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twoquik

By twoquik,
in General Automotive Discussion

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REDGTT Grand Master

REDGTT

Posted
Posted

Hey two quick. How are you?

Welcome aboard buddy.

Dont ever go for personal finance. Its no good. Interests is just way too high and their service is useless.

Its like having a credit card with 20000 to spend.

You are better off applying for a personal loan at the bank.

A secure loan is easier usually as they attach the loan to the car you are buying.

A unsecure loan is probably better as they dont attach the car to the loan just in case.

Westpac and St George seem to be the most two helpful banks around.

You should have some savings or equity of some sort. if you dont just use your parent and pretends its yours.

If you are young and eager to get a car. maybe you should wait as having a personal loan isnt easy. Monthly payments sound easy but I can promise there will be times you will get caught short due to unforseen things popping up.

Good luck anyway champ.

Minh

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ix9 Grand Master

ix9

Posted
Posted

I'm with you Minh,

i had SOO many troubles finding a finance company that can "secure" a loan to an imported vehicle.. I went thru AGC in the end, and got $26k :(

Westpac and St George wouldnt give me a $25k unsecured loan... as I'm only 20 and have no savings history. regardless of the fact I can EASILY afford the repayments.. banks are nazi's.

Westpac wouldnt "secure" to an import. and most finance companies wont due to it being a grey import.

My solution. i got TWO loans, one unsecured and one secured. I used the unsecured 10K loan as a deposit for the secured loan. worked FINE.

I also went through a broker here in perth too. so that helped push things in my favour, remember a broker has access to lending products/rates/criteria that the general public doesnt. :(

Short story: Unsecured personal loans for large amounts are hard to get. Get it secured, but good luck finding a company that will do it.

Hope that give you something to think about .

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Guest GR33DyMANGO

Guest GR33DyMANGO

Posted
Posted

yer guys id have to agree. ive done a finance degree so know all about banks and their little tricks:)

just get a personal loan. an insurance company wont lend money on an asset where another company has their name on an assets deed first, as the other bank can make a claim before them.

so just get an 'unsecured personal loan.' this means u arent giving the bank any personal guarantee that u can pay the money back. by this i mean u arent saying to the bank 'if i cant pay back this loan then u can sell my car/house etc to recouperate the remainder owing.'

an unsecured loan will attract a slightly higher rate of interest. but thats the cost of having no guarantee that u can pay back the money. on the other hand it'll allow u to get insurance... hopefully:)

hope that helps a little.

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REDGTT Grand Master

REDGTT

Posted
Posted

going buy yourself to look at the banks and talking to them is the best way. But just keep your head high if they say no. Dont be disapointed. Alot of banks work on funny matrix systems to allow or not allow you to borrow their money.

The other option which is probably the easier and best one is to go and see a broker who for a small fee will know exactly where to go and look and most likely he would have an established relationship with a few banks of his choice already.

He will do all the chasing for you.

If you decide to go to the bank by yourself. You dont have to say the loan is for a car. As banks know car loans arent that good for them especially imports if it is a secure loan.

Just tell them you want to renovate your parents house that you are currently living at.

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Guest Boxhead

Guest Boxhead

Posted
Posted

this might be a bit off track, but i would like to add that st george have very good customer service, i payed some fines one afternoon about 2pm with musm debit card, this is visa but like a key card, money has to be in there...

and that mornin mum paid 2 of her bills..

at about 3:30 pm st george called askin wether they were ligit incase card was missin.. thats pretty good service too me.

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SKY031 Grand Master

SKY031

Posted
Posted
Originally posted by R31 Skyline Chick

My advice:

Don't apply for a car loan

Apply for a personal loan.....

what you do with the money is your own business. :)

Originally posted by DR GTR

You dont have to say the loan is for a car. As banks know car loans arent that good for them especially imports if it is a secure loan.

It's the only way to go

If you apply for a car loan, the bank will make you get full comp insurance.

With your age, and the fact that you want an import car, it will cost you a fortune in insurance.

Personal loan.

Then you can have a little bit of $$$ left over for any mods or anything else you need for the car.:)

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REDGTT Grand Master

REDGTT

Posted
Posted
Originally posted by R31 Skyline Chick

It's the only way to go

If you apply for a car loan, the bank will make you get full comp insurance.

With your age, and the fact that you want an import car, it will cost you a fortune in insurance.

Personal loan.

Then you can have a little bit of $$$ left over for any mods or anything else you need for the car.:)

sneaky sneaky heheheh . But as the r31 chick says "only way to go" :)

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REDGTT Grand Master

REDGTT

Posted
Posted
Originally posted by RONIN

Strich9ine: that's odd mate. I got a persoanl loan for my car through St George. They gave me $25K and I was 19 at the time :)  

It must have been because I bank with them but I can't be sure.

Yep thats part of their matrix system. If you are an existing member of st george it always helps in getting a loan off them.

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REDGTT Grand Master

REDGTT

Posted
Posted
Originally posted by twoquik

how could i get a personal loan without saying its for a car though???

They wont officially go out of their way to ask you what the loan is for but the question will be asked on the form or by the bank lender.

Just say renovations or consolidating debt.

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puckish Rising Star

puckish

Posted
Posted

I went for a unsecured loan with National. Very easy took less than three days to complete.

The only wanted three pay slips and asked me what I was buying with the money.

The catch was they wanted the car FULLY insured.

I even haggled them on the interest rate and got it down a few points.

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