Finance on older cars???

Addz08 · 24-07-2010, 12:17 PM

Hi all,

Just wondering if someone could tell me if it's possible to get finance on an older car? Say a 67 model?

Cheers guy's..

Addz08

nstg8a · 24-07-2010, 12:21 PM

as far as i know your best bet would be an unsecured personal loan from a bank.

or somewhere like GE will lend the money for just aboout anything, but they will assrape you in interest. theyre about 29%

Yellow_Festiva · 24-07-2010, 01:24 PM

Quote:

Originally Posted by nstg8a

as far as i know your best bet would be an unsecured personal loan from a bank.

or somewhere like GE will lend the money for just aboout anything, but they will assrape you in interest. theyre about 29%

29%! I'm in the wrong business.....

vztrt · 24-07-2010, 01:30 PM

Personal loan, should be able to get one for about 13%.

JimNiki · 24-07-2010, 01:47 PM

put it on the home loan...

Yellow_Festiva · 24-07-2010, 01:54 PM

Quote:

Originally Posted by JimNiki

put it on the home loan...

Pretty much always the best option, providing you have a home loan, or the available equity to draw on.

nstg8a · 24-07-2010, 01:57 PM

Quote:

Originally Posted by Yellow_Festiva

Pretty much always the best option, providing you have a home loan, or the available equity to draw on.

i dont really see much gain in paying of a car over 25 years at 5-6% on your mortgage over say a 13% personal loan paid off over 2 or 3 years?

other than it may not actually cost you much extra per week compared to a second loan?

or am i missing something here?

vztrt · 24-07-2010, 02:00 PM

Quote:

Originally Posted by nstg8a

i dont really see much gain in paying of a car over 25 years at 5-6% on your mortgage over say a 13% personal loan paid off over 2 or 3 years?

other than it may not actually cost you much extra per week compared to a second loan?

or am i missing something here?

Unless you make the exrtra repayments using equity can bight you in the bottom. Besides at 13% the interest isn't all that much...even over 5 years.

Gobes32 · 24-07-2010, 02:00 PM

Quote:

Originally Posted by nstg8a

i dont really see much gain in paying of a car over 25 years at 5-6% on your mortgage over say a 13% personal loan paid off over 2 or 3 years?

other than it may not actually cost you much extra per week compared to a second loan?

or am i missing something here?

Extra repayments, never pay the minimum.

Murph-51 · 24-07-2010, 02:03 PM

Quote:

Originally Posted by nstg8a

i dont really see much gain in paying of a car over 25 years at 5-6% on your mortgage over say a 13% personal loan paid off over 2 or 3 years?

other than it may not actually cost you much extra per week compared to a second loan?

or am i missing something here?

If the vehicle is guaranteed to appreciate, then I cant see anything wrong with tacking it onto your home loan, as it then becomes an asset!

BTW James, my bucks tonight at my joint, rock on down at 5pm!

nstg8a · 24-07-2010, 02:08 PM

Quote:

Originally Posted by Murph-51

If the vehicle is guaranteed to appreciate, then I cant see anything wrong with tacking it onto your home loan, as it then becomes an asset!

BTW James, my bucks tonight at my joint, rock on down at 5pm!

lol, im out at dalby mike...

and theres no guarantee anything would appreciate.... but yeah i can see where some cars would be safe to do that sort of thing.

Yellow_Festiva · 24-07-2010, 02:10 PM

Quote:

Originally Posted by nstg8a

i dont really see much gain in paying of a car over 25 years at 5-6% on your mortgage over say a 13% personal loan paid off over 2 or 3 years?

other than it may not actually cost you much extra per week compared to a second loan?

or am i missing something here?

What you are missing is the rate of interest. Forget about the term, as you will / should be paying it off more that the interest charges anyway.

A redraw on your loan will be around the 7% rate, a personal loan or whatever other car / unsecured loan you use will be around double that rate.

Pay em both off in the same timeframe, and the lower rate will mean you have paid less interest.

nstg8a · 24-07-2010, 02:21 PM

Quote:

Originally Posted by Yellow_Festiva

What you are missing is the rate of interest. Forget about the term, as you will / should be paying it off more that the interest charges anyway.

