Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


11 posts

Geek


Topic # 108810 6-Sep-2012 00:46
Send private message

Hi,

do you have any experience with companies/dealers offering car loans (financing) ? Are there any major "reliable" companies ? I checked AA and Turners so far. I would like to have used car with the price of 7k - 10k at max, petrol, station wagon.

I have stable job, but Auckland public transportation sucks, i cant wait 4-5months to get a car in cash.
I always read through all conditions and i always compute how much in total i will pay for it and if there is a chance to pay everything sooner without any fees etc... but i would like to know what locals would do ;)

thanks

 

 

View this topic in a long page with up to 500 replies per page Create new topic
 1 | 2
19282 posts

Uber Geek
+1 received by user: 2600
Inactive user


  Reply # 682093 6-Sep-2012 06:07
Send private message

MTF / Marac

mjb

922 posts

Ultimate Geek
+1 received by user: 21

Trusted

  Reply # 682105 6-Sep-2012 07:47
Send private message

Your bank.




contentsofsignaturemaysettleduringshipping


13847 posts

Uber Geek
+1 received by user: 2454

Trusted
Subscriber

  Reply # 682107 6-Sep-2012 08:07
Send private message

mjb: Your bank.


This.




AWS Certified Solution Architect Professional, Sysop Administrator Associate, and Developer Associate
TOGAF certified enterprise architect
Professional photographer


1633 posts

Uber Geek
+1 received by user: 748


  Reply # 682108 6-Sep-2012 08:09
Send private message

Do you own any property, have a mortgage? Tacking it on the end of that (if the bank will let you) will be the cheapest, and most convenient way for repaying.




Most of the trouble in the world is caused by people wanting to be important. (T.S. Eliot)


xpd

The Overrated Raccoons
8747 posts

Uber Geek
+1 received by user: 1275

Mod Emeritus
Trusted
Lifetime subscriber

  Reply # 682118 6-Sep-2012 08:33
Send private message

mjb: Your bank.


+1





XPD / Gavin / DemiseNZ

 

For Free Games, Geekiness and Reviews, visit :

 

Home Of The Overrated Raccoons

 

Battlenet : XPD#11535    Origin/Steam/Epic/Uplay : xpdnz

 

Sea of Thieves Down Under


Stu

Hammered
4925 posts

Uber Geek
+1 received by user: 1024

Moderator
Trusted
Lifetime subscriber

  Reply # 682123 6-Sep-2012 08:51
Send private message

floydbloke: Do you own any property, have a mortgage? Tacking it on the end of that (if the bank will let you) will be the cheapest, and most convenient way for repaying.


This.

If no mortgage, then take out a personal loan from your bank. It'll be the next cheapest and safest option.




Keep calm, and carry on posting.

 

 

 

Click to see full size Click to see full size


1923 posts

Uber Geek
+1 received by user: 139


  Reply # 682173 6-Sep-2012 10:09
Send private message

Theres plenty of car finance companies, and most car dealers have arrangements with one or another. But as others have said, borrow the money from your bank, it'll be a lot cheaper and there won't be any penalties for early or late payoffs or late payments.

Car finance for the price range you're in, is seen as higher risk (due to defaults) so you'll pay a much higher interest rate.

2939 posts

Uber Geek
+1 received by user: 1380


  Reply # 682194 6-Sep-2012 10:49
Send private message

+1 on your bank.

If you have property to lend against then you will likely get a cheaper interest rate.

Putting it on the mortgage is a good idea if you can, best interest rate you will ever get. However set yourself an individual repayment plan for the car loan if you do this. I haven't done the maths but it doesn't take much imagination to work out that your $7,000 car repaid at 5 - 6% interest over 20 or 30 years will end up costing you an absolute fortune.






Always be yourself, unless you can be Batman, then always be the Batman



3282 posts

Uber Geek
+1 received by user: 208

Trusted

  Reply # 682209 6-Sep-2012 11:19
Send private message

scuwp: +1 on your bank.

If you have property to lend against then you will likely get a cheaper interest rate.

Putting it on the mortgage is a good idea if you can, best interest rate you will ever get. However set yourself an individual repayment plan for the car loan if you do this. I haven't done the maths but it doesn't take much imagination to work out that your $7,000 car repaid at 5 - 6% interest over 20 or 30 years will end up costing you an absolute fortune.

