Financing Bank Wants to Inspect Car before Approval

Skids andy on 01/12/2017 - 16:52
Last edited 01/12/2017 - 18:06 by 1 other user

Hi,

Was wondering if anyone had a similar experience.

Got a pre-approval application for car finance going under my ABN for work, supposedly all approved !

I asked what the process for private sales and was advised that they will have the car inspected after I have made the deal with seller before the contracts can be signed.

Although through a dealer it is a straight forward sale.

I will be purchasing a Ute for work use just wanted to go private for a better chance at a good price and was wondering if any mods to a vehicle would impact the finance inspection ?

TIA !

Financial

Comments

  • Randxyz123 on 01/12/2017 - 17:23
    +1

    Don’t see why this is a issue.

    You should be getting an inspection regardless if it’s a private sale.

    If it’s a standard bogan Ute I’d avoid any with mods because it probably means the owner drove it like a knob.

    A 4x4 Ute should be fine.

    • kipps on 01/12/2017 - 17:59
      +1

      Something tells me the OP called "Skids Andy" wouldn't be too concerned if previous owner drove it like a knob.

      • Randxyz123 on 01/12/2017 - 18:00

        Didn't notice that lol but what's the bet they'll post back in a weeks time saying "Taking ACCC action because buyer didn't tell me about car problem" if they skimp on an inspection…?

      • Skids andy on 01/12/2017 - 19:14

        Lol well awkward …..

        No but for real it's an very old user name I used for gaming when I first sighted up for MMGN if anyone ever lurked those forums.

        Easier to stick to the same username for forums imo

  • TheBilly on 01/12/2017 - 17:58

    Think of it as a cost saving for not having to pay for a professional inspection yourself.

    • Skids andy on 01/12/2017 - 19:22

      Although you have a point, the bloke I spoke to couldn't really explain what the inspection carries out.

      Was hoping someone may have had an past experience.

      • TheBilly on 02/12/2017 - 07:15
        +1

        If house valuations are by banks is anything to go by. They do a crappy job lol

  • smuggler on 01/12/2017 - 18:37
    +1

    Well you don't own the ute, so why would you have a problem with the REAL owners inspecting their property?

    • Skids andy on 01/12/2017 - 19:20

      Will the 'real' owners take responsibility for anything other then repayments being made ?

      No.

      It's a loan agreement, if I keep to my side of the agreement the car is mine. If I don't, they have the right to take possession of it to regain losses.

      If you understand the reason behind financing a car for business use then you wouldn't have such a silly reply.

      • smuggler on 01/12/2017 - 19:38

        Will the 'real' owners take responsibility for anything other then repayments being made ?

        Why should they? All they want is the money+interest.

        If you understand the reason behind financing a car for business use then you wouldn't have such a silly reply.

        I work in a big company with lots of cars being procured under novated leases. I understand.

        It seems like the tradie here needs a bit of help in understanding the terms of your loan.

        It's a loan agreement, if I keep to my side of the agreement the car is mine.

        That's false. Seems like you need to brush up on your contract.

        • Skids andy on 01/12/2017 - 20:15

          As stated, it’s a loan not a lease. I understand the tax and depreciation side of things in regards to tax. But in my personal interest I would like to own the car at the end of the agreement.

          That should clear things up.

    • kipps on 01/12/2017 - 19:30
      +1

      A mortgagee's interest is not an ownership interest. Their interest, particularly given we do not have limited-recourse lending, extends beyond the asset.

  • Skids andy on 01/12/2017 - 19:28

    Not that I really need to explain myself, but it is a sports ute. Specifically 'ute' used for work with the extra benefits of being a little sporty I.e a hsv,fpv.

    If realestate agents can roll around in glamorous cars why can't a tradey ! If they can afford it in all means.

    In regard to the mods, i wonder if things like a modified exhaust, aftermarket wheels, etc would take into place in a inspection ?

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