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Topic # 166089 2-Mar-2015 14:43
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Hi,


I am helping out a friend get a car for his family.


The vehicle model is sorted but the thing he is after is finance - which option is the best way to go , without being having to feed the loan sharks.


I saw some banks offer credit card,  1 yr at 0% interest, but they say its for "transferred balance"


Does anyone know of any channels one can get a good deal ( 0% or similar with some minor fees etc ) ?


If it helps the the car he is looking at is in the 20k $ range.


Thanks




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Banana?
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  Reply # 1249510 2-Mar-2015 14:47
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Generally car loans are expensive. You could get a loan off a bank, but I suspect you'd be looking at 12% plus.

Has your friend got a mortgage? Can he put it on the house (if he lives in Auckland, the value of his house will have increased a bucket load in the last couple of years).

Is it a new car? Toyota and Nissan are offering cheap interest at the moment on new cars.

Not liking your chances of finding 0% anywhere.

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  Reply # 1249511 2-Mar-2015 14:47
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Apply for credt card with one bank make purchase then move the balance to a 0% offer from another bank

:)

 
 
 
 


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  Reply # 1249512 2-Mar-2015 14:49
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I've always had really good deals from these guys - http://www.alphera.co.nz/

G
enerally they will come back with a rate and you can then negotiate.  Always helps if you have good credit history though.  I've purchased about 8 cars over the years through them.

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  Reply # 1249514 2-Mar-2015 14:50
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Unless he has a good savings/credit history, I doubt a bank will hand him a credit card for $20k+ and it those deals you mention are for card holders with other banks who want to transfer - get a personal loan from the bank instead.







XPD / Gavin / DemiseNZ

 

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Ultimate Geek
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  Reply # 1249520 2-Mar-2015 14:52
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johnr: Apply for credt card with one bank make purchase then move the balance to a 0% offer from another bank

:)



yeah, i thought i would tell him to do so, but just wanted to know if someone has tried it out personally - any stories / experiences , did it work all right in the end, etc etc. 

Bee

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  Reply # 1249547 2-Mar-2015 15:20
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If a bank will give you a credit card limit of $20k then you probably don't need to borrow to buy a car!

We got a loan thru the caryard with Avanti finance interest is 17.95% so similar to what a bank will do...  

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  Reply # 1249548 2-Mar-2015 15:23
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17.95% no way, MTF I am sure is much cheaper



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  Reply # 1249550 2-Mar-2015 15:27
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yeah 17.95% is way way to high.


The friend already has a CC with more than 20k allowed, but he has to pay back in about 50-55 days. 


He wants something like 0 - very low interest to be spread over a year or so , so looking for options in the market.


Transferred balance to other company bank is best option so far, but ofcourse its at the wish of the new company - if they will give it that is. 

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  Reply # 1249551 2-Mar-2015 15:27
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MTF seem quite good, no penalties for early repayment either

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  Reply # 1249557 2-Mar-2015 15:35
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sep11guy: yeah 17.95% is way way to high.


The friend already has a CC with more than 20k allowed, but he has to pay back in about 50-55 days. 


He wants something like 0 - very low interest to be spread over a year or so , so looking for options in the market.


Transferred balance to other company bank is best option so far, but ofcourse its at the wish of the new company - if they will give it that is. 


If they already have a credit card with that limit then it's a no brainer how to get 0% interest

:)

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  Reply # 1249596 2-Mar-2015 15:57
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johnr:
sep11guy: yeah 17.95% is way way to high.


The friend already has a CC with more than 20k allowed, but he has to pay back in about 50-55 days. 


He wants something like 0 - very low interest to be spread over a year or so , so looking for options in the market.


Transferred balance to other company bank is best option so far, but ofcourse its at the wish of the new company - if they will give it that is. 


If they already have a credit card with that limit then it's a no brainer how to get 0% interest

:)


Buy car on current credit card -> Apply for new credit card (0%) with 20K to transfer -> New bank says no thanks -> Pay back within 60 days or be stung




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  Reply # 1249604 2-Mar-2015 16:02
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 New bank says no thanks 




Ahaa ! u got it perfect. Now thats the reason, I was not 100% of recommending that route. 


Cuz its easy to say go buy 20k worth of car, but then the new bank can turn around n say sorry, looking at ur situatuon we can only give 10-12-or 15k worth credit, than it may not exactly work out.

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  Reply # 1249612 2-Mar-2015 16:06
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0% interest loans don't exist - unless you have family/friends in a position to offer one and the type of relationship to handle it.

I have used MARAC in the past with good results.

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  Reply # 1249656 2-Mar-2015 16:52
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Yeah I don't know how/why you think you will get a free loan. Cheapest route is to chuck it on a mortgage if possible. I put a car on my folks mortgage before I purchased my own house/sold my fun car.  

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  Reply # 1249657 2-Mar-2015 16:56
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itxtme:
johnr:
sep11guy: yeah 17.95% is way way to high.


The friend already has a CC with more than 20k allowed, but he has to pay back in about 50-55 days. 


He wants something like 0 - very low interest to be spread over a year or so , so looking for options in the market.


Transferred balance to other company bank is best option so far, but ofcourse its at the wish of the new company - if they will give it that is. 


If they already have a credit card with that limit then it's a no brainer how to get 0% interest

:)


Buy car on current credit card -> Apply for new credit card (0%) with 20K to transfer -> New bank says no thanks -> Pay back within 60 days or be stung



You would get it approved first before you make purchase, before moving a balance they ask you how much is owing on card they don't actually check

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