import car loan

[FLY GTST]

Hi,

I am after advice as to where to obtain a car loan to purchase an import. I have rung a few places but seem to either get knocked back or get hit with a massive interest rate does anyone know where to go?

Cheers

[predator]

have you tried a personal loan?

[FLY GTST]

yeah but the interest rates were around 12%

[predator]

even on a 20k loan @ about 11-12% the interest on a personal loan over about 3 years will be about $6k. Thats not too much when you average it out over that time into a weekly amount. And the difference between say 8% and 12% will only be a few $hundred in the end. Again, if the interest is too much then...

basically you'll struggle to get a "car" loan for an import

[timbar32]

Unless you're buying a new car, or one less than 5 years old, 12% is not bad at all. The longer you frig round trying to find lower rates, which you probably wont, the less time you spend driving a 'line.

[paulr33]

you wont be able to a get car loan for an imported car OR "non delivered" australian car because the insurer will use the car as backing if you defunct and they dont like to use imports because they feel it will be harder to sell and you wont get any parts cos it was sold in australia.

Also another major reason is that the car wont be in the red book which is what racv, banks etc look for to obtain car depreciation figures and car resale values (its basically where market value figures come from). Import cars dont get put in to the "red book" so a bank cant estimate its market value

Personal loan you will be limited to about 20k max unless you have shitloads of money in the bank and some good backing for it (good assests)

[BOOSTD]

you wont be able to a get car loan for an imported car OR "non delivered" australian car because the insurer will use the car as backing if you defunct and they dont like to use imports because they feel it will be harder to sell and you wont get any parts cos it was sold in australia.  

 

Also another major reason is that the car wont be in the red book which is what racv, banks etc look for to obtain car depreciation figures and car resale values (its basically where market value figures come from). Import cars dont get put in to the "red book" so a bank cant estimate its market value

 

Personal loan you will be limited to about 20k max unless you have shitloads of money in the bank and some good backing for it (good assests)

Most insurance companies now have The Red Book for Imports. It is widely available. I have had 29 cars mostley imports without a single hastle.

[pavel]

FLY GTST: Try Commonwealth Bank, i rang them few months back and they would give you the loan as long as you provide the receipts of the costs(shipping,Fob, etc). they have 11.95% p.a. i think.. and you can borrow up to 7 years.

[Bass Junky]

What the details on the car.

As long as its not going to be more than 8 years old after the loan is finished you should be able to get it somewhere.

BASS OUT

[XtRoN!C]

Hey d00d.

Most places wont give you a car loan, I had the same problem, but if you apply for a personal loan you should get one. With a personal loan it doesnt really matter what your using the money for. I went with HSBC I didnt have any probs.

They will lend for than 20K for a personal loan.

Xtronic.

Hi,

I am after advice as to where to obtain a car loan to purchase an import. I have rung a few places but seem to either get knocked back or get hit with a massive interest rate does anyone know where to go?

Cheers