Are banks keen on doing loans for imports?

[pauly]

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?

A got a secured threw a bank [credit union] in Adelaide (SA) called "savings and loans credit union" ph 13 11 82 [7.89 %] BUT it DID NOT come easy :bored:

AND FOR THE RECORD IVE OFFICIALLY PUT THE LEGGY IN THE RED BOOK BECAUSE IT NEVER WAS, SO YOU DONT HAVE TO GO THREW THE PAIN I WENT THREW TO GET IT IN THERE...

Heres a brief on what i had, and what i HAD to get close down in order to make it a serviceable loan...some of you might not have wot i had but it will give you an idea, because its pretty easy to get personal loan at 11% to 14% anywhere and still owe credit or have some sort of debt and get charge threw the ass in interest...

And for the record i have a flawless credit rating as well, no criminal records, no defaults...nothing...To them "savings and loans" its actaully worse to have more credit cards, i honestly thought it would boost my chances of getting approved but it back fired badly...it was a long process getting these closures...

I had 4 credit cards with 0 balance owing , i had to shut down 3 of them with official proof of closure for all providers..my 4th card, citibank, i had to put the limit down from 25k to 5k, with written proof from citibank that it had been done...i had to show 3 months of citibank statements that i had been paying citibank....i also had to show them 3 months bank statments (westpac) as well, they went threw the LOT with a fine tooth comb...and queried EVERY application i made in the last year
They did all the usual checks, where you work , how long you been there, spoke to my boss, etc etc etc...They wont do anything under 20k either...

Only have 1 credit card with a limit of 5k, they dont care how much u owe on it..
They pretty much want there loan (debt) to be the only one you have.......
And btw its good to have some "savings" in your bank acc as well........
GOOD LUCK...

 

[lathiat]

Just for some extra info, a friend of my imported an R32 GTR a few years back, he did it with his bank and it started out as an unsecured personal loan and they said they would (and later did) secure the loan but only once it was ROAD REGISTERED! And unfortunately for him he got done on his import and it came in with rust and a buggered engine despite claims both were flawless.. it's a very long story to the fact it's now on the road but it took him a couple years to get it registered so was stuck at the higher interest rate for a while.

Long story short.. his bank (BOQ) was happy to setup a car loan as unsecured knowing it was coming in as an import and secure it once registered.

 

[AUSVR4]

Pauly, I'm assuming you bought a Legnum locally? Because they won't give a secured loan on a vehicle you're importing yourself at Savings and Loans. If you go unsecured and borrow over $9999 with Savings and Loans you're looking at 16.X%.

However as with Trent's experience you can re-finance once it's registered and insured - for a fee.

 

[SU8TLE]

Commonwealth won't do a secured loan on any car older than 5 years old. I assume the other big banks are the same.

 

[pauly]

Loans

Pauly, I'm assuming you bought a Legnum locally? Because they won't give a secured loan on a vehicle you're importing yourself at Savings and Loans. If you go unsecured and borrow over $9999 with Savings and Loans you're looking at 16.X%.

However as with Trent's experience you can re-finance once it's registered and insured - for a fee.

Correct it was local , from SA......

Ive actually corrected the the interest rate its 7.89% not 8.96 as quoted...

I never asked what the deal was as far as importing anything yourself..

Wowsers 16% is huge....i feel so lucky

 

[AUSVR4]

Ah yes I see how you have a Synergy car

 

[Requested]

Just buy what you can afford.

Taking loans , other than houses is for dreamers.

I totally agree, its the only way to do it and not get raped...hard

 

[SU8TLE]

^ lol, then I guess none of us should buy a house either? Or do we just save up $300k?

 

[pauly]

Ah yes I see how you have a Synergy car

correct...."synergy motorsports"

btw how did you know?

 

[SU8TLE]

hey what'd ya know. im STILL lurking around. had to take the SS off the market for the mrs to use as the family car (she sold her 08 lancer before i sold my SS). putting the SS back up for sale in late august (already got 2 keen buyers waiting!) and i think im going to take a few of you guys advice! we got given a free car from the in-laws (busted up hundy excel, but it goes fine) so once i sell the SS im putting the $6K or so in a 6 month investment account and adding $200 a pay to it as well. looking to have saved around $11K-$12K in cash by mid next year then ill import my own leggy with cash and no car loan. its a really good idea and id love to have a car with no loan. if i crack the shits when i get to $9K-$10K i might just get a small $2K-$3K loan and make up the diff. paying off a loan like that with $200 a pay wont take long to bugger off... so yeah. im STILL HERE, im STILL LURKING. and im still trying to get into a leggy VR4!

beware, a new mate of mine has a very nice, very worked S13 200sx and is trying to convert me to getting an equivilent stagea. but i wont let him!

also, can anyone tell me why i cant make new threads? says im not allowed???

 

[unclepaulie]

gotta be a member mate, done by donating some cash to the cause

 

[SU8TLE]

wow, got to donate to the site just to make a thread these days? dang. probably not the best way to get more people into the movement. i got into legnums by simply getting on here reading and posting around. if you deny people the simple right to get interested in a car then you kind of shoot yourselfs in the foot trying to increase its populatrity.

eg.

"hey, if your interested in legnums you should head over to ozvr4.com and get involved, really nice blokes"
"oh really? yeah ill check that out"
"oh, but if you want to ask a question you have to pay"
"oh stuff that then"

 

[SupremeMoFo]

Another vote for putting it on a credit card if you have a decent limit/decent income which will allow you to raise the limit.

As if you owe $20k for a loan for a wedding... ouuuuuuuuuuch

 

[SU8TLE]

as i said before. ill be doing it in cash now. also, $20K for a wedding is pretty average these days. if you have a decent wedding.

 

[SU8TLE]

gotta be a member mate, done by donating some cash to the cause

how do you do that? i still want to be active on here.

 

[piawaka]

how do you do that? i still want to be active on here.

http://ozvr4.com/forums/payments.php

Go here mate, chuck it on the old paypal account. Easy as

 

[SU8TLE]

http://ozvr4.com/forums/payments.php

Go here mate, chuck it on the old paypal account. Easy as

done and dusted. Now let me make new threads!!! Lolz!