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Car Financing For V36 Import

kai_isman

By kai_isman,
in Importing Vehicles

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kai_isman Rookie

kai_isman

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Hi guys,

Just a question for ppl here that have imported a V36 from Japan through an agent, how did you guys get car financing or did you guys just pay straight cash?

I am interested in purchasing a V36 but from what i heard, its almost impossible to get secured car finance for an freshly imported car as opposed to buying an already imported car from someone.

Any thoughts?

Thanks

Khai

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PRIMO Experienced

PRIMO

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From a banks point of View .. TO HARD..... the vehicle is not in Australia so they have no way of knowing if it will even arrive.

your only option would be to get an importer or Broker to front all the costs up until the point of registration then your bank would do a loan that is of course if you qualify.

I have on the other hand have had many customers Borrow from the bank a personal unsecured loan for the purchase. this would be the only option to finance from Japan. bear in mind the banks usually have a limit for the amount they will loan unsecured depending on your assets.

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kai_isman Rookie

kai_isman

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So from what i gather, the options are

1) getting an unsecured personal loan to import a V36 and get slapped with higher interest rates.

2) buy a used already imported V36 from a private seller here and get a secured car loan with lower interest rates.

It takes about mid 30k region to get a V36 SP landed and complied whereas its about the same price or slightly higher to buy a used imported V36 from a private seller.... Is it safe to say that option 2 would the best option?

Rgds,

Khai

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Shazbanger Community Regular

Shazbanger

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As a Bank Manager at one of the big 4 banks, I feel qualified to answer this.

An unsecured loan for the time being would be the best way, so you can at least get it into the country. Simple, and easy. But yes, higher rate of interest.

The other option, is to see if the bank will take collateral over the car, using the VIN number. Sometimes, they will just ask for the invoice of the car purchase, which I'm sure an importer would provide, and secure the loan against the car. The only issue here, is that the car won't have a record as such in Australia, and might make for the PPSR searches to be a bit difficult.

The last option, if you have a mortgage, is to setup a line of credit against your property, at home loan rates, and use that. You'd obviously need to have sufficient equity in your house, and the LVR needs to be within the range of 80% or below.

Good Luck mate!

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kai_isman Rookie

kai_isman

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As a Bank Manager at one of the big 4 banks, I feel qualified to answer this.

An unsecured loan for the time being would be the best way, so you can at least get it into the country. Simple, and easy. But yes, higher rate of interest.

The other option, is to see if the bank will take collateral over the car, using the VIN number. Sometimes, they will just ask for the invoice of the car purchase, which I'm sure an importer would provide, and secure the loan against the car. The only issue here, is that the car won't have a record as such in Australia, and might make for the PPSR searches to be a bit difficult.

The last option, if you have a mortgage, is to setup a line of credit against your property, at home loan rates, and use that. You'd obviously need to have sufficient equity in your house, and the LVR needs to be within the range of 80% or below.

Good Luck mate!

Thanks for the tips mate.

But what about the 2nd option I mentioned, which is to get a secured car loan for a used car of an already imported V36 from a private seller? Wouldn't that be the way since the price to get it landed and complied is about the same anyways.

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Shazbanger Community Regular

Shazbanger

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Thanks for the tips mate.

But what about the 2nd option I mentioned, which is to get a secured car loan for a used car of an already imported V36 from a private seller? Wouldn't that be the way since the price to get it landed and complied is about the same anyways.

Yeah, they should secure it against a car that is already in Aus and has been complied/registered. I don't think you'd have an issue here. This would be the easiest, and cheapest way to do it. You just don't get the benefit of as much choice in AUS, compared to Japan.

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30ONA Enthusiast

30ONA

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I just had this exact problem but had no option other than unsecured loan. Won't finance a car purchase without registration. Avoid this if you can, because once you have the loan for the car they won't refinance it in your name as you are not buying it therefore it is not a car loan but another unsecured loan for refinancing. I was considering selling to my wife so she could get a secured loan on the car but she can't get approval for the amount. As others have said, use a mortgage or other means, avoid the unsecured loan at all costs.

Also you don't need to spend 30k for a PV36. I got mine imported and on the road for 19k, 2007 model sedan. It is in show room condition but I chose to go higher mileage than most, 103000k's. But like I said excellent cond.

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Shazbanger Community Regular

Shazbanger

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because once you have the loan for the car they won't refinance it in your name as you are not buying it therefore it is not a car loan but another unsecured loan for refinancing.

Hi mate,

May I ask which bank this is with? PM if you prefer. I know this is certainly not the case with all banks, and we prefer to have some kind of security / collateral (ie: a car) then nothing at all, so if shit turns south, we have means to recover the funds.

Cheers,

Shaz

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30ONA Enthusiast

30ONA

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I'm with westpac, I called a few places they all said the same thing. Even though the car is valued at more than the loan I still can't find anyone to finance with. Seems to be their policys, won't refinance an undescured loan with a car/secured loan.

Hi mate,

May I ask which bank this is with? PM if you prefer. I know this is certainly not the case with all banks, and we prefer to have some kind of security / collateral (ie: a car) then nothing at all, so if shit turns south, we have means to recover the funds.

Cheers,

Shaz

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30ONA Enthusiast

30ONA

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pretty sure I tryed Bankwest. Called them before I bought the car and they wouldn't give me the loan because it was an import and not in the country yet or registered, they also told me they couldn't refinance later even if they did give me the loan. Worth trying again though, sometimes it depends who you talk too.

Hey mate,

Try Bankwest, or Esanda. I know they will do what you're looking for, so long as your car isn't more then 7 years old.

Cheers,

Shazza

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kai_isman Rookie

kai_isman

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pretty sure I tryed Bankwest. Called them before I bought the car and they wouldn't give me the loan because it was an import and not in the country yet or registered, they also told me they couldn't refinance later even if they did give me the loan. Worth trying again though, sometimes it depends who you talk too.

Do you mind me asking what interest rates you are getting for the unsecured loan? Is it anything above 14%?

Rgds,

Khai

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  • 2 weeks later...
kai_isman Rookie

kai_isman

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Thts good news. So they will refinance you as a secured loan? How are you actually doing that since you actually own the car with no loans attached to it since your original loan was unsecured? Did you just 'sell' it to your wife and financed it under her name?

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30ONA Enthusiast

30ONA

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It's a secured personal loan refinance with the car as insurance.

Thts good news. So they will refinance you as a secured loan? How are you actually doing that since you actually own the car with no loans attached to it since your original loan was unsecured? Did you just 'sell' it to your wife and financed it under her name?

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  • 4 weeks later...
Seano350GT Veteran

Seano350GT

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Do you mind me asking what interest rates you are getting for the unsecured loan? Is it anything above 14%?

Rgds,

Khai

Interest rates will vary on the individual, so asking him is kind of pointless but i guess it may give you a bit of an idea..

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