Are banks keen on doing loans for imports?

[SU8TLE]

has ANYONE on here had sucess with a bank on getting a car loan from them when it involved importing the car? ie. they'd have to give you the money for the car before compliance? if so... who and how?

otherwise, how do you all import? do you have the full amount in cash ready to go?

 

[Scottie]

You will have to put it thru as an Unsecured Loan which is around 11-13%. Either that or push for Secured (dunno about your chances) around 7-8%.

 

[SU8TLE]

oh ok, i can see how you could get secured without engine numbers, rego etc?
has anyone on here got a secured loan for a leggy while importing? i dont like my chances.

 

[unclepaulie]

just apply for a personal loan, mine was a unsecured personal loan (14.9%) around the 12-16% is normal these days

 

[happymatch]

mine is about the same. If you can pay extra, it will save you lots of interest. easier as well when time comes to sell your car.

 

[SU8TLE]

yeah its not a bad idea, might be a problem with the personal loan considering i already have one with me and the mrs having a joint loan from our wedding still owing $20K... hmmm.

bloody weddings. maybe ill just get a secured car loan and buy a leggy in my state.

 

[gorgath]

Why not get a Secured Loan and get your VY listed then once you have the leggy, you can call the bank and arrange the to change it.

I've done this twice with St George but this is back in 2001 so not so sure about there current policy nowadays.

 

[bj82]

Banks are pretty willing to give loans, its how they make big fluffy profit pillows to sleep on while the rest of us eat tins of beans for lunch 3 weeks running.
They don't really care if you aren't going to be able to pay it back, they just sell your shit and recover the full ammount plus what they would lose on interest.
Personal loans = fiscal rape.
If you have your own place look into line of credit which is borrowed against the equity in your place.
If not save like scottsman.

 

[snickells]

I know this is horribly wrong, but look at the rates for an unsecured loan, and then compare with some of the bigger banks low interest credit cards. You might just find that it's cheaper and easier to secure a credit card than it is to secure a loan for a car.

 

[montgomery]

Just buy what you can afford.

Taking loans , other than houses is for dreamers.

 

[SU8TLE]

Lol, I'm talking like $5k! That's all the difference I'll need.
I earn pretty reasonable money, $5k loan isnt that big deal.
Better than the $16k I owe on the ss! Lol.

 

[Tom]

Would they even care about having much security for a $5k loan? They'd prob just want to look at your pay and be like mehhh whatever here take it

 

[Guest]

Can't put it on your credit card? Sometimes for small amounts they suggest you do that instead.

 

[pu-11-me]

People have been through this already, and it was a PITA from what I recall....

Probs best off getting a Personal Loan. For only $5k the difference in intrest rate will mean SFA

 

[OVR444]

When applying for a loan, they also care about the age of the vehicle, as my pre f/l was more then 10 years they would not do a secured loan. Doesn't really matter as I paid it out in 11 months, but for someone looking to have it for the full 5 years.... the interest rate would hurt... alot.

 

[fieldy107]

TBH it sounds like you have enough loans already, 20k wedding, 16k SS - I'd be trying to sell that SS before I'd think about more loans. Just my thoughts

 

[SU8TLE]

That's the plan mate. Was just curious if I should try import or buy local. Looks like it'll be easier to just buy local even if I have to pay a couple grand more. Cheers fellas!

 

[gorgath]

That's IF you won't have a hard time selling the VY since it is encumbered.

 

[king_panther]

I got both my Legnums on personal loans.
The bank had no drama rolling my current debts with the extra loan into one weekly payment, as I could show them that I was having no problem paying them off.
I even told them I was buying a car in Japan & bringing it personally as a special purchase & the lady was quite enthusiastic about it all & wanted to know about the car etc.

 

[SU8TLE]

That's IF you won't have a hard time selling the VY since it is encumbered.

Ive sold 3 cars encumbered. Always sold them for more than I owe and paid out the loan. Wouldn't worry me if they sent the check to my bank and I just collected the difference if they were worried. Some of us are honest you know ;o)

anyways, i didn't start this thread to defend my ability to pay off a loan or the ability to sell my ss. Simply needed some info on loans and imports. Cheers thanks guys. Got the info I needed.

[/THREAD] lol