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Car Loan Query
Posted: Thu Nov 01, 2007 9:21 pm
by Nacho
I actually paid for my FTO in full 6 years ago so never gone anywhere for a car loan before.
Anyone know of any good financial institutions that do a decent interest rate and term for a car loan?
I don't even know roughly what the current rate is in terms of car loans.
Posted: Thu Nov 01, 2007 9:41 pm
by JOeJOe
I wouldn't get car finance, rather go for a personal loan interest might be higher but it's better for you. a lot of fine print in car loans.
Posted: Thu Nov 01, 2007 11:17 pm
by FTO338
It depends on the purpose of the car loan, there are basically 6 different type of car loans.
*Operating Lease
*Finance Lease
*Commercial Hire Purchase
*Novated Lease
*Personal finance
*Secure Car finance
All with different rates, running cost and different tax claim benefit. So you need to tell us what you really after and whos actually financing the car (youself or your business or the company you working for)
Posted: Fri Nov 02, 2007 4:05 pm
by Nacho
Umm.....what?
Basically just wanna buy a car on private sale so I'm assuming that's personal. Just a daily driver I'm after and got nothing to do with business.
What's the rate on personal loans these days?
Hope that gives you more info.
Posted: Fri Nov 02, 2007 4:23 pm
by JOeJOe
Depends who you go with, best to check the rates on the bank's site.
Posted: Fri Nov 02, 2007 6:09 pm
by eThix
lol ok, i think he wants to know whats best, his got no idea whats the best loan so he was checking if use know
Right?
because i will be in the same boat soon
so i'm keeping a close eye on this heheh
Posted: Fri Nov 02, 2007 7:32 pm
by Nacho
Hahaha yeah you beat me to it dude. It would be nice to get some idea as there's heaps of people who do loans. Recent personal experience would be good.
Posted: Fri Nov 02, 2007 8:40 pm
by JOeJOe
My current personal loan is with bankwest, not sure if they operate in VIC though. $150 setup fee, no monthly 10.99% fixed.
Posted: Fri Nov 02, 2007 9:11 pm
by jonowong
if the car is a business purposes car!
u can depreciate it over a few years!
and claim deductions!
Posted: Fri Nov 02, 2007 9:49 pm
by FTO338
Nacho wrote:Umm.....what?
Basically just wanna buy a car on private sale so I'm assuming that's personal. Just a daily driver I'm after and got nothing to do with business.
What's the rate on personal loans these days?
Hope that gives you more info.
Since you already got a home loan and going to get the car for personal use, then i suggest you re-draw from the equity. In that way you be on home loan rate, which are lower then the best personal loan rate.
Posted: Sat Nov 03, 2007 3:53 pm
by Nacho
Hey there's another option. Sounds interesting.
And Joe that's actually not a bad rate. I thought it was gonna be 15 or 16 percent or something ridiculous like that.
Posted: Mon Nov 05, 2007 8:19 am
by topao
Try Taking a look at Moneybuddy.com.au that might help ypu out with comparing the diferrent types of loans
Posted: Mon Nov 05, 2007 7:31 pm
by Nacho