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so i sealed the deal to buy a r34 and everythings going sweet.

then i call my loan company and they dont want to give me the loan because its not a big company.

they go they will give me the loan if i buy it from nissan (yeh as if, who makes those cars anymore)

unless i go for personal loan or to another company i cant get the loan. the only reason im with this company is because i get a interest rate of 8% but anything else is like 12%.

guys can u help me out here how can i get around this bs

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Head over to HSBC and take out a personal loan (for around $30k I'll assume)... you'll be hit with 9.95% p.a. fixed and have the option of paying weekly, fortnightly or monthly.

I went for a car loan with them (7.75% p.a. fixed) but that fell through as the 34 is a "grey import" so they won't do it.

Personal loans are better as the car is not held as security if you default, you don't have to have comprehensive insurance (I don't know why you wouldn't though) and the rate makes it only $20 more expensive per fortnight.

My 2 c

Good Luck

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so i sealed the deal to buy a r34 and everythings going sweet.

then i call my loan company and they dont want to give me the loan because its not a big company.

they go they will give me the loan if i buy it from nissan (yeh as if, who makes those cars anymore)

unless i go for personal loan or to another company i cant get the loan. the only reason im with this company is because i get a interest rate of 8% but anything else is like 12%.

guys can u help me out here how can i get around this bs

www.homepath.com.au

cheapest rate out there (for houses)

they do personal loans too Im sure

ask 'em, Im sure it'll be worth it

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I've never understood this!! I'm sure it's right as lots of ppl say to do it, but I don't understand how it works??

u redraw money you have already paid off your home. say u've paid 100k already. it then drops to 70k if u redraw 30k. just means your paying ur loan off longer so the bank gets more interest payments out of you.

of course your loan needs to have the redraw option available to it, as not all do.

another way is the revalue your house and draw against that if its more than original valuation when you got your home loan.

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Generally speaking a home loan will be much cheaper (interest-wise) when put in comparison to a car/personal loan. The simple matter being the longer loan terms, and ultimately the larger loan principles.

Think about it this way, the larger the amount you borrow the less interest the bank will "charge" you percentage wise. It's because the smaller percentage is still a HUGE amount and offsets the loss - also because there is less risk involved (you'll need much more credit to be able to borrow anything big).

Go enquire about borrowing a million dollars and you'll be very surprised at the interest rate that is applicable :)

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yeah i understand what you guys have said...

but say you have 300k loan and you add 30k for the car... so 330k loan. So you're paying interest on 330k every time they calculate it!

i would have thought you'd pay less interest by having the car loan seperate and having them calculate it on the 30k (even if the rates higher).

i hope I'm making sense :lol:

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