Financing high powered vehicle

[duehicky]

Woo gotta love Qld and there damn p plate laws, but as of early next month I'm gunna be able to play with the big boys, I have found te perfect car got an average price for a trade in but they reckon I may have a problem with getting finance due to me still being on my p's, I kno I can't drive it for a few weeks but aye I can always swap my dad for his dirty old piece of shot for a while, any 1 had this sorta problem b4?

[LittleMissVE]

Can't say I have as I've only ever the financed the car I have now, and haven't been on P's for a few years now... What car are you looking at though?

[duehicky]

I'm gunna get hated lol ba mk II xr6 turbo

[the_trademarc]

Hmmm as long as you have capacity for finance you should be ok, depends on who you go through though. Best to call around and have a look around- ratecity.com is a good start.

Is the car gonna be registered in your name or your old man's?? Because I think you're first problem would be with the Queensland Road Authority if you're going to register it in your name.

(P.S. give RACQ Finance a call- we do provide loans for P plater's but conditional on available capacity.)

[duehicky]

I will just register it in his name, as long as I'm on the insurance doesn't worry me lol, didn't kno that racquet did finance lol

[87RB30VL]

As long as you have sufficient means of regularly paying off your loan at the minimum payment, which is usually something like $70 a week depending on the amount of the loan, you should be right. & as long as you don't have a history of not paying loans.

I'm not sure if they will be hesitant knowing that you want to buy a car like that on your P's but they only really care about getting their payments lol

[the_trademarc]

I will just register it in his name, as long as I'm on the insurance doesn't worry me lol, didn't kno that racquet did finance lol

Lol! Well RACQ are financed through us (RACV Finance), so do call them up- as 87RB30VL said, as long as you have sufficient means of making regular payments you should be fine....your old man might need to be on as a co-borrower or gurantor, because the security will be in his name.

[duehicky]

what do u mean by security? i have never needed a guarantoor b4

[kuzman89]

what do u mean by security? i have never needed a guarantoor b4

He means in case you default on payments. You're dad being security would mean if you default on payments he will pick up the slack, hence you're more likely to get financed. Just the same as people use their houses or other assets as securities when borrowing huge sums of money in business ventures etc.

[Slipper]

the security is the car, in my opinion i'd steer clear of financing a vehicle if i was you, generally speaking the only people who ever come out ontop of car financing is the bank, i work within this industry and have seen plenty of P'platers such as yourself take out finance only to have the interest blow out to a value almost equivalent of the loan. not to mention a few years down the track if something unexpected should happen and you can no longer service your loan, the bank will come and take your car. If your wanting a BA XR6 turbo what is that ~15k? Try saving as much as you can first then approach your personal bank for an unsecured personal loan for the difference, that way if god forbid you fall behind in your payments you wont have the worry about waking up and your car is gone. Oh and never finance through a dealership, the bank gives them a base rate and it is at their liberty as to what they decide to jack it up to (the % difference goes straight in their pocket), they see P'platers a mile away and instantly add 3%

[duehicky]

I'm allready on the finance, I'm going to refinance with esanda I'm currently with them and it would be abut hard for me to not get finance threw them as I allready have a loan with them and they kno I have never missed a payment with them, 3 years now hahahaha.. And I'm about 2 months ahead on payments just in case something went wrong or I was out of work.

[Huntington]

your three years into a loan and you want to start it fresh? IMO a nice car is great, but owning your car and not paying every week for something that is worth half what your paying is a better feeling.

[Slipper]

your 3 years into a loan, in which the interest is precalculated from the start, and you are now going to refinance that value for another period of time, with interest being charged ontop of that interest, i hope you can see how this is illogical and a classic debt trap, if you cant then enjoy your new car

[87RB30VL]

your 3 years into a loan, in which the interest is precalculated from the start, and you are now going to refinance that value for another period of time, with interest being charged ontop of that interest, i hope you can see how this is illogical and a classic debt trap, if you cant then enjoy your new car

I have to agree, sorry Duehicky.

[monkeys437]

Personally I think car finance sucks and is generally such a bad deal (interest, fees, terms&conditions etc) that its almost like buying a car on credit card. Id be saving my pennies for a year or two in a high interest account to try and get a good size deposit (40-50%) for your new car. Then try to get a better loan from a bank (shouldn't be an issue if you have a good deposit and regular income) and borrow enough to pay out your existing sh!tty finance deal, plus the rest of the cost of your new car.

[Sabbath']

Screw taking out a loan for a car.

