Car Loans !!!

[Insane_Metal_Man_666]

Hey There

I am Just curious what would be some good places to get a loan from

As i will be soon aquiring a VY commodore and will wanting to spend some additional cash on my ride.

If you could give me some ideas that would be great.

Thanks
Insane_Metal_Man_666

[minux]

It all depends, if you deal with one bank with home loans if you have one they can offer some good deals.

[gottavecalaisv]

usually depends on the amount you are borrowing and how old the car is. i just got a loan for my calais and paid 11.75% through GE money. i fair rate i think?

[naf33n]

@huwman62. is thats loans secured, cause thats sound about right for a unsercured loan, sercured loans are usually a bit lower.

Insane_Metal_Man_666. it depends on what you want. from my expereince car loans seem to be over a shorter period.ie 3 yrs. and you dont own the title of your car till its paid off. but they do usually have lower interest rates.

but personal are not sercured and can be around seven years, which means smaller repayments but usually a higher interest rate, but you own the car and can buy and sell cars as much as you like with the money without having to tell the lender

and also you say you want to modify it with some extra money. im pretty sure you will find it hard to get extra money over the purchase price with a car loan. but personal loans you can ask as much as you can afford(and be approved for) and buy your vy and get a extra couple of grand for mods without any dramas

[krazyboris]

When it came to our purchase, we looked at differant banks and their comparitive intrest rates. Then it dawned on me, I dont care what the intrest rate is, as long as I can get the car I want for the amount I can afford. So with that thought in mind, I begun calling around, and ended up going through Esanda (ANZ really) for our car loan, at around 11.5% for 5 years.

As for lending extra, that could be pushing it. Unless you are doing some form of a redraw on property, most lenders (bank wise) wont lend you more money than what they think the car is worth.

[minux]

Damn, you guys getting personal loans are getting severly ripped...buy a house then buy a car.

[gottavecalaisv]

whatever you do don't add it to a home loan as you will pay a heap more in the long run. the interest rate may be lower but it is over a much longer period,therefore will cost you more!

[EXCESSV]

as it has already been said if you want to draw more money than the car go for an unsecured personal loan.
i got one for my jetski coz i wanted it then and i was waiting on my money from an investment portfolio to cash out which could have taken up to 3months.
if you go the variable rate option you can pay it off as early as you want without penalties....
mine was set for 7years but i have paid it off in less than a year without penalties and the payments were tiny coz of the long period.

for my HSV R8...which got written off on new years morning....
i had a RAC car loan secured over 5years with Swann Insurance Loan Protection Insurance.
the rate was 9.25% variable which i chose coz i could pay it off as early as i want without penalty which proved wise coz i would have got less money back from insurance after write off due to penalties...
with the Swann Insurance Loan Protection insurance it protects you when you cant make repayments due to sickness, involantary unemployment, etc...even though you pay the 5years worth of policy in the one hit (which i just added to car loan) you actually get refund for whats left if you pay it off earlier...only pay what you use

choose fortnightly payments over monthly as you pretty much pay one repayment a year extra...
the loan if all your repayments are made and there are no issues also adds to a good credit rating so try and do the right thing by it coz it might bite you in the ass when you need other loans...eg: car, house, etc

[spice weasel (BAM)]

I agree with Minux. House then car. If you are paying over 10% for a secured car loan you are getting ripped.

My wifes car is currently at 8.7% fixed for the term and we do my car thorugh work at home loan rates currently 7.2% fixed.

Unsecured you are looking at around the 11.5% mark at the moment.

If i were you i would do the math, it would be better to loan at the lower rate and save money to do mods, its amazing what a couple of extra percent will do to the amount of interest you will have to pay back

[Insane_Metal_Man_666]

Hey,

Thanks For all your wisdom and advice, I will surely think about in the next couple of months when getting my first car.

Thanks Heaps

Insane_Metal_Man_666

[grimavxs]

From my experience, personal loans can be restrictive when it comes to additional payments per month over the required payment.

I ended up getting a credit card from St. George at 9.75% for purchases and cash advances (they dont advertise - but if you haggle you can get this rate).

Borrowed 9k and with 4 or 5 i had and got the car I wanted.

This was around a year ago and the credit card's paid off

[EXCESSV]

From my experience, personal loans can be restrictive when it comes to additional payments per month over the required payment.

well the personal loan for my jetski wasnt restrictive at all.
paid as much or as little extra repayments as i wanted.
as long as the minimum was coming out they didnt care. no extra fees, no penalties...
redraw options at $25 a pop as well so even if you get ahead and then need some money can borrow some back as long as your ahead
$17K personal unsecured loan....jetski cost $22K.....and its paid in less than a year with no early contract termination fees, etc....

maybe do some more research next time.....mine was through ANZ

[EXCESSV]

Damn, you guys getting personal loans are getting severly ripped...buy a house then buy a car.

yeah well i would love too but unless i can get my income close to $100K the bank wont even look at me with the ridiculous high prices for houses in perth due to this boom.....
median price is currently at $460K

[Bravotwozero]

yeah well i would love too but unless i can get my income close to $100K the bank wont even look at me with the ridiculous high prices for houses in perth due to this boom.....
median price is currently at $460K

I hear you on the Perth housing market. My wife is from Perth and her brother is going to have to buy a house soon. He works at Officeworks so good luck to him. Well he's an asshole anyway!

But if people weren't willing to pay insane prices, they wouldn't be so high.

[walesy]

defence force loans are more like 4%... so ill be getting a loan for a new car but not before ive save up as much in cash as possible

[Insane_Metal_Man_666]

defence force loans are more like 4%... so ill be getting a loan for a new car but not before ive save up as much in cash as possible

Man that is pretty good 4% loans i wish... lol