Car Finance - is there a 3 month rule?
#1
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Car Finance - is there a 3 month rule?
We went to look @ a car yesterday with a view to getting it on finance. However the guy there told us we had to be in Oz for at least 3 months before being considered for finance?! My partner has transferred from the British Army into the Aussie Army so has a guaranteed wage plus we were gonna put $5 to $10k down on it as a deposit. So, was this guy right, to be honest he did seem a little bit unsure...
#2
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Re: Car Finance - is there a 3 month rule?
We went to look @ a car yesterday with a view to getting it on finance. However the guy there told us we had to be in Oz for at least 3 months before being considered for finance?! My partner has transferred from the British Army into the Aussie Army so has a guaranteed wage plus we were gonna put $5 to $10k down on it as a deposit. So, was this guy right, to be honest he did seem a little bit unsure...
#3
Re: Car Finance - is there a 3 month rule?
We went to look @ a car yesterday with a view to getting it on finance. However the guy there told us we had to be in Oz for at least 3 months before being considered for finance?! My partner has transferred from the British Army into the Aussie Army so has a guaranteed wage plus we were gonna put $5 to $10k down on it as a deposit. So, was this guy right, to be honest he did seem a little bit unsure...
#4
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Re: Car Finance - is there a 3 month rule?
But each company can of course make up its own rules. It's up to them who they want to lend money to.
Maybe this particular company has had bad experience with new immigrants taking out loans, then hightailing it out of Oz and never paying back the loan. So, this company has decided to haev this three-months rule.
But why are you taken the car dealer's finance option anyway? These deals usually have much higher interest rates then a bank loan. Why don't you take yourself to your bank and ask them for a car loan?
#5
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Joined: May 2008
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Re: Car Finance - is there a 3 month rule?
We went to look @ a car yesterday with a view to getting it on finance. However the guy there told us we had to be in Oz for at least 3 months before being considered for finance?! My partner has transferred from the British Army into the Aussie Army so has a guaranteed wage plus we were gonna put $5 to $10k down on it as a deposit. So, was this guy right, to be honest he did seem a little bit unsure...
We were offered car finance when we went to Wippells on arrival - it was with St George bank as I recall. Ended up not bothering in the end but the finance was available.
It's also worth looking at credit unions for car loans - we recently used Savings and Loans credit union when we bought a new car recently
http://www.savingsloans.com.au/Default.aspx?p=1
Their interest rates are very competitive. They're based in Adelaide but were happy to take business from us in Qld
#6
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Re: Car Finance - is there a 3 month rule?
We went to look @ a car yesterday with a view to getting it on finance. However the guy there told us we had to be in Oz for at least 3 months before being considered for finance?! My partner has transferred from the British Army into the Aussie Army so has a guaranteed wage plus we were gonna put $5 to $10k down on it as a deposit. So, was this guy right, to be honest he did seem a little bit unsure...
#9
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Location: Brisbane, QLD. (Though an Ulster girl through and through!)
Posts: 6,578
Re: Car Finance - is there a 3 month rule?
Hi Jen
We were offered car finance when we went to Wippells on arrival - it was with St George bank as I recall. Ended up not bothering in the end but the finance was available.
It's also worth looking at credit unions for car loans - we recently used Savings and Loans credit union when we bought a new car recently
http://www.savingsloans.com.au/Default.aspx?p=1
Their interest rates are very competitive. They're based in Adelaide but were happy to take business from us in Qld
We were offered car finance when we went to Wippells on arrival - it was with St George bank as I recall. Ended up not bothering in the end but the finance was available.
It's also worth looking at credit unions for car loans - we recently used Savings and Loans credit union when we bought a new car recently
http://www.savingsloans.com.au/Default.aspx?p=1
Their interest rates are very competitive. They're based in Adelaide but were happy to take business from us in Qld
@ Billy: We want to get a car on finance because we want something more reliable than the banger we bought for $5k, to take us further afield, as in all honesty, we'd not risk driving something of $10k and lower on a long journey, and because, it's what we want to do, rather than waste all of our savings on a car! Simple enough really...
#10
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Re: Car Finance - is there a 3 month rule?
Try Nissan, they offered us finance the first week we landed and this was on a temp visa. However requires slightly higher deposit.
It was Perth, but may be worth trying your Nissan city dealer.
Gems
It was Perth, but may be worth trying your Nissan city dealer.
Gems
#11
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Joined: Dec 2007
Posts: 530
Re: Car Finance - is there a 3 month rule?
http://perth.gumtree.com.au/c-Cars-V...AdIdZ184745255
and this one bid them $10000 you may get it for $10500
http://perth.gumtree.com.au/c-Cars-V...AdIdZ184721770
you don't have to have the latest fancy car you only need it to get you from a to b, change it in 12 months
use your money else where you will need it.
Last edited by billymacker; Feb 13th 2010 at 1:21 pm.
#12
Re: Car Finance - is there a 3 month rule?
We went to look @ a car yesterday with a view to getting it on finance. However the guy there told us we had to be in Oz for at least 3 months before being considered for finance?! My partner has transferred from the British Army into the Aussie Army so has a guaranteed wage plus we were gonna put $5 to $10k down on it as a deposit. So, was this guy right, to be honest he did seem a little bit unsure...
I'd say this fella is talking out of his hoop!
#14
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Location: Perth, WA
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Re: Car Finance - is there a 3 month rule?
You could also try a secured car loan from your bank.
#15
Joined: Sep 2005
Posts: 23,400
Re: Car Finance - is there a 3 month rule?
I think whatever car you get, don't compromise on safety features and if that means paying a bit more then so be it. Getting from A to B is one thing we all have to do but I know I would rather have a newer car to do it in.