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%