Has anyone used carloans.com.au
I am looking at buying a car, they told me they also buy ans sell cars and offered me the same (brand new) car for $2,000 less and told me they can give me a better finance.
Thanks.
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Has anyone used carloans.com.au
I am looking at buying a car, they told me they also buy ans sell cars and offered me the same (brand new) car for $2,000 less and told me they can give me a better finance.
Thanks.
Personally if I was to loan money for a car I would use a bank. But you would need to check out the rates to compare. Especially their exit rates if you pay the load off early.
They are a Broker not an outright Lender per se.
They use RACV, GE etc etc for the underwriter and will have fleet supply discounts from the manuf like other finance and leasing mobs.
Check on the early payout fees, check on a secured personal loan from a bank or whatever (get at least 2 other quotes) and go for the best one.
I’m a cynic. They are not going to tell you that you can get better value elsewhere. Just did a quick google & the first thing I see is an ad from this company offering ‘bad credit loans’. This should immediately set alarm bells ringing! It’s ‘code’ for we are more than happy to charge far more than the market rate in order to exploit the inability of our punters to delay gratification. (i.e. I want it & I want it now).Quote:
Originally Posted by MyGU8
I learned my lesson as a young fella, buying a new motorcycle on finance. 18 months later I sold the bike & found that despite having made the regular payments in full I still owed more than what the original price of the bike had been. After the amount I sold the bike for was repaid to the finance company I still had over two years more of making repayments before the loan was paid off. It was a good lesson, albeit very expensive, to learn. Have never bought anything on ‘finance’ again. Just imagine a scenario where a couple of years down the track your boss lays you off & your income is lost. You can no longer afford the repayments, sell the car & find that what you can sell it for comes nowhere near to covering what you owe. Plenty of examples of people being forced into bankruptcy in just these circumstances. Centrelink payments are hard enough to live on at the best of times, but when forced to use a significant proportion of it to repay a finance company for a lost dream ........................... No-one thinks it’ll happen to them. Finance companies are not your friend!
You can buy good reliable used cars, which may not be your dream car, but nevertheless get you around for relative peanuts & whilst driving it around, you can save what you would have made in payments for what you really want. If further down the track you want to get a house loan or similar your savings record will stand you in good stead.
Mudski’s advice to seek a bank loan is good, if you must borrow. If a bank won’t give you a loan it’s pretty safe to say that you can’t afford to do what you want. (Although even banks have been known to encourage people to over extend themselves!).
It’s likely someone may post to say how buying on finance got them what they wanted, albeit at a cost. It doesn’t turn to sh*t for everyone, but when it does it does.
Sounds a bit like Wizard loans, no credit no worries,,,walk away I say