Car Finance

[AGE]

Well, i might be going back to the world of car ownership if all plan's fall into place.

So i'll need my own car (and it won't be diesel or Toyota!).... so it's time to jump through the car finance hoops.

So my question is.... who has what, dealt with whom, and who is just all around ace for car loans.

[macdog]

depending on how long a lease you want,

make sure you cop everything up front, you don't want to have a massive balloon when the time comes to sell your car..

because if the balloon is too high you'll have to put an exuberant price on your car which no one will take...

3 year lease with 30% residual should be good.

[AGE]

I'm thinking a good ole fashioned car loan...i own the car at the end of it.

Should I go the broker route or Google the shit out of it?

[mickr33]

Hi,

My wife works for a finance company and used to work for a car finance broker for years, so can give you some basic advice. So i will now hand over the keyboard.

Hi guys. Most finance companies dont like imported vehicles for various reasons, however you may find some lenders who will consider an application depending on your profile. eg. some have the following conditions: Must be a homebuyer, contribute large deposit ie. 30% and a shorter loan term of say 36 months. If you go down the broker track bare in mind that you will be charged a brokerage which for some brokers can be anywhere up to $1000. There is an option of an unsecured personal loan through a bank but then that also depends on variables such as how active your credit file is, stability in residence and employment, and whether you have conducted your account well eg. have not overdrawn it in the last 3 mths.

Just something to think about....

[alr33x]

what car you looking to get?

car finance you cant beat bmw finance also known as alphera (spelling) basically only ones without exit fee's and stuff but yeh if you go like personal loan interest rate is ALOT higher but as said above usually comes with "balloons" on finance but depends on your situation. advice is usually free just call someone up

[slinky-minky]

I would say BMW Alphera is great to deal with.That's who holds the finance on the Lancer, after I sold the car to my mum she kept the finance with me cos I'd had no problems with them.

*No balloon

*fixed interest

*they're happy to DD or for you to pay by Bpay

* Happy for you to pay extra with no fees

*No exit fees

*There pretty flexible if you can't make the payment, just ring with 2 or so days notice.

*Online account so you can check how much is left owing and anything else you need to look up

the catch?

They won't finance cars more than about 6 years old, and weather they like imports I don't know

[llama_au]

Secured loans (car loans) generally aren't available for cars over a certain age. The age varies between lenders. I've had unsecured personal loans on two of my cars. The interest is higher but I pay them off quickly so meh.

[saff_cossie]

Have done a number of these over the years so my 2c:

Evo VII was through Esanda. They were ok and accepted it being an import.

Evo VIII MR was also through Esanda as they had everything on file (had changed jobs but kept it as my previous one).

Cooper S was through Alphera as bought it from BMW

S4 through Alphera as BMW had all details.

I can't stand wasting time and sitting on a phone/faxing/scanning docs is a pet hate. I juggled the residuals with them and it will depend on whether you intend to keep the car long term. If you take it over 3-5 years and put a high (ish) residual on it, payments are lower and when you sell, you pay it out. This is good if you need surplus income each month. If you want to keep it long term, make the payments higher so you are not hit with $5-$10K + balloon at the end.

Also looked at novated options (drawing on Ferni's expertise) but instead just claimed the business usage seperately.

VII's are good value now, looking again myself. S4 for grabs if interested

[AGE]

Yeah, i''l be looking to buy a 9 yr old Lancer

Thanx for the Info. I've heard good things about Alphera. I was thinking Aussie Car Loans again, they were good the WRX.

[Cowboy1600]

I'm thinking a good ole fashioned car loan...i own the car at the end of it.

Should I go the broker route or Google the shit out of it?

Go to a Broker.

I work in the industry and I can tell you a good broker will get you the best deal.

Macquarie are doing pretty good car finance at the mometn but you'll only get it through a good broker.

Try and find a broker who is Accred with Connective. They are the best in the business.

[vic stagea mick]

if you have a good super fund try members equity there pretty good and better than banks got unsecuerd at 12.45% and no extra fees

[Johny Bravo]

I went an got a personal loan through my bank (NAB), there really straight forward and didn't stuff me around.