It won't make any difference if he sets up an individual repayment plan for the car loan or not. The extra payments he would make there could've been used to pay off the rest of his mortgage, so either way he'll be paying more. If you're suggesting increasing his repayments, then of course that makes sense but he could've done that a year ago and been in an even better position now.

Bottom line, borrow as little as possible and pay back as much as possible! :)

Incidentally, borrowing $10k @ 6% for 30 years ends up costing an extra $11,600 in interest (about $60 month repayments). If you can afford $200 extra per month then you'll have paid off the $10k in under 5 years and only cost yourself an extra $1600 in interest. Maintain that $200/month and you'll cut years and a ton of interest of your mortgage.



11 posts

Geek


Reply # 682216 6-Sep-2012 11:32
Send private message

Thanks, i will try to ask in my Bank but as a foreigner i do not have NZ driving licence or credit history so i dont think they will allow me to apply.

xpd

The Overrated Raccoons
8747 posts

Uber Geek
+1 received by user: 1275

Mod Emeritus
Trusted
Lifetime subscriber

  Reply # 682219 6-Sep-2012 11:44
Send private message

martin85: Thanks, i will try to ask in my Bank but as a foreigner i do not have NZ driving licence or credit history so i dont think they will allow me to apply.




Hope you plan on getting your license before hitting the road in your new car ;)




XPD / Gavin / DemiseNZ

 

For Free Games, Geekiness and Reviews, visit :

 

Home Of The Overrated Raccoons

 

Battlenet : XPD#11535    Origin/Steam/Epic/Uplay : xpdnz

 

Sea of Thieves Down Under




11 posts

Geek


Reply # 682222 6-Sep-2012 11:46
Send private message

Yeah, i have international driving licence. I am very good driver ( in the right lane only ;) ).

4221 posts

Uber Geek
+1 received by user: 67

Moderator
Trusted
Lifetime subscriber

  Reply # 682243 6-Sep-2012 12:26
Send private message

If you plan on paying it off quickly, you can look at low interest credit cards. You can get balance transferred credit card rates of around 3% for 6 months. But this would require you to have two credit cards, which you may not be able to do, depending on your credit rating.

844 posts

Ultimate Geek
+1 received by user: 115


  Reply # 682284 6-Sep-2012 12:56
Send private message

martin85: Yeah, i have international driving licence. I am very good driver ( in the right lane only ;) ).


An international license is not a NZ driving license and I don't think anyone will finance you (and possibly insure you) into a vehicle if you don't have a NZ driving license.

And BTW, in NZ we drive on the left.



11 posts

Geek


Reply # 682292 6-Sep-2012 13:00
Send private message

Thank you for advices.

Turners Finance allows to finance people with international driving licence with 25% deposit. Yeah i know you are driving on the left ;)

 1 | 2
View this topic in a long page with up to 500 replies per page Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

IBM leads Call for Code to use cloud, data, AI, blockchain for natural disaster relief
Posted 25-May-2018 14:12


New FUJIFILM X-T100 aims to do better job than smartphones
Posted 24-May-2018 20:17


Stuff takes 100% ownership of Stuff Fibre
Posted 24-May-2018 19:41


Exhibition to showcase digital artwork from across the globe
Posted 23-May-2018 16:44


Auckland tops list of most vulnerable cities in a zombie apocalypse
Posted 23-May-2018 12:52


ASB first bank in New Zealand to step out with Garmin Pay
Posted 23-May-2018 00:10


Umbrellar becomes Microsoft Cloud Solution Provider
Posted 22-May-2018 15:43


Three New Zealand projects shortlisted in IDC Asia Pacific Smart Cities Awards
Posted 22-May-2018 15:14


UpStarters - the New Zealand tech and innovation story
Posted 21-May-2018 09:55


Lightbox updates platform with new streaming options
Posted 17-May-2018 13:09


Norton Core router launches with high-performance, IoT security in New Zealand
Posted 16-May-2018 02:00


D-Link ANZ launches new 4G LTE Dual SIM M2M VPN Router
Posted 15-May-2018 19:30


New Panasonic LUMIX FT7 ideal for outdoor: waterproof, dustproof
Posted 15-May-2018 19:17


Ryanair Goes All-In on AWS
Posted 15-May-2018 19:14


Te Papa and EQC Minecraft Mod shakes up earthquake education
Posted 15-May-2018 19:12



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.