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

 
 
 
 


13167 posts

Uber Geek
+1 received by user: 2193

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


1474 posts

Uber Geek
+1 received by user: 560


  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.





xpd

Geek,gamer,father
8241 posts

Uber Geek
+1 received by user: 1080

Mod Emeritus
Trusted
Subscriber

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

mjb: Your bank.


+1





XPD / @DemiseNZ / Gavin
 
Corsair Carbide SPEC-02 / Corsair VS550 / G.SKILL Ripjaws X 8GB / Zotac 760GTX AMP! / ASUS H81M-E / Intel Pentium K Anniversay G3258 @3.9Ghz

 

New ! Retro gaming / emulation forums - http://www.xpd.co.nz/

 

Internet provided by : Voyager - VDSL 65/28  -  Musical Support by : Like A Storm - Visual Entertainment by : Plex and Steam and Overwatch


Stu

Hammered
4727 posts

Uber Geek
+1 received by user: 948

Moderator
Trusted
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.

2739 posts

Uber Geek
+1 received by user: 1160


  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



3251 posts

Uber Geek
+1 received by user: 207

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

Geek,gamer,father
8241 posts

Uber Geek
+1 received by user: 1080

Mod Emeritus
Trusted
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 / @DemiseNZ / Gavin
 
Corsair Carbide SPEC-02 / Corsair VS550 / G.SKILL Ripjaws X 8GB / Zotac 760GTX AMP! / ASUS H81M-E / Intel Pentium K Anniversay G3258 @3.9Ghz

 

New ! Retro gaming / emulation forums - http://www.xpd.co.nz/

 

Internet provided by : Voyager - VDSL 65/28  -  Musical Support by : Like A Storm - Visual Entertainment by : Plex and Steam and Overwatch




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 ;) ).

4154 posts

Uber Geek
+1 received by user: 54

Moderator
Trusted
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.

787 posts

Ultimate Geek
+1 received by user: 75


  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 »

Vodafone TV — television in the cloud
Posted 17-Oct-2017 19:29


Nokia 8 review: Classy midrange pure Android phone
Posted 16-Oct-2017 07:27


Why carriers might want to embrace Commerce Commission study, MVNOs
Posted 13-Oct-2017 09:42


Fitbit launches Ionic, its health and fitness smartwatch
Posted 12-Oct-2017 15:52


Xero launches machine learning automation to improve coding accuracy for small businesses
Posted 12-Oct-2017 15:45


Bank of New Zealand uses Intel AI to detect financial crime
Posted 12-Oct-2017 15:39


Sony launches Xperia XZ1, a smartphone with real-time 3D capture
Posted 11-Oct-2017 10:26


Notes on Nokia’s phone comeback
Posted 10-Oct-2017 10:06


Air New Zealand begins Inflight Wi-Fi rollout
Posted 9-Oct-2017 20:16


The latest mobile phones in perspective
Posted 9-Oct-2017 18:34


Review: Acronis True Image 2018 — serious backup
Posted 8-Oct-2017 11:22


Lenovo launches ThinkPad Anniversary Edition 25
Posted 7-Oct-2017 23:16


Less fone, more tech as Vodafone gets brand make-over
Posted 6-Oct-2017 08:16


API Talent Achieves AWS MSP Partner Status
Posted 5-Oct-2017 21:20


Stellar Consulting Group now a Domo Partner
Posted 5-Oct-2017 21:03



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.