Common practice , they just wnt you to talk then they can sell the higher premium on to you . As any salesman will tell you getting the foot in the door is the hardest part .
jkm,
Dec 17, 3:41pm
Cheers, that is not an unreasonable deal.Good to know. Any way car I was looking at has sold now so back to the drawing board.
jkm,
Dec 17, 3:44pm
Yea i figured GE were not going to be user friendly! I just thought AA would have better deals but as you already pointed out they are just Marac in disguise. Point of interest what sort of rate do you normally offer your clients Kabanz? Do you have special deals occasionally?
kazbanz,
Dec 17, 4:17pm
jkm-I know this sounds like car dealer snake oil but the truth is the rate is controlled by the customer "profile".
fordcrzy,
Dec 17, 4:33pm
the world has RECORD LOW interest rates yet personal finanace and credit cards are still stupidly high. how can they justify 15-20% when the OCR is 2.5%? in the USA guys are walking away from new car finance because the car dealers want 5%. we are getting royally twisted for insurance and finance in NZ
franc123,
Dec 17, 4:40pm
I get emails from AA all the time about these vehicle finance deals which get deleted instantly, why they bother when they know they aren't competitive and I know they aren't competitive is anyone's guess.
desmodave,
Dec 17, 5:35pm
If you cant get to your place of work to make a $ , you are some what sunk before you start .
b1m9t,
Dec 17, 7:49pm
I was in the same position, recently bought a new car and wanted to get in on finance if I could to keep a little bit in the bank. Everybody offers terrible rates regardless of my blemish-free credit record and ability to pay cash anyway.
Best the dealer could offer was 9.95%, which was still too high. Some dealers offer very low rates as part of a promotion (say 1.9% or 4.9%) which I was keen on, but only for specific vehicles.
Ended up paying cash.
morrisman1,
Dec 17, 8:22pm
From what I read we get insurance bloody cheap. Had a look at UK prices, especially for higher risk demographics?
differentthings,
Dec 18, 6:12am
ummm . What's the point on leaving some cash in the bank that earns (say) 5% interest when you you are paying back a loan at (say) 15% interest.
mush13,
Dec 18, 7:52am
The last couple of times i brought a car and needed a few more dollars to obtain the car i do this. I use the house for collateral and get a seperate loan agreement for the term i want at the current housing loan rate. ok you need a house but hey its the cheapest way i could figure to do it.
sirdoug,
Dec 18, 8:37am
AA is just a brand name.Leave them to Changing wheels.Jump starting and bringing fuel to someone who has run out.
ali-s,
Dec 18, 6:05pm
Community Finance microfinance can offer up to $5000 for cars @6.99% p.a. over 3 years. No application fee [often an extra $400 +] or rip-off fees. Search Community Finance Loans. Limits: you must have low to middle income (able to get a Community Services Card) and its a new pilot scheme so its only available at The Salvation Army Manukau or Henderson branches.
jkm,
Dec 18, 7:53pm
worth knowing thanks.
jkm,
Dec 18, 8:01pm
Point for me was i wasnt prepared to pay 15%. Thought we might get loan at 10% as AA advertised from 10.95%. have shelved the idea for now as I dont like the idea of paying 15% interest. We like to have some cash float in the bank so we can pay bills as they arrive and not have to stress over misc unscheduled biils. eg repairs etc.
skiff1,
Dec 18, 8:05pm
yeah, then you'd have no money, no mates and no hope.
mad_signtist,
Dec 18, 10:00pm
We bought our oddysey on finance through the bank. We just asked if they would meet our floating house rate on a separate loan. We made it a 5 year loan at around 4.8% interest to keep repayments low. But we are allowed to lump sum it to make the loan around 2 years.
jantar,
Dec 20, 5:53pm
Try Harmoney for low interest rates. P2P finance is rapidly replacing traditional finance companies and their rates start at 9.99%.
darryl,
Dec 21, 2:17pm
They dont have to justify it.
mad_signtist,
Dec 21, 7:25pm
Dtr. Saw the fine print on a billboard. From 29.95 to 49.95% or something ridiculous from memory
jkm,
Dec 28, 3:17pm
So I just checked out Harmoney seems that would be the way to go. Unfortunately the wagon i was keen on has sold, oh well back to the drawing board, happy holidays to all.
nightboss,
Jan 15, 4:47am
Also factor in your annual mileage and how many years to pay.
That 15 year old car with 150,000km on it can easily be a 20 year old car with 300,000km on it, that you have paid twice the window price, by the time you pay it off. If it lasts that long.
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