[the_trademarc]

Or if you have a full-time job and a decent salary look at Leasing options....they're actually very good if you financial situation allows it.....I started saving 60 bucks a week, minimum in take home pay, in comparison to having a loan and paying all expenses out of pocket.
I couldn't imagine going back to non-lease ownership of vehicle....until the time comes when the car is too old.

[lemusa]

Only downside their though trademarc is you can't modify it. A mates dad tried to put a tow bar on a company/leased commodore a few years ago and there was no way to do it. So he had a sedan + trailer but no way of towing. I know that's not everyones concern but if you want an exhaust etc it just causes headaches. Plus your paying for something you don't get to keep. It's a very good option if you want to update every couple of years though

[Slipper]

you might have started saving $60 a week, bu tyou also started paying for a car you will never own

[acex1138]

You will have no dramas mate if your financial capacity allows them to see you in a position well maintained to make the payments.

The P plate situation will have no bearing on it barring insurance worries, as long as you get insurance you can get the loan issued.

That however will be a worry, you can always get the insurance you will just be slugged painfully for it.

I got approved for $20,000 finance for my car, im on p1's in South Australia, I got approved to purchase an R34 GTS-T or a HSV Grange, pending the ability to get insurance.

The hsv was no dramas but after a test drive I just didnt care for it, at the time I was 21 and just wanted something that didnt feel grampa-spec.... felt like the car i'd get when I have a family.

The skyline was awesome, but hard to find one that hasnt been thrashed or modded so I couldnt trust them. Then started looking into the insurance... thought nothing of it as you see all these ads and stuff on TV about how budget direct guarantee to be cheapest, about 10 others make these ridiculous claims about giving you rating 1's etc.

So you take this all as expected, only to apply to these companies to be told er... we dont insure ANYONE under 30. Australian pensioners insurance even claim they offer insurance to anyone living with a member, but they are more drama then they are worth.

Everyone under 25 seems to be going to just car, and you can go with them.... if you want to pay through the nose for your insurance, have strict conditions put on you for everything, and 9/10 have a claim rejected (many mates have cancelled their policies with them, only friend I have who's content with them is a ditzy blonde who's had her claims paid out for reversing into stuff, but she's now paying more than me...)

I ended up going through SGIC who are awesome... $780 a year for comprehensive, $400 excess. I think interstate they are NRMA but i've heard some horror stories from them too.

Shop around and dont necessarily get the cheapest insurance get the best you can for your situation.... we only got the new stupidity laws where they think anyone with a P plate is going to kill themselves in a car with more safety features then a brand new model corolla, so you guys might already have insurance companies unwilling to take you on / wanting to gouge you.

[detox_nath83]

yeah its crazy the whole finance thing.. u get a loan for 20k u end up paying back 35-40k at the end of it.

best is to cover the interest and smack a fair bit of the principle as well, so pay double your minimum if u can smash it quick...

goodluck man

[87RB30VL]

That's why I never finance anything. My friend's GF finances so much shit, like their couches and her car and their TV, I'm like WTF I have all these things and me and my missus didn't finance anything. My mate financed his car, and it was $3000 and he's going to end up paying back like 8000 or some shit

[the_trademarc]

Only downside their though trademarc is you can't modify it. A mates dad tried to put a tow bar on a company/leased commodore a few years ago and there was no way to do it. So he had a sedan + trailer but no way of towing. I know that's not everyones concern but if you want an exhaust etc it just causes headaches. Plus your paying for something you don't get to keep. It's a very good option if you want to update every couple of years though

I suppose it depends if its Operating or Novated....mine's a Novated lease so the company bought the car off me, I lease it off them and have the option of buying at the residual value or upgrading at the end of the lease.
And you can modify it any way you like, its just out of your pocket, i.e. not covered by the lease....I upgraded my Exhaust Kit and they said it was fine, as long as I pay for it.

It could depend on company to company maybe?

[Reaper]

Only downside their though trademarc is you can't modify it. A mates dad tried to put a tow bar on a company/leased commodore a few years ago and there was no way to do it. So he had a sedan + trailer but no way of towing. I know that's not everyones concern but if you want an exhaust etc it just causes headaches. Plus your paying for something you don't get to keep. It's a very good option if you want to update every couple of years though

Lol - I'd be amazed if a manufacturer approved accessory is considered a modification. I'd just do it anyway.

Reaper

[undar8ed1]

I'm gunna get hated lol ba mk II xr6 turbo

Yer gonna get hated for not getting a BF mk II instead .