Unsecured Car Loans

[gareth669]

Hey guys I've just turned 18 and I'm looking to get a 10 grand loan for a 200sx. I've applied to a few banks and been knocked back for a unsecured loan for an import. Are there any banks you guys have had good experiences with? Because i don't want to get to many inquires on my bank history.

Thanks in advance

[RICCA]

I used Bankwest and everything was fine

I guess it comes down to you income and if you got a stable job to do re-payments

is the car selling Prvt or car yard ?

[GTS-t VSPEC]

I wouldn't be buying an import unless you have a good job, there not cheap to run.

[ZXY]

the bank would want to see your bank history if you are getting an unsecured loan. They would want to protect themselves even more, if there is no collateral if you default payments. I doubt you would be able to borrow any sum of money near 10k on a private loan without showing your bank history. They would probably want to see your credit history as well, and a stable job ontop of all that.

Age might not look favourably into it as well, but you can always try out the small finance companies like Esanda or GE. Be prepared to pay a high interest rate.

[racegtst]

I am surprised the banks did not tell you to get a credit card for that amount.

The current credit crisis would not be helping at all atm!!

[RICCA]

in saying that i was only 18/19 when i got my loan for the r34

and i only had my job for 3 months but was getting good money and was not in debit so if u got a bad history no one will take ya!

[Pattygtst]

if you have been knocked back by a few banks more then likely the result will be the same for the rest of them. Then your options become smaller and alot more costly with places that give you loans when all the rest knocked you back. You generally need a large deposit with those and there interest charges are through the roof.

Try citibank and see if they approve you. Their interest rates are better then anything else i have seen. If you dont mind customer service worse then a monkey's they are a good option.

[Mattikin1]

i got my 10k loan from westpac i think but they asked bout my job if your casual you need to at least been working there for 1 year i was lucky though i was working just under a year and they decided to give me the loan i cant remeber much else from what they asked me though but i know they were mostly just simple questions mainly bout my job and i didnt say i wanted an import i just asked for an unsecured loan so i could get a new car cause i had problems with my other one. it also depends on how lon you chose to pay it off i did it over 10 years i think but thats cause i get enheritance when i turn 21 so i can pay the rest off wen i turn 21 but note i didnt tell them bout my enheritance so that didnt have anything to do with them giving me the loan. just keep asking around.

good luck with it.

Edited January 7, 2009 by Mattikin1

[gareth669]

I used Bankwest and everything was fine

I guess it comes down to you income and if you got a stable job to do re-payments

is the car selling Prvt or car yard ?

The 200sx I'm looking at is private and I'm with bank west they knocked me back but didn't give me a reason.

I'm also employed full time and have been for 6 months and i have 4 grand to put towards the car/insurance most to insurance.

I was planning on finding a new bank that doesn't mind unsecured imports and putting all my money into that account and get my pay directly into that account so they can see my income which is around 40k a year.

Also i have no debt and no credit cards or anything of the sort.

Edited January 7, 2009 by gareth669

[zach.r]

i was with bank west same as you had some money saved towards the car and a full time job for 6 months seems wierd you got knocked back did you have a list of your assets and worth, also weekly spending cause that helped me you dont have to tell them its for an import just say a new car thats why its an unsecured personal loan

[ZXY]

why do you not want too many enquiries into your bank history? You do realise, that if you have a bankwest account and you ask them for a loan, they have full access to your bank history. Seems like you make decent coin and i wont see why they wont give you a loan unless you have a bad credit history

[bryno]

maybe a personal loan rather than a car loan? Members Equity has some good rates. Must be a fairly new car, thought most banks had a pretty restrictive age limit on car loans.

[gareth669]

why do you not want too many enquiries into your bank history? You do realise, that if you have a bankwest account and you ask them for a loan, they have full access to your bank history. Seems like you make decent coin and i wont see why they wont give you a loan unless you have a bad credit history

I had no idea that just applying for loan pre approval gave you a enquiry i applied to 6 different banks and i had no idea that they would think i wanted 60k instead of one 10k loan that was 2 months ago. I'm going to try again in a few weeks just need to find a new bank, thats my eniter credit history never had mobile phone bills i havnt paid or anything like that.

[gareth669]

i was with bank west same as you had some money saved towards the car and a full time job for 6 months seems wierd you got knocked back did you have a list of your assets and worth, also weekly spending cause that helped me you dont have to tell them its for an import just say a new car thats why its an unsecured personal loan

I did apply with bankwest and they declined me with no reason.

[gareth669]

maybe a personal loan rather than a car loan? Members Equity has some good rates. Must be a fairly new car, thought most banks had a pretty restrictive age limit on car loans.

Yeah the 200sx I'm looking at was 1997 so it has to be unsecured.

[zach.r]

just to make sure the loan you applied for was an unsecured personal loan or was it a different type ?

[gareth669]

just to make sure the loan you applied for was an unsecured personal loan or was it a different type ?

Yeah it was Unsecured personal loan or unsecured car loan some banks called it different

[hoony]

Unsecured Car Loan and Unsecured Personal Loan are totally different, they don't call them differently...

i used to work for Citibank in the Credit Card department but i knew a little about Personal Loans...

i would apply for a Personal Loan, if they ask you what you want to use it for you say a holiday, pay off some little debts or whatever (like you owe your mum a few hundred bucks etc.) and that you might even buy a car that's more reliable than the one you already own... that would give you more chance of getting the loan, thing is... if you have applied at a few banks before and have been knocked back, you won't be able to apply for any 'CREDIT' for the next 3 months, that includes Loans, Credit Cards and Mobile Phone Contracts etc.

so if you have been declined 'CREDIT' within the last 3 months (some banks even ask you to wait 6 months) then i wouldn't keep applying, they don't tell you why but most of the time you need to wait, i would double check with them and tell them you have applied and ask if it would affect the application you're putting through that day

if you want to know anything else, just pm me... i don't want to keep ranting and boring people out, cheers

Andrew

[bubba]

I've had a 12k and 20k unsecured loan with St George, that was a while ago before this whole global financial unstability thing though.. banks are probably a bit more cautious nowadays.

[ash_29]

I work for bankwest Personal Loan lender, strange u got knocked back mate, doesnt make a dif to us whether its an import or not. And yeh because of current global credit problems all banks have raised their risk intake levels