

[bigkevracer]

So its not that unusual at all, and the OP should shop around?

[t5iv]

5-7 years is standard play. Any longer and the interest rates start to creep up. Also, being that its secured, if you do go with a smaller institution and they go bust (banksia), administrators can legally ask for all remaining within 30-60 days.

[Iron Mike]

Welcome Steph.

Do your folks have a mortgage + you have an income + you're trustworthy?

If so, you can obtain a loan at low interest on your car if your folks take ownership of the car whilst you pay it off, and they consolidate the car with the home loan.

When I was about 8,...

I said to Dad, "Mum says that you might loan me some money for my Matchbox car collection - please?"

Dad:- "I might if you give me security on the loan."

Me:- "What's security Dad?"

Dad:- "It's when I've got you by the short 'n curleys."

Me:- "What's short 'n curleys?"

Dad:- "You'll know in 5 years."

hahahahaha Terry!!!

I couldn't agree more with you. Steph you're pretty much up sh!t creek for options. When I got my first skyline I looked into all the options I had being a uni student and working part time. I also had the same trouble you're having with the secured loan, so the bank told me to either borrow extra on my parents mortgage (they didn't have one though this option went out the window) or get an unsecured loan - the commonwealth bank told me they would be happy to loan me the money at 18.6% p.a........Yep, I know, I told them to go stick it and went and found myself another job to buy my baby