OK so the finance mob called up the place where i work to ask if i am still working there, and all was well:thumbsup: and so after work i gave them a call myself to see how things where, and they said it all looks good and that i can get a loan up to 16K! So i said well the car i want for work is only 4K and that is enough for me, and they said to go down to the yard and fax through a copy of my rent reciept and we can go from there! BUT.... When i went down to the yard, just after the guy had faxed through my stuff, he came out and said to me do you want the good news or the bad news? and i said give me the bad news first and he said that the only way i am going to get the finance is if i get a later model car, and that they guy i had spoken to was an idiot and was not the person that was supposed to be handling my profile!! so i said well what can i get? and he said that the car had to be @ least a 2002 model or later! so he said pick out 3 cars that i liked and the only ones there for less than 25K and above 2002 where a vy berlina v6 (23K) a 2005 xr6 (23k) and a 5speed manual xr6turbo for 24K so i took the xr6turbo for a spin, and said well see how the finance goes ect..! I know i probably wont get finance for any of them although he said he,s 100% sure he can get the finance for the berlina, But i dont want to get this much into debt for a car, i was happy to get a vl commy for a daily, but none the less i will see what happens!!
sounds a little sus! did you ring the finance company and double check? Maybe the sales dude is just trying to get you to spend more than you need to?
I havent had a chace to call them yet, (after i left the yard i had to give my dad a hand) but im going to call them tomorow after work!
I know. But they go just by the amount you have on your file. Approved or not. I had about 5, 3 of which were approved. But regardless, it was still classed as too many for a 12 month period.
Hey mate, to me that doesn't sound all that good to be honest. Buying a newer car will cost you more on insurance (I'm pretty sure they will demand full comp) as well as more expensive repairs (if you go through a mechanic). Is it worth going into debt many thousands more than what you expected for a newer model car?? Surely you can't get a personal loan from a bank, financial institution, the RACV ect ect for say 10k, spend 4k on the VL, then put the rest back onto the loan, that way you are well ahead of repayments and only have to pay back a tiny amount to cover the remaining balance.
This is what im looking @ doing! banks wont touch me, but my next door neighbour (good mate) said to try a company called flexi rent, (wich i will be giving a call today) so if i dont get approved for the finance for any of the above cars, or if repayments are to high, then i will be going somewhere else!
No its not mfw its through some other company, its like aussie loans but i cannot remember the complete name!
I don't know about you, but I'd stay away from flexi rent. I had to go to court to get my money back because they did the accounting wrong. I paid more than 2 grand extra over the loan and they failed to notify me that I had paid off the loan!!! I'm not saying it will happen to you but proceed with caution and make sure you check your statements from time to time. Lucky I checked mine. and I have requested my money back, didn't get the answer I want so I took it to tribunal. But thats back in 2005.
Dont mean to be rude but if you are getting that much a week how is your wife entitled to Centrelink? My gf does not work and her hubby gets $55k a year and she gets $400 a f/n plus now you are going for much more than what you need? sorry but something is not right here, you are on about 75k a year if you are bringing home 1.5 a week, unless you have major outlays then you could save $500 a week and have the car in 2 months and not have to worry about all this, plus just looked at centrelink website, she should only get $150 a f/n with you earning that much money, are you telling us the truth? or do you just exceed your weekly payments? and that is why you can not get a loan? if so then there is not way you will afford the finace you are going for! sorry but you wanted opinions!
Are you talking to me or garth?? i get $600 take home a week and my wife gets $450 a fortnight for family tax benifit! thats what i think!
well i got approved from the finance company to buy the xr6 for 20k! i took the finance paperwork home this arvo to have a look over and a read through, and i have told both the car yard and the finance company that i will have a read of it over the weekend and think about it! I have also applied for a small loan this afternoon through another finance company!
i have found a silver 2003 model xr6turbo @ another yard for 20K in good nick with 114xxx on the clock its an auto well @ least the missus can drive it), i will see if the finance company will approve me for that! As at least if i am going to get into debt for a later model car, then it will be something i want!! They reckon the reason they didnt approve me for the xr6T @ this yard was because it was a 2002 model and they only approve models after 2003 ect! so if they where lying to me (i.e not wanting to finance me for a turbo charged) then this will put them in their place, and let me know where i stand! All in all im not going to go ahead with anything untill after wednesday, as i posted earlier on that i have applied for a small loan for another car, but i wont know anything back untill after tuesday!
you wont get a loan for the vl because it's worth $1500 and if you defoult they cant recoup. plus they wont make much on intrest. the vy on the other hand is on par, the xr6 is under valued so you will get a loan.
Well im off soon to take the xr6 for a spin and then off to the other yard to take the xr6T for a whirl!
Carful with them giving you 20k, like a post sais above, this will put you into the high risk category, that some finance companys like as they charge you maximun interest rates on the biggest loan they can give you so they can make max profits, and beware if you miss a payment with these sorts of mobs, they will heckle you straight away and will reposes the car at the drop of a hat, and leaving you worse off than ever. Could i just enquire as it sounds like your at that dodgy fleet sales mob, if you are then run. Its alot of debt for what you earn, ontop of your weekly expenditure, you dont want to jepodise your families life style for a car. Try to stick to your planned amount or you maybe have to find somthing even cheaper for the moment to tie you over until you can save enough money.
The contract is over a seven year period @ an anuall rate of 14%, by the time the loan would be paid out i would have paid off 40K! Now im being honest here, i dont know much about big loans so does that sound like and average interest rate ect ect or am i getting ripped??
it's all about the finance company managing their risk. cars depreciate and get crashed, so they're considered a high risk. the fact you need a loan for a car indicates you are at higher risk of default than say, james packer. they balance that risk by charging you an exhorbitant interest rate - 14%. personally i would not take out such a loan. i'd buy a s***box for $5k and save up until i could afford the better car. by the time you can, you will be way better off than if you'd paid out the full $40k on that loan, which is a complete ripoff in my view. it's a simple case of having something new and shiny today, but creating a problem for tomorrow. i always ask myself - where will this leave me in 5 years time? the answer in this case is - not that good a place.
Thanks for the advice! I have decided not to go through with the loan, your right, i will have to just save up, or try and get a smaller loan somewhere else! Just went and ripped up the contract and threw it into the bin, so i dont get sucked in later!
