car finance question?

[andrew77]

just traded the clubby in on a black ssv ute! applied for credit with st george but i have 1 paid default from a phone bill back in 2005. Are there any finance companies anyone would recommend in case i get knocked back that take into account one default?
not motor finance wizard or dodgy companies like that.
thanks andrew

[SS Enforcer]

If all your other stuff check out like income etc etc you shouldn't have a problem with St George.


Give Debbie Does car loans a call and see what deal they will offer forum members . The finance companies usually can match the banks when it comes to auto financing.

cheers

[Ned_Flanders666]

just traded the clubby in on a black ssv ute! applied for credit with st george but i have 1 paid default from a phone bill back in 2005. Are there any finance companies anyone would recommend in case i get knocked back that take into account one default?
not motor finance wizard or dodgy companies like that.
thanks andrew

Those SSV utes are awesome! A phone bill default doesn't sound too bad to justify a knock back. If you use a bit of that Ron Jeremy magic, maybe you could work something out with the manager if it is a female. :goodtime:

[OLS108]

most times they will over look it if you have previous history and the Default is paid and >$500.
I would recommend GE Auto, Esanda, GMAC. They do pretty low rates and can over look defaults.

Cheers

Dave

[Banks_vz]

I've had all my finance threw esanda. They can do some competitive rates and go out of there way for their customers. My experience anyway. Id say you shouldnt have a problem with your phone bill. its only bad if it goes to collection. when they start ringing you up every 15 mins to find out when your going to pay.

[OLS108]

I've had all my finance threw esanda. They can do some competitive rates and go out of there way for their customers. My experience anyway. Id say you shouldnt have a problem with your phone bill. its only bad if it goes to collection. when they start ringing you up every 15 mins to find out when your going to pay.

if its a default it has gone to collection and will show up on this CRA which all finance company's and banks will be able too see.. and it will remain for 5yrs if its paid and 7yrs if its unpaid ( clear out ).

[Banks_vz]

if its a default it has gone to collection and will show up on this CRA which all finance company's and banks will be able too see.. and it will remain for 5yrs if its paid and 7yrs if its unpaid ( clear out ).

Ah true, i was wondering if they where the same thing. hmm i dunno then, just have to wait n see i suppose

[Uwish]

Try Stratton Finance. They are one of the best atm.

[kpop]

heres a tip: dont apply for too many loans at once - this will show up on your lendors records and may be another reason to knock you back, worse case you might even get a bad credit rating from bieng denied several times in a row.

[Grommz]

I have a similar thing on my credit record a mobile bill payed late back in 04..

still on my credit history but i was fine in getting my new SS..

explain to the financial guy or girl at holden that its been payed etc and they should be fine about it.

[WH_IKID]

Try to avoid finance in some circumstances. Bank loans are less interest. Got caught out in this in earlier years. Finance is easy to get, but can cost you more in the long run.

[korrupt]

BMW Finance are apparently making a big push to get into the market at the moment. Might be worth giving them a try.

[ti0350]

I've had no probs with esanda we got the finance for our SS through and I havent got the best credit rating...

[vxssgurl]

just traded the clubby in on a black ssv ute! applied for credit with st george but i have 1 paid default from a phone bill back in 2005. Are there any finance companies anyone would recommend in case i get knocked back that take into account one default?
not motor finance wizard or dodgy companies like that.
thanks andrew

I would imagine that you will get a phone call with a "please explain" - the fact that it has been paid, and some honest feedback regarding how it came to be there - should see you right.

Red was purchased through Esanda (dealer finance) - at the time they offered a better rate than the banks (amazing, I know) - so don't assume that the dealer finance person is a waste of your time... couldn't hurt to have a secondary option approved.

I would however, stop at one, as you don't want too many credit applications hitting your records at once, as lenders will wonder what the hell you are up to, and deny you outright without asking for your reasoning.

Good luck with it!

[bermudablue]

You were on holidays at the time and missed a payment.
CUA are pretty easygoing.

[macca33]

.........Red was purchased through Esanda (dealer finance) - at the time they offered a better rate than the banks (amazing, I know) - so don't assume that the dealer finance person is a waste of your time............

