Loans when we get there
#1
Forum Regular
Thread Starter
Joined: Apr 2013
Posts: 93
Loans when we get there
Hello,
Does anyone know how the credit system works in Australia? I will have to buy a car but don't want a shitty one so thought of getting a car loan and putting a decent deposit down.
I have a letter from WA Pol stating I have a job and how much a year I will earn.
Will it be difficult to get a loan straight off? What requirements need to be met?
Many thanks
Does anyone know how the credit system works in Australia? I will have to buy a car but don't want a shitty one so thought of getting a car loan and putting a decent deposit down.
I have a letter from WA Pol stating I have a job and how much a year I will earn.
Will it be difficult to get a loan straight off? What requirements need to be met?
Many thanks
#2
Aussie Finn Mixture!
Joined: May 2005
Location: Leschenault WA (after few locations around WA and Around Europe!)
Posts: 1,151
Re: Loans when we get there
Car finance thru car companies comes with higher interest rate so best option is personal loan (as this can be upto 10% less in interest). Long time (15yrs) since we got loans )!so I would highly recommend posting this to the main Australia section for better answers. Also credit system does not, as far as I know, work like the uk one
#3
Forum Regular
Joined: Mar 2010
Location: Melbourne, was South Wales
Posts: 58
Re: Loans when we get there
we had only been in Oz 3 months, back in 2011, OH got a bank loan with NAB, we're on a 457, loan ends in June when visa expires, just had to provide visa details and work details. repayments are much less than what the car dealership offered us.
#4
Forum Regular
Joined: Apr 2013
Location: Western Australia
Posts: 152
Re: Loans when we get there
Actually, finance through a dealer using a reputable finance company can be cheaper than a personal loan. It does depend on the type of loan and your credit rating (here - which is not helpful for OP). Since I have just bought a new car, I did the research but my OH is also in the finance industry.
#5
Re: Loans when we get there
Hello,
Does anyone know how the credit system works in Australia? I will have to buy a car but don't want a shitty one so thought of getting a car loan and putting a decent deposit down.
I have a letter from WA Pol stating I have a job and how much a year I will earn.
Will it be difficult to get a loan straight off? What requirements need to be met?
Many thanks
Does anyone know how the credit system works in Australia? I will have to buy a car but don't want a shitty one so thought of getting a car loan and putting a decent deposit down.
I have a letter from WA Pol stating I have a job and how much a year I will earn.
Will it be difficult to get a loan straight off? What requirements need to be met?
Many thanks
#6
Forum Regular
Joined: Jul 2006
Location: Western suburbs of Brisbane
Posts: 266
Re: Loans when we get there
My husband got a loan for my car within 6 weeks of arriving. All he needed was the deposit and proof of income. The financing through the dealer was much less expensive than the bank loans we researched.