Car Loan Interest Rates

GTP 044 · 11-07-2006, 04:20 PM

Hi everyone,

Just wondering if anyone has a decent interest rate on either their car loan or personal loan, if so, with who? I'm still trying to convince the wife to upgrade the XR and I'm just looking at all of the options available.

Thanks Greg.

Dazza XLT · 11-07-2006, 04:24 PM

I am on 5.75% with Aust Central Credit Union. At the moment, they are around 8.8% for 7 Years Fixed. http://www.accu.com.au/content.asp?p=300 They had a deal going when I applied.
Check with all the major banks, and also check the credit unions, as they are quite competitive most of the time!

XRQTOR · 11-07-2006, 04:27 PM

Got mine at 6.8% thought Power credit union.

EL_futuraistic · 11-07-2006, 05:42 PM

i have 10.25% personal loan with NAB.

I chose personal loan over secured finance as it gives the flexability to change vehicles without the hassle of re-financing.

4.9 EF Futura · 11-07-2006, 05:49 PM

Savings and loans credit union has always had real good car loans, not sure if you can access their loans from interestate?

Australian central are good, they'll also lend you and unsecured amount at the secured rate if you are eligible.

brenx · 11-07-2006, 06:49 PM

I've got one with GE @ 11%. GE out did the ANZ easily interest rate wise. GE's interest rate is fixed. ANZ wouldn't do it unless the interest rate was variable. Poor form I think.

Full Spectrum · 11-07-2006, 06:57 PM

Quote:

Originally Posted by brenx

I've got one with GE @ 11%. GE out did the ANZ easily interest rate wise. GE's interest rate is fixed. ANZ wouldn't do it unless the interest rate was variable. Poor form I think.

GE money genie

Just be careful with them they are shifty;).

rodderz · 11-07-2006, 07:03 PM

Whats everyone's view on borrowing money for a car via re-financing the home loan?

Shortly time for us soon to update the missus' car

brenx · 11-07-2006, 07:04 PM

Quote:

Originally Posted by SlickHolden

GE money genie

Just be careful with them they are shifty;).

With loans I haven't had an issue but with their cards thats a different story.

Some things banks may not put on the table for some are ballon payments at the end of the loan. This reduces the monthly loan repayment amount. I've got a $5000 baloon payment on my loan but I've already contributed around $2000-$3000 in extra repayments. By the time the baloon payment is due I'll have paid the loan off long before hand.

brenx · 11-07-2006, 07:07 PM

Quote:

Originally Posted by rodderz

Whats everyone's view on borrowing money for a car via re-financing the home loan?

Shortly time for us soon to update the missus' car

Personally I wouldn't do it. Why? I couldn't stand knowing I'm paying for my car over whatever period of time the mortgage was taken out for ie 25 or 30 years. Most people don't keep a car for longer than 5 years. Best do it on a decent rate on a 5 year loan. That way went you sell it your not paying interest on it 10+ years later.

It does make it cheaper to put it on top of the mortgage but really if you add up what the extra $ put onto the payments over the term of the loan your paying more than you would if you put it on a 5 year loan.

Full Spectrum · 11-07-2006, 07:12 PM

Quote:

Originally Posted by brenx

With loans I haven't had an issue but with their cards thats a different story.

Some things banks may not put on the table for some are ballon payments at the end of the loan. This reduces the monthly loan repayment amount. I've got a $5000 baloon payment on my loan but I've already contributed around $2000-$3000 in extra repayments. By the time the baloon payment is due I'll have paid the loan off long before hand.

I never had a problem with them also, Then they went to GE from AGC, I honestly can't tell you what happen they became very rude and really cheeky, They rang me one night to tell me a payment was coming up, This was 8pm Monday night, Pay day was Wednesday and i was paying it then, The payment was due on Thursday i told he to F off:P. He then ask me why haven't i made a payment this month already, I said that's because i gave you triple payments last month because i was doing my tranny this month. The Indian call centre they have of late is bad

I just keep both eyes on them now

rodderz · 11-07-2006, 07:22 PM

Quote:

Originally Posted by brenx

Personally I wouldn't do it. Why? I couldn't stand knowing I'm paying for my car over whatever period of time the mortgage was taken out for ie 25 or 30 years. Most people don't keep a car for longer than 5 years. Best do it on a decent rate on a 5 year loan. That way went you sell it your not paying interest on it 10+ years later.

It does make it cheaper to put it on top of the mortgage but really if you add up what the extra $ put onto the payments over the term of the loan your paying more than you would if you put it on a 5 year loan.

Yup good point

Only dramas is that as I have only been in business a few months and the bank wants to see 12months worth of financial details as both parties will be listed upon the loan.

Good thing is with the separate car loan the car can be paid off quicker but with higher repayments, with remortgage will mean lower payments but will go for a hell of a lot longer. Although some loans you can pay off as much as you want so you can pay off more every month on the mortgage yet still have a lower monthly fee if you have an expensive month

4.9 EF Futura · 11-07-2006, 07:27 PM

Offering the equity within your home or offering the vehicle as security... essentially the same thing. The only difference is that which you perceive - why so many (probably myself included) would agree with Brenx's statements.

But you'll get a better rate offering the home equity.

And there's nothing stopping you from prepaying the mortgage early (well, there may be... lol. Read your PDS', people!)

Kryton · 11-07-2006, 08:17 PM

7.5% from Aussie Car Loans. no balloons but excess to pay out early ($900 i think).

kyro_02 · 11-07-2006, 08:25 PM

my bro is goin to end up paying $8k(apparently) on top of the $15k loan.. lol overkill to the max ! but if he pays it off in 3 years it should be all good.