Depends on the dealer. I've seen $1 down being advertised, but I think it is usually something like $500 minimum deposit.
petal_91,
Jul 6, 8:04pm
I see that AA Finance appear to be no desposit, but with a $325 loan establishment fee. You can use external finance like AA by the way, you don't need to use the dealer offered finance, although dealerships do seem to have very good finance deals usually. http://www.aa.co.nz/finance/car-loans/
petal_91,
Jul 6, 9:15pm
If you do get financing through the dealer, you can use that as a bargaining point. Dealers sometimes get paid a commission by the finance company, so they might give you a discount off the purchase price or similar for getting finance through them.
denisue,
Jul 6, 11:07pm
This is also interesting to me, as I am going to have to get another car this week, or soon as. I am applying to my bank to top up my mortgage, and if that fails will look at dealer finance also. I guess it also depends on the interest rate the finance company offers. AA might be lower than say MARAC. It is worth comparing them all.
petal_91,
Jul 6, 11:14pm
Remember if you do put it on your mortgage, while the interest rate will certainly be lower, you will end up paying considerably more over the 25 years or whatever the term of your mortgage is.
tony9,
Jul 6, 11:39pm
If you pay into the mortgage as you would HP repayments then you will pay less.
petal_91,
Jul 6, 11:46pm
Yes true, but I would suggest most people don't actually do that, even if they intend to at first.
tony9,
Jul 7, 1:20am
Are you Greek?
denisue,
Jul 14, 11:39pm
I bought a car on Sunday and paid $150.00 deposit. Home owners do not have to have a deposit. I bought through Turners in Penrose.
kazbanz,
Jul 15, 5:05pm
Marree--If you are still there. ALL reputable finance companies will do finance to approved purchasers for zero deposit. With the changes to the finance laws.(called the loan shark laws) finance organisations are a lot more carefull what they do and how they do it to ensure the loan doesn't cause the borrower undue hardship.--Ie you can't be over extended. My suggestion would be to ask for itemised finance quotes from your bank and other places. You SHOULD find that the selling dealer can do you as good or a better deal as a non mortgage bank loan or getting your own finance deal. The easy way to work out the best deal (purely dollars wise) is Take the amount in dollars of your repayments and multiply it by the number of payments. That figure IS what you are paying for the car based on zero deposit. Putting it on your mortgage might look like the best deal -until you realise you are paying that 6% interest for your car over 25 years suddenly it becomes a darn expensive car.
bumfacingdown,
Jul 15, 5:17pm
I was just going to say the having outside finance can sometimes make some car yards sharpen their pencil on what interest they will charge. Before anyone tries to contradict that, personal experience proved to me this is so
kazbanz,
Jul 15, 5:27pm
No arguments on that one. BUT again you need to look at ALL the numbers. So yep they give a better interest rate but have "compulsory" PPI and GAP built in.
bumfacingdown,
Jul 15, 6:44pm
Got me on the GAP thing kazbanz? The yard came to with in .5% of other finance and no set up fee. ps, The other finance I was looking at did not require a PPI, but that was due to the circumstance of the potential loan (not family either)
kazbanz,
Jul 15, 8:53pm
With finance theres a bunch of potential "extras' that can be loaded in. GAP is an insurance that covers you if an insurance payout isn't enough to cover the amount owing on the finance.
bumfacingdown,
Jul 16, 4:15am
Ahh, thanks, never had that problem
surfbluedog,
Jul 20, 5:06pm
You do not need to put the top up under the same terms as the initial one. It can be as many years as required. Eg, 3 or 5 etc. It can be considered a new mortgage.
toppo1,
Jul 21, 4:47am
Yep have done this on more than one occasion, if you have equity in your property your bank should be able to do this for you. Basically you have a separate loan account secured against your house over a set period, say 1 or 2 years or whatever the case may be and on a floating rate so you arenot paying it off over the term of your morgage, (which makes no financial sense)
owen106,
Jul 21, 4:55am
Putting it on the mortgage is the cheapest and make extra payments. What fool would take 25 years to pay off a car?
petal_91,
Jan 13, 11:14am
I was thinking more of a situation where you put the car onto a revolving credit part of the mortgage. You could then make payments sooner or later as needed, but with those a lot of people keep dipping into them and never end up paying them off any faster, despite their initial intent to pay things off as fast as possible.
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