A redraw on your loan will be around the 7% rate, a personal loan or whatever other car / unsecured loan you use will be around double that rate.

Pay em both off in the same timeframe, and the lower rate will mean you have paid less interest.

oh i see, yup if paid off in the same time i can see definite gains

Murph-51 · 24-07-2010, 02:38 PM

Quote:

Originally Posted by Murph-51

If the vehicle is guaranteed to appreciate, then I cant see anything wrong with tacking it onto your home loan, as it then becomes an asset!

BTW James, my bucks tonight at my joint, rock on down at 5pm!

out at Dalby??? what all the way out there?

Powdered Toast Man · 24-07-2010, 05:28 PM

Quote:

Originally Posted by vztrt

Personal loan, should be able to get one for about 13%.

Where? I actually want to know.

I was looking to do a similar thing to Addz08 I was after a weekend toy and looking at a 20K loan over 5 years and the best rate I could find was 16% for an unsecured loan. Needless to say I am still toyless

You would easily get a car loan for a second hand car at 13% but not an unsecured personal loan, well not that I found anyway.

Addz08; you won't get a car loan on an old car, most car loans are for cars 7 years old or younger, some stretch to 10 years old. Like mentioned a personal loan is it unless you lump it onto your home loan, or use a credit card.

nstg8a · 24-07-2010, 05:40 PM

Quote:

Originally Posted by Powdered Toast Man

Where? I actually want to know.

I was looking to do a similar thing to Addz08 I was after a weekend toy and looking at a 20K loan over 5 years and the best rate I could find was 16% for an unsecured loan. Needless to say I am still toyless

.

westpac. 13.7%

Yellow_Festiva · 24-07-2010, 06:14 PM

Quote:

Originally Posted by Powdered Toast Man

Where? I actually want to know.

Try here PTM:

www.ratecity.com.au

Addz08 · 24-07-2010, 07:43 PM

Unfortunately I don,t have a house, so it,d have to be a personal loan, was thinking of selling my ute and looking at getting a "67" Mustang, will have to look into it a little further... At this stage its only a thought.

Cheers guys!

smally289 · 24-07-2010, 08:44 PM

Dunno if these guys are competitive or not, but worth a call maybe http://fordmusclecarsales.com.au/vie...asp?ItemID=541

blownv8au · 24-07-2010, 10:03 PM

go see a finance broker, united are great they got my first personal loan. A broker will shop around and may use one or more lenders to get you the required funds.

TurboUteris · 24-07-2010, 10:27 PM

Dont use a broker,they will take money from you,thats better in your pocket.
First try a credit union,and dont be surprised by there low fees and rates,fixed rate is usually best.(sounds like an ad :/)
If not try ANZ they are now the old Esanda,who are also very competitive for purchases like this.
A good interest rate for a car purchase at the moment is anything under 9%
;)

Powdered Toast Man · 25-07-2010, 02:49 PM

Quote:

Originally Posted by TurboUteris

A good interest rate for a car purchase at the moment is anything under 9%
;)

That would be for new cars I bet, not second hand.

A Credit Union is a good idea though.

vztrt · 25-07-2010, 04:11 PM

Quote:

Originally Posted by Powdered Toast Man

Where? I actually want to know.

I was looking to do a similar thing to Addz08 I was after a weekend toy and looking at a 20K loan over 5 years and the best rate I could find was 16% for an unsecured loan. Needless to say I am still toyless

You would easily get a car loan for a second hand car at 13% but not an unsecured personal loan, well not that I found anyway.

Addz08; you won't get a car loan on an old car, most car loans are for cars 7 years old or younger, some stretch to 10 years old. Like mentioned a personal loan is it unless you lump it onto your home loan, or use a credit card.

http://www.cua.com.au/wps/wcm/connec...onalloan/loans

Credit unions are usually quite good. But we need to remember if your credit rating is rubbish then your loan rate will be as well.

I know one is doing new car loans for 9% and can be paid off early.

smally289 · 25-07-2010, 08:34 PM

Last time I checked with my credit union (ACCU) they wouldn't do a car loan for anything over 9 years old.