Import Car Finance

[sdiz]

I am just curious if any of you have use car finance when importing a vehicle?

Most financial institutions will not offer secured car loans for imported vehicles, so I'm just after some examples of importing a car using a secured car loan.

Thanks

[[Jacek]]

I doubt you'll find any examples mate, secured finance isnt available for cars older than 5 years generally - so unsecured will be the only way. AKA Personal Loan.

[sdiz]

Yeah, that's what I thought would be the case...

[TJ]

G.E money

[Faz]

I went through my bank and was fine

[sdiz]

G.E money

Brilliant!

Faz, what car etc?

[shifted]

Any bank would do a personal loan, but higher rate. I think when I looked CBA wanted 17% pa for a personal loan, granted this was 2011.

[[Jacek]]

I think sdiz is asking specifically for a secured loan, which is a much lower rate than the traditional personal loan products offered by most banks/lenders.

[Fukushima]

I got a personal loan at 12.5% in 2009 from me

Cheaper than most banks secured loans at the time but if I had my time over I would just save up and or buy something cheaper, finance on a jap car is silly

[Lump]

ive got a car finance question if anyone has any input, because I'm a dunce when it comes to stuff like this..

the car in question is a 2007 model, so getting near on 7 years old..

i want to borrow 20/25k to buy it & thinking of doing an equity access loan thru my mortgage on my owner occupied house.

i have $55k in redraw, but i dont want to touch that (would rather keep growing it slowly) - has anyone done a equity access loan thru their mortgage? good idea? i would try to make double payments to reduce the interest (paying 4.9%) would the bank tell me no bugger off & use the redraw?

yes i will call them for a chat, but just wondering what the clued up guys on here think
thanks

[dhs]

ANZ did mine as a personal loan for 13.5% in 2009, but I wouldn't finance another Jap car because I got bitten by depreciation.

[Lump]

its a euro & its allready depreciated at least 50%
cheers

[Evoboycorey]

get approved finance will write secured loans between 8-11% for imports, the way they do it isn't 5 years from manufacture date, they say the vehicle must not exceed 12 years of age at the end of the loan term. so you could buy a 2003/2004 car and get the loan over 2-3 years.