Car finance

[DrKarl]

Did a quick search and didnt find anything other than debt consolidation.

Just chasing who is best to be running with, or even who to stay away from.

Looking to purchase an 12yr old car, and in scale to my income its worth 20% of my salary. I want to insure it hopefully with the same company.

Only ever had a personal loan before, i have no idea when it comes to car finance.

Credit rating is sweet and i've been in the job 1 year.

Cheers in advance folks.

[satch]

In the same position, best rate I have found is with RAC @ 9.35% everyone else seems useless/not interested...

personal loan - car finance same same, just get a slightly better rate as you can use car for security.

[DrKarl]

In the same position, best rate I have found is with RAC @ 9.35% everyone else seems useless/not interested...

personal loan - car finance same same, just get a slightly better rate as you can use car for security.

Also looking at RAC as the best offer but i havent really had a solid look elsewhere due to not knowing what to look for. As a 12 year old car i dont think they're going to use it as security on the loan.

[shifted]

12 year old car won't be. Car would have to be less than 5 years (IIRC) so it's more a personal loan?? (haven't looked into it in ages).

[Ryan1080]

I had a 13 year old car used as security before...

[satch]

Yup sorry that was just more of a standard statement as per above, car will have to be less than 5 years old if you want it to be secured and over say 7 years.

Someone said Esanda are good , however when speaking to them had to make an application for them to workout the exact rate they would charge me.... fuckin making an application all I wanted was some near accurate repayment figures.

[DrKarl]

I had a 13 year old car used as security before...

Who was this through?

[Ryan1080]

Who was this through?

Capital Finance

And the loan was over 5 years too, so car would have been 18 by the end of the loan.

[DrKarl]

Sounds great... Might be worth my time to enquire i think. Would you recommend them again? I did think about using smaller finance mobs but im unsure about them, they seem so 'back alley-ish'

[Ryan1080]

I've had no issues. I even had one of my novated leases with them at one point later on too. Give them a try for sure.

[DrKarl]

Gave them a call and they said they'll only finance a car that will be 12yrs old at the end of the loan??

Im going to give westpac (my bank) a go and see if they can offer me a decent loan.

[Ryan1080]

Hmmm, their rules probably changed since then. It's been a while.

Anyway, shop around and good luck.

[mys1]

12year old car will be unsecured loan, will be around 15%

I wouldn't recommend it unless you are going to take out a very short term loan on it ie 24 months

[DrKarl]

Im going to give RAC a whirl. I put an application in for a quote today. So we'll see how that goes. Depending how much i hit the grog, paying this loan in 2 years should be a breeze. I say that now though.

[BIGS]

Try a broker. They usually find the best options.

[DrKarl]

Yeah, im going to try Purely Finance, RAC cant do it unless it was made in 99 and registered in 2000. Being an import has also screwed things up too.