Funny you should say this. The missus bought a car a long while back now and it was the same. I think it was GE/Capital for us through a car yard. I 'spose they look at past borrowings, early payment/completion of interest free contracts and all of that and do vary their rates depending upon your history with them. They offered us one rate and after speaking to them and the resultant checking of our history, we were given a much better rate, that at the time was also a good deal better than our employee credit co-operative. It is worth checking this avenue out.

Cheers,

Macca

[LS1Grange]

I had a default of my file which finally got cleard off last year thank fark.

They are the biggest pains in the a$$.

I had problems getting finance a couple of times. Couldnt get a $1000 credit card at one stage because of it. I had called a couple of banks and after going through the app process on the phone for 30 minutes I was told no because of the default. Not matter that it had been paid or not. SO the next few banks I called first thing I mentioned was the default and they said there computer will see it and reject the app no questions asked. Got finance through the car yard a couple of times no problems at all at competative rates so didnt bother me too much. but smaller credit purchses faahhhget it.

[OLS108]

heres a tip: dont apply for too many loans at once - this will show up on your lendors records and may be another reason to knock you back, worse case you might even get a bad credit rating from bieng denied several times in a row.


Not completely true, a Credit file NEVER shows if the application was approved, Declined, or you rejected the offer.

Only the date, the finance company, the amount and the kind of finance ( rental, personal loan etc ) However yes too many inquires will look bad on your Credit file, i suggest to all my customers to not make any more then 2-3 credit inquires a year max...

and yes a default will Kill your chances of obtaining a credit card because of the way the system scores the application, its Black and white.


Car yard Finance is most times easier to obtain and have better rates then the banks because ALL of their loans are secured loans, unlike the bank where 70% are unsecured. also check for things like monthly fees etc and account keeping fees, early termination fees and estab fees.


Cheers

Dave

[andrew77]

a big thanks to you all for your replies!
got the good news call today and hopefully wednesday will be picking up my sexy new black girl!!!! cant wait!
that default has caused me some heartache with home loans etc but st george have come good !
again thanks for the replies!
cheers andrew

[racketsports]

will be picking up my sexy new black girl!!!! cant wait!


That's great, but what about the ute?:)

[andrew77]

will pay that one mate!

[Dillzio]

The best advice i can give anyone is not to go through GE finance. It's not that it's hard to get approval, it's just that their interest rate is twice as much as even the dearest bank. I'm on about 11-12% from commonwealth, and GE is about 30%.

I find a good way of spotting a decent loan is to work out how much interest you're being charged each month at the start of the loan, and compare that how much you'll pay off in a month. If any more than half of your repayments are going on interest then it's going to be a very expensive loan in the long run. With a good loan about 40% of your repayments will go on interest at the start, and with a great loan it will be about 30%.

Say for example you can pay off $500 per month, half of that would be charged by a bank with a 12% interest rate if you borrowed $25,000 ($250X12months/0.12interest rate)

gee, maybe i should be a financial advisor, i am unemployed at the moment!

[OLS108]

The best advice i can give anyone is not to go through GE finance. It's not that it's hard to get approval, it's just that their interest rate is twice as much as even the dearest bank. I'm on about 11-12% from commonwealth, and GE is about 30%.

!

LOL, yes GE does have high rates Up to 34.95 in most states ( 29.95 secured in VIC ) but the rates also start from 11.99 , the way that the system works is everyone has a rating from AA-F
AA gets the best rate
F gets the worst rate

how do u score an AA ? the stronger the application, eg. Long time in same job, long time in same address, home owner with minimal Credit equires in last 12 months, the rate also depends on how much you borrow the lower amount the higher the rate, But the Highest rate offered to a AA-B customer is now 14.24%...

how to spot a Good loan ?? Look at the comparison rate, it takes into account Fees like estab fee and monthly account fees etc, look at the early termination fee... most of all, Look at the monthly payments if one loan has a rate of 12.00% and the repayments over 5yr are $500 p/m and another has a rate of 13.99% with $480p/m over 5 yr.. then the 13.99% IS the better deal.


