Finance on your legnum

[Guest]

Hi Guys,

I'm in the process of obtaining finance to purchase and import my car through kristian, however it appears i have hit a snag. I rang the bank today to confirm all is ok and was told that they will not just put the money into my account to withdraw when required (each invoice etc) and that they will require a valuation on the vehicle and that when/if they approve the loan they would just draw up a cheque for the loan amount and made payable to whoever the seller is (ie: dealer, private owner etc)...

It sounds to me like the person I spoke to (the same credit union we have our home loan through) was just giving me a run around, as I've had two previous personal loans through two different financial institutes and both have just deposited the money into my account to use when required (ie: deposited the money and it stayed there until I found the car I wanted, so I didnt have to wait for finance etc). The reason why I have not gone back to either of these is because the first one I am no longer a member of and the second one's interest rate for personal loans is about 3% higher and given that the loan would be in joint names between myself and the missus, we (presumably) both need to be members of whichever bank/credit union we go through??

Just after some different suggestions and plans of attack that you guys with finance on your cars have gone about it. Id like to get this finance issue sorted asap as kristian has been a tremendous help and located a car for me already! Being able to afford it, is not the issue, just how they will lend me the money is...

Cheers
Steve

 

[Guest]

usually banks won't offer "car loans" for imported, second hand cars.

however they will loan you the money in a personal loan, which is not linked to the car, but usually a higher interest rate, which might be what you had previously.

 

[leebutts]

It sounds like you've got yourself a secured loan where the bank need to know the details and values of the car.

If you just want the cash you need an unsecured personal loan which normally means a higher interest rate.

cheers

Lee

Edit: DOH mitchy bet me to it...

 

[Guest]

Sorry, I should of mentioned that. I was going for a personal loan and not a car loan as thats the same reasoning I had. Without luck though

 

[Guest]

When its your first time borrowing money they seem to ask lots of questions.
If u get a "personal" loan guarantored (however u spell it) or u have had previous loans with the bank they should just ask one question, (whats it for ?) u say a car, and thats it.
Maybe u should try a different banking institution ...
Would love to see the bank get an evaluation for an import ...
just tell them its magna wagon maybe.

 

[BuzzPuppy]

Unsecured loan here... but then again, they're used to my shenannigans with transfers in-and-out for system fitouts/builds. It keeps me busy!

 

[Guest]

a personal loan shouldn't need a valuation, its a loan for whatever the hell you like....

you could be buying a $15,000 car, or $15,000 worth of sex toys for all they care.

 

[Guest]

All im trying to do, is get an unsecured loan and have the funds deposited into my/our account and be able to withdraw at will. I've done that through the ANZ about 2yrs ago for $5k and said it was for a holiday (it was to make up the difference when i bought my other car, as the rest was cash. However id prefer not to use them again as their rate is about 14%!

Im thinking I might just go back to our bank and say we'd like $12k for a holiday or home improvements and we'd like the money just deposited into our account so it can be used when needed...

 

[leebutts]

you could be buying a $15,000 car, or $15,000 worth of sex toys for all they care.

Christ! If you're going to spend $15k on sex toys Mitchy you might as well import a bride from eastern europe

 

[Guest]

lol @ sex toys!

 

[Guest]

probably your best bet...

i've done it a few times, and i just told them it was for a new car, and the money was in my account, i'm with westpac though. (i think my interest rate is 10.95% for an personal loan)

edit: i meant the 'holiday' option is your best bet, not the sex toys, lol!
lol lee... but you told me you wanted the 23" thor?

 

[leebutts]

Im thinking I might just go back to our bank and say we'd like $12k for a holiday or home improvements and we'd like the money just deposited into our account so it can be used when needed...

I woudln't start lying to the banks - an unsecured loan should be just what you need - just try another bank.

cheers

Lee

 

[Guest]

It's not really lying. As was said before, an unsecured personal loan is money for whatever I want.

If we use another bank which neither myself nor the missus are members of, to have a loan through them, do we both need to become members/open accounts/given cards etc?

 

[leebutts]

You don't really "become a member" but you'll open a loan account and they will offer to give you all the other stuff if you want it I think.

 

[Hotwire]

Stephen, how long have you owned your home for? reason I ask is, if you have enough equity in the house you should be able to borrow the money using the house as security instead of the car, ie. if you have a house valued at $250k with a loan of $230k remaining, you have $20k in security there. Try speak to your credit union about this situation.

Which credit union is it if you dont mind me asking? Im with Savings & Loans, but not as my primary account. Homeloan and normal banking is elsewhere but im just interested

 

[gilly]

if you do tell them the money is for a holiday, but dont want to lie to them, you could get the cash for your "holiday" and then when your shiny new legnum arrives you could take it for a trip 2 hours away, stay in a dodgy hotel/caravan park/back of the car - and voila, instant holiday, and no lying to the banks! (plus you get a free car)

 

[Guest]

lol, nice gilly.... we may not be a big forum, but we talk enough shit to make up for it!

 

[Guest]

Stephen, how long have you owned your home for? reason I ask is, if you have enough equity in the house you should be able to borrow the money using the house as security instead of the car, ie. if you have a house valued at $250k with a loan of $230k remaining, you have $20k in security there. Try speak to your credit union about this situation.

Which credit union is it if you dont mind me asking? Im with Savings & Loans, but not as my primary account. Homeloan and normal banking is elsewhere but im just interested

we've had our house since november lasy year. the different between the loan amount and what we have left to borrow is $12k so its cutting ir abit close to use as equity etc. we've submitted an application through our bank (savings and loans) and put my pulsar and the missus' barina as security if needed so hopefully that will sufficient. Plus we've got our two savings accounts with decent amounts in there etc. fingers crossed.

 

[mallen]

Go for a loan with Commonwealth, they'll give a loan to anybody! They're loan whores...

 

[Guest]

The best thing you can do is work out what you can afford on a weekly/fortnightly/monthly basis and then and only then look at loan options. You need to find which loan is right for you. There are calculators on many financial websites along with those provided on the institutions pages, use them. Changing what financial institution you are with for your home loan is an option that you should look at (if your current provider cannot offer the best deal), as over the period bundling the car and home together (into the home loan) will save you the most money. Switching institutions or applying for a loan with another without prior history is never a problem, infact not doing so is likely to cost you money. Evaluate what you can afford, live within your budget.