Car Loans
 

How long do u need to have had a bank account open in order to get a car loan? Anyone know?

Gav

Re: Car Loans
 

It doesn't tend to matter. The more of these you have, the better: PR, Permanent employment (past probation period will help), deposit or security etc etc

Re: Car Loans
 

Am going to be in full time employment but am gonna need a car more or less as soon as I start (i.e. pre probation). I guess it would be an idea to try and bring cash then?!

Cheers,

Gav

Re: Car Loans
 

I have a related query so thought I'd raise it here. My girlfriend is applying for a car loan in Sydney and has been told there is a monthly service charge of $10. So a 7 year 84 month loan would incur $840 of service charges. There's also a $150 arrangement fee. All these charges are unheard of in the UK - is this normal in Oz or should she query them? Any guidance appreciated.

Re: Car Loans
 

Everything incurs charges here of some sort, just got to deal with it. It's Australia not the UK. Is hard smetimes to stop comparing, especially when all the rip off charges get flung at you.

You can hire a car for $30 per day, so don't panic about buying on your first day.

Re: Car Loans
 

$30 a day? From the usual hire places or lesser known ones? Any links?

Cheers,

Gav

Re: Car Loans
 

Bayswater web address is www.nobirds.com.au

Perfectly decent outfit, not a backstreet garage. You can only get a white Toyota Corolla, but who cares. sometimes specials on at $15 per day !

I used them for a month with no hassle.

Re: Car Loans
 

Yeah there does seem to be more of a US style charge culture in Oz. Was just looking for advice on whether a $10 charge on top of every loan repayment instalment was normal?

Re: Car Loans
 

I can highly recommend a good broker if you still need a car loan. I used him for mine and so do a lot of my colleagues.

PM me if you need info.

Cheers,
Mark.

Re: Car Loans
 

I would tend to bring cash, I had a bad experience when I arrived here ins Brisbane ( I am a from NZ ) I thought I really needed a car, I did have a job contract also, the bank wouldn't lend me money until I had been here 3 months, I found a car on ebay worth $7000 that looked good, I had $1000 deposit and the guy said he could organise finance as he was a legal car dealer.

This sounded great so off I went, took the car for a test drive, he said he'd get back to me as to whether I could get finance. The next day I got a call saying it had been approved, woohoo. So I went to his dealership and he had a loan broker as he called him. I went through the paperwork with warranties which all looked good, I gave him a deposit and then it came to the finance.

WEEEELL, I read it carefully and they were going to try to charge me 27% interest, $990 broker fee, $880 security shortfall and about another $400 for setting up the loan, my heart jumped I I thought I'd been had, BUT nicely said PISS OFF and they tried for the next hour or so to tell me how much i needed the car and no one else would lend me the money, I told them I didn't need it that bad, and in the end was lucky enough to get my deposit back. All up the car would have cost double its value if i had done it.

I'm lucky I'm a tight ass as the broker was very big and intimidating and it was a pretty scary experience but I stood up for myself and walked away from the car.

I have now been in Brisbane for over 2 months and still no car with a family, but the bus/train service is very good and I'm lucky enough to have a work vehicle to use after work.

All I can say is BE VERY CAREFUL about loans in OZ!

Cheers
Scott

Re: Car Loans
 

Never ever never ever get a car loan from a used car yard.

Re: Car Loans
 

Try All Age Car Rentals in Surfers Paradise http://www.surfersparadiserentalcars.com/index.php

They do new cars on long term leases around $ 500 a month (which is cheaper than repayments on a car loan) and your lease covers registration and insurance too. :thumbsup: have to phone for longterm quotes though but the numbers on the website.

Re: Car Loans
 

Exactly the same thing happened to me the other week! It was through the largest non franchise dealer in Brisbane so they were hardly dodgy. They tried taking me to court for 10% of the purchase price when I said no. Luckily I escaped and only lost my $100 deposit!!!

Re: Car Loans
 

Don't know what they are like now but you are probably right there.

First car I bought was from a yard,the friendly guy at Commonwealth bank told me they were OK and did good deals.Went there and they were OK (I think).The car was $2400 and I had $2000.As my tax rebate was due in a few months they said just come back with the $400 after I get my rebate.So 3 or 4 months later I went back and gave them the $400.

The next car was financed,I think it was for 5K.Friendly salesman told me the low monthly payments for 4 or 5 yrs.I read the form and saw the interest rate was not written in so I questioned it.Bank rates he said,the important thing is to get you into the car,I'll fill that in later. it should be around 14%,much the same as mortgage rates at the time.

Drove the car away and the finance company sent the paperwork out about 2 weeks later,an interest rate of around 30%.I told them that was not right and they said yes it was,I had signed the forms.

About 18 months later I was fed up paying every month and decided to pay the loan off.Went into Esanda and asked how much it was to pay it out,I think it was $500 more than I had borrowed.When I asked why they said the way loans work is that the interest is paid first so the first few yrs would pay that.Then the loan is paid off.No consumer rights back then so I had been shafted.

I have no doubt the same sharks are around now preying on people new to the country ,they don't know the systems etc. Consumer laws have also come a long way since then.

Re: Car Loans
 

Having worked in a bank in my youth I always find it funny how folk would be annoyed with a £500 pound arrangement fee but would hhappilypay 15.9% on a 5 year loan.
HKA
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