Hi, I’m buying a second hand car and need a car loan.
I’ve been searching the internet but can’t get a solid one. Anyone suggest a good bank with good rates?
Thanks!
Competitive Car Loans?
kongkee on 17/03/2019 - 19:54
Comments
Private.
Originally we were going to do it through my workplace’s novated lease. But seeing there are some catch in doing this kind of loan, we just decided to do it privately.
Out of interest, what is the catch?
Buying a car with a loan is silly, buying a second hand car with a loan is even more silly. Get a cheaper car that is within your budget instead. You're going to have a hard time getting a loan, and the rates you'll get are likely to be really high. You're better off getting an old clunker for a few years whilst you save up for the car you really want.
so much this.
a car loan can add up to 50% to the cost of the vehicle.
Lol what? What kind of loan are you referring to?
A 6% car loan on a $25,000 car would mean a total cost of $28,182. Not even the ballpark of 50%.
Your comment is nonsense.
yeah, I'm not good at math.
Lol @ 50%… that’s what you get for taking out your loans from some guy in a dark basement car park at the casino…
The best thing to do is pay with cash. Car loan on a depreciating asset is not worth it.
Wow. I really wish I can afford a car with cash. I would like that more than anything, but I have other payments as well. That's why I came here for loan advice.
I wouldn't want to buy an old clunker with a baby on the way. That's why I'm buying with loan.
Getting a loan for a car is not a bad thing at all mate, some of these responses are ridiculous. It's like saying if you can't afford a house without getting a loan, don't get one. Most people need a car and if you need a loan so be it.
You could try society one possibly, ING and Bankwest from my experience have always been good. Are you getting a car loan or personal loan? But most big banks and the such are pretty similar. A $20000 loan at 10% vs 12% isn't a huge difference depending on the time you take to pay it back. ($1200ish.)
Houses are usually appreciating assets - good!
Care are depreciating assets -bad :(Fake news. Some cars can and do appreciate in value
It’s not the point though. A car is still a necessary purchase for most adults. Using a loan instead of cash is only a small additional cost, and can make affording the car a person needs now (or wants) actually attainable.
Spot on.
Also plenty of car loan brokers around.
How about redraw from mortgage?
go to the brand known new and second hand dealers like Mcgraths and ask if they have their own in house finance,most will include a warranty and add the cost to your loan if you ask them so you pay that with your loan,
you need to get your credit scores from the Credit Reporting Agencies and get a free credit report from Veda,your scores from the CRA's-D&B-Expreian-and Veda,if you have very bad credit rating,you will find it quite hard to get a loan,
also just search Google Low Interest Car Loans then enter and you get a hell of a lot of options,just be careful of anything sign make sure you really understand everything in the contract just do not take it for granted,
Key things to watch out for:
- High establishment on low rates (meaning comparison rate is actually high).
- Early payout fees. Sometimes these fees can be hefty if you want to pay off the loan early.
https://www.finder.com.au/car-loans/used-car
Depends how much it is, it could be worth getting a credit card instead.
Is it from a dealer or private?