Dave

[brockster]

my girlfriend had the same problem with the phone bill and couldn't get finance so i got it for her through the anz and i also have a loan with ge which was easy than the bank

[DCV1NU]

Has anyone used Aussie for loans whether itd be home or car? are they anygood?

[OLS108]

Has anyone used Aussie for loans whether itd be home or car? are they anygood?

Aussie's personal Loans are being financed through GE

[DCV1NU]

Aussie's personal Loans are being financed through GE

Oh i see, might go through Gmac finance then.

[DALER]

Any problems getting finance call me on 0421918584 and I will help you.

dale.

[ATOMIC MALOO R8]

what loan gives the lowest rate
car loan
personal loan
chattel mortgage
equipment loan
ect

[iamhappy46]

what loan gives the lowest rate
car loan
personal loan
chattel mortgage
equipment loan
ect

A redraw facility on the home loan equity gives excellent rates ;) Not for everyone though, too easy to make the minimum payment on the home loan rather than pay off the loan and car together.

[Senator05]

My tip, and this is from experience with a number of finance companies. Don't believe anything you're told unless it's in black and white. I've made that mistake once, and won't do it again.

I got out of one finance deal quite early and had a huge early termination penalty. Bought another car with finance with Esanda instead of the previous financier, after I was told, as long as you re-finance with us on equal or greater amount, we won't penalize you on an early payout. In the end, that verbal wasn't honoured either, even though I wanted to finance twice as much, so I've changed financier again.

I'd recommend either St George Automotive Finance, BMW Finance or one of the big banks. The best I could get from Esanda was 9.25 a few weeks back, but got a fixed rate of about 8.6 from someone else at the same time. 0.35 better than my house rate (well, before discounts anyway)...and that was with NO FEES at all. Colour me happy !!

Don't be afraid to shop around and play them off against either other. Often best to get a good rate from one company then go to your bank with that rate in hand. They usually only need the word that someone has bettered what they offer and they'll find a way and the banks "usually" have better fee and term structures than non-bank financiers.

If you're keen on making it all easy and getting finance from the dealer, get them to throw something extra into the deal as they get a tidy fee from you signing up in the dealership, with their preferred finance company.

[dyno junkie]

I got out of one finance deal quite early and had a huge early termination penalty. Bought another car with finance with Esanda instead of the previous financier, after I was told, as long as you re-finance with us on equal or greater amount, we won't penalize you on an early payout. In the end, that verbal wasn't honoured either, even though I wanted to finance twice as much, so I've changed financier again.

I have never heard of there not being an early termination penalty with Esanda.

If the car was purchased for personal use the loan would be UCCC with minimal penalties.
However if the car was for business use the loan may have been a Chattel Mortgage which does have higher penalties to pay out early.

Sounds like either the loan was misrepresented to you or you where not given the opportunity to read the relavant PDS.


Lyle

0409 144 103

[DCV1NU]

I'd recommend either St George Automotive Finance, BMW Finance or one of the big banks. The best I could get from Esanda was 9.25 a few weeks back, but got a fixed rate of about 8.6 from someone else at the same time. 0.35 better than my house rate (well, before discounts anyway)...and that was with NO FEES at all. Colour me happy !!



Didnt know BMW did finance for other makes? are they worth a try? also this maybe a dump question but whats a residual?

[ATOMIC MALOO R8]

THANKS
guys for your in put haven't done leasing or borrowing for about 5 years rates wear a LOT lower then so is 8 to 9 with no hidden extras about what im look at ?
we don't owe any money on the house so i don't think that one is an option for us but a good idea if you do
CHEERS


Didnt know BMW did finance for other makes? are they worth a try? also this maybe a dump question but whats a residual?

residual is the big $ bit you pay at the end of a lease that you cat get burnt with if it is to hi as you wont get the residual for your trad in and you will have stick it on top of the new loan been thear done that NO RESIDUAL OR balloon as they call it FOR ME EVER AGAIN when the car is 5 year old who wants to pay 20 or thirty 30 grand to owen it or trad it