bank loans or money lenders???

RepSpec · 19-05-2008, 10:33 PM

hey all ive decided its time to upgrade and im buying something better...

yes im selling my tinny to buy a bigger one lol

im gonