I called AA about car finance and was told I had to own a house to get the 10.95% rate. The Cooperative bank offered 12.95% and i could go to a 5 year term if i wanted.
honels1,
Jan 7, 6:44pm
My thoughts exactly
kazbanz,
Jan 8, 8:56am
THAT IMO is the best way to go if its an available option.
survivalkiwi,
Jan 8, 9:19am
Buy a brand new Nissan and only pay 1.95 interest. At times other makes have no interest deals.
jkm,
Dec 16, 3:22pm
AA: Hello how can we help you Me; I tried your online calculator and it suggests the minimum loan is $5000. AA; yes that is correct Me : would you loan $5000 on a $6000 car? AA: Yes that is exactly what we do! Me How do I qualify for your advertised 10.95 rate? AA: You have do borrow $30,000
tamarillo,
Dec 16, 3:23pm
And the problem is?
jkm,
Dec 16, 3:28pm
Me : What is the rate for $5000 then AA: That will be 14.95 % Me; Thats not a very good rate! AA: Yes it is. Me; What about a personal bank loan? AA: They will be higher! Me;What about revolving credit. AA: Well if you have that of course its better. Thank you for calling. Click Me; left wandering about customer service, very abrupt I thought.
What sort of deals have others had on vehicle finance? Am I a little dumb and should be grateful for finance at 15%? I know GE are high but they are pirates.
jkm,
Dec 16, 3:29pm
Hey Tamarillo. you are too quick! I was gonna ask the dude some more questions but he didnt want to talk to me.
richardmayes,
Dec 16, 3:33pm
ANZ personal loans are 18.95% according to their website.
Or they do "car loans" as agents for UDC at 14.7%.
Buy a car you can afford!
jkm,
Dec 16, 3:38pm
Yes, I can afford the $6000 if I wanted to, actually looking to down grade from a more expensive car. I was just exploring finance options and leaving some cash in the bank. I really wanted to know what the penaltys for early repayment would be. Any way doesnt matter, just thinking out loud.
richardmayes,
Dec 16, 3:45pm
You're MUCH better off spending the cash!
jkm,
Dec 16, 3:55pm
Yes you are correct. i really just wanted to weigh up the options. i dont even need to buy the car in question.
kazbanz,
Dec 16, 3:55pm
JKM-you left out the "hidden" costs of a loan though AA If a private sale and often a dealer sale they require you to have an AA pre purchase inspection You will find if you scratch the surface of AA finance that the colour of the paper changes from yellow to blue.Ie its actually Marac finance you are dealing with. Through a dealer you would expect to get a a point or two better than the AA rate depending on the loan size.
robotnik,
Dec 16, 4:03pm
You could put a car on your mortgage but unless you are really disciplined you will end up paying it off over a much longer period and paying considerably more in interest.
jkm,
Dec 16, 4:05pm
Thanks Kabanz. That is quite interesting. Yes im sure the dealers will negotiate when they are keen, I guess AA simply dont negotiate. AA Finance trade on the trusted AA name but really are not any more user friendly than many other lenders.
aredwood,
Dec 16, 4:36pm
What is the more expensive car you already have? If there is no finance owing on it. You may be better off just keeping it.
jkm,
Dec 16, 4:41pm
Just a VT commodore sedan, but I was thinking of changing to a wagon. Sometimes the wagon would come in handy.
intrade,
Dec 16, 4:43pm
if you got no money then you should buy a 2000 camry toyota 5s-fe engine manual or automatic.
mals69,
Dec 16, 4:43pm
Good point.
Farm your name out like AA has done and probably not going to be that greater name in time. Found AA insurance tight to pay out.
cammey,
Dec 16, 5:03pm
Meh.
If you have to borrow money to buy a car, you can't afford a car.
xs1100,
Dec 16, 5:18pm
a lot of car dealers would be out of business overnight with that advise
cagivachick1,
Dec 16, 6:09pm
perhaps but if it suits people to pay as they go why not
gazzat22,
Dec 17, 7:17am
Work out how much you will pay for the car in total repayments,
sirdoug,
Dec 17, 7:50am
Try Motor Trade Finance. Should be able to get 6k at 11.95. You can apply online.Don;t have to go thru a dealer.
kazbanz,
Dec 17, 8:17am
If you want to see a finance company that border on committing fraud. Click on the link that GE finance have. The repayments they throw out there are impossible to meet even at zero fees and zero interest charged. When you dig you find the payments quoted are based on 30% deposit over 5 years. When you then calculate it back I max out at 19% interest with my calculator and that still isn't big enough payments. Ie the interest rate is more than 19%
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