Car Loan

barfy · Post by **barfy** » Thu Sep 14, 2006 10:55 pm

Hey Guys,

The guy that wants to buy my car is having trouble getting finance as the FTO is a 1995 model and is now over 10 years old... Does this sound right ? I mean if this is correct we wont be able to sell our FTO's unless someone comes up with cash !!

Let me know if your having trouble selling your FTO because of this reason !

jonowong · Post by **jonowong** » Thu Sep 14, 2006 11:07 pm

doesnt sound right to me...

khunjeng · Post by **khunjeng** » Thu Sep 14, 2006 11:16 pm

it would be an issue if he is trying to lease it. but for a loan u can get it for anything.

fto617 · Post by **fto617** » Thu Sep 14, 2006 11:17 pm

apparently to have a secure loan with the bank, the car needs to be less than 3 years old so to remain security.
ask him to make a personal loan.

barfy · Post by **barfy** » Thu Sep 14, 2006 11:27 pm

Yeah but with a personal loan u need to prove wages and hes owns his own business and he cant prove his earnings ...

FTO338 · Post by **FTO338** » Fri Sep 15, 2006 12:21 am

How much is he borrowing?

khunjeng · Post by **khunjeng** » Fri Sep 15, 2006 12:40 am

enough to get an FTO...heheh 100k!

FTO338 · Post by **FTO338** » Fri Sep 15, 2006 1:00 am

Yeah i was waiting for a smartass comment from someone, the reason i ask is, if he borrow around 10k or less, then he could be easily get it, even people on centrelink can get that amount approval.

Anyway the point is, it depends on the amount, he could be just blowing sh*t. Plus there are heaps of financial institutions on the market, if he seriously want to get a small loan, its not hard.

barfy · Post by **barfy** » Fri Sep 15, 2006 1:15 am

FTO338 · Post by **FTO338** » Fri Sep 15, 2006 1:34 am

Seriously i think his got an unstable financial background. I just saw a car loan ad on TV, tell him to try it.

1300 CAR LOAN

And here's their website

http://www.mfw.com.au/car_dealerships.htm

DeFunkeD · Post by **DeFunkeD** » Fri Sep 15, 2006 9:47 am

if he owns his own business he may not be able to get a personal loan (need to prove income but as he has own business, very hard to prove that he has a stable income.) get him to contact a loans broker, or if he's a bit savvy he can do it himself, but basically he will probably need to get a LO-DOC loan (means he doesn't have to provide bank statements, proof of income, etc). much easier to get, slightly higher interest rate.

if he can't get one of those, he's probably had the crappiest financial history ever and has gone bankrupt or something. seriously, anyone can get a loan these days...

G_A_V · Post by **G_A_V** » Fri Sep 15, 2006 1:21 pm

He will need to get a personal Loan, the type of car he gets will not matter then because it is unsecured
I found the best rate for unsecured personal loans with hsbc 9.99%

lawrencetlc · Post by **lawrencetlc** » Fri Sep 15, 2006 1:39 pm

well i dont mind loan-ing for him... if he would like to pay 10% interest

that makes me earn a good 1.8k

JOeJOe · Post by **JOeJOe** » Fri Sep 15, 2006 1:43 pm

lawrencetlc wrote:well i dont mind loan-ing for him... if he would like to pay 10% interest
that makes me earn a good 1.8k

better then any bank and no tax to worry about on the earnings

DeFunkeD · Post by **DeFunkeD** » Fri Sep 15, 2006 1:46 pm

G_A_V wrote:He will need to get a personal Loan, the type of car he gets will not matter then because it is unsecured
I found the best rate for unsecured personal loans with hsbc 9.99%

lol, im paying 8.00%pa through NAB for a completely unsecured personal loan.

RedlineGX · Post by **RedlineGX** » Fri Sep 15, 2006 1:48 pm

I have my own business also.. Usually once you can get your bank to print out a transaction record for the last 6 months then they can see what your average monthly income is and then if need be get an accountant to do a simple expense report to show how much and how you spend your money to see how much you can qualify for.

JOeJOe · Post by **JOeJOe** » Fri Sep 15, 2006 1:51 pm

[quote="DeFunkeD"lol, im paying 8.00%pa through NAB for a completely unsecured personal loan.[/quote]

How'd you manage that? Student Loan?

sublime19 · Post by **sublime19** » Fri Sep 15, 2006 2:51 pm

I got a loan for my car, I paid $6000 cash and got a loan for the other $10,000. I told them which car I was buying, didn't have a problem at all, and they made the cheque out to the owner of the vehicle.
THey knew it was a FTO and wasn't a problem.

I went thru the national bank and the interest rate is 10.67% over 7 years (7 years as this works out at the lowest interest rate, and it's fixed)

so I don't see why your dealer should have any problems.

FTO338 · Post by **FTO338** » Fri Sep 15, 2006 4:21 pm

I think you guys need to look at BMW Finance, its 8% flat, there's no penalty on early pay out or lum some payment.

And yes they finance any brand, not just BMW.

DeFunkeD · Post by **DeFunkeD** » Fri Sep 15, 2006 4:52 pm

JOeJOe wrote:
DeFunkeD wrote:lol, im paying 8.00%pa through NAB for a completely unsecured personal loan.
How'd you manage that? Student Loan?

mates rates

nah, m part of nab group

FTO338 wrote:I think you guys need to look at BMW Finance, its 8% flat, there's no penalty on early pay out or lum some payment.

And yes they finance any brand, not just BMW.

would be interesting to see what fees apply to that...

sublime19 wrote:THey knew it was a FTO and wasn't a problem.

if you're talking about an unsecured loan, what you actually buy with it is irrelevant as far as the bank is concerned. approval for an unsecured loan is solely based on their analysis on your ability to pay (inc credit history).