New Car Purchase - Financing

Lsigplay on 03/06/2019 - 18:16
Last edited 03/06/2019 - 18:17

Hi OzBargain community. We purchased a new car yesterday and signed for financing with the dealer. It was a rookie mistake though because I didn't research about the financing part before signing. Now I am having buyer's remorse. I just want to ask a few things:

  1. Can we still source our own financing quote (via banks, NRMA, etc) even if the dealer is already obtaining approval of our financing? If the dealer gets back to us with the approval but NRMA has given us a better offer, can we use NRMA instead?
  2. If we have extra funds a few months into financing, is it normally allowed to pay a few thousands worth to minimise future interest? How is the impact calculated? I.e., If I pay $5k for a 7% loan with 4yrs left, does that mean interest saved be $1554 [(1.07^4 * 5000) - 5000]?
  3. Do I have to surrender my OzBargain card?

Thanks in advance to those who will respond.

Automotive Car

Comments

  • 87percent on 03/06/2019 - 18:17
    +2

    Check your contract

  • npc on 03/06/2019 - 18:57

    3. yes, specifically for:

    1. buying a new car
    2. using finance to buy a car
    3. not doing a research
    • theHMASfriendship on 03/06/2019 - 19:33

      I also hope it was a kia

      • Gandalf the Thrifty on 03/06/2019 - 22:43

        Corolla, Camry or Rav4 seem to get more votes in the many which car should I get posts

  • MagicMushroom on 03/06/2019 - 19:38
    +2

    I remember there was another recall a few years back for Samsung's washing machine. They must be unreliable.

  • Skramit on 03/06/2019 - 20:00
    +2

    1. Yes. You don’t need to follow thru with their dealer financing until you’ve signed their loan documents. Shop around and get yourself the best deal. I did this on a car a few years ago, told them I’d use their finance then got my own finance. Business manager was annoyed but bad luck.

    2. Depends on the loan. Many charge fees for early repayments or early exit.

    3. Yes

  • Godric on 03/06/2019 - 22:02

    Do I have to surrender my OzBargain card?

    Yes

  • Bid Sniper on 03/06/2019 - 22:32

    3 day cooling off period. Call first thing and cancel. Shop around

  • Halo375 on 04/06/2019 - 09:20

    You haven’t signed anything yet. Just call them and say you’re looking at other finance offers. Learn what their rate is for comparison, you may find their offer is competitive. You’re in control here!

  • sigplay on 04/06/2019 - 12:03

    Thanks for all your responses! Let me just get through this and then I will surrender my OzBargain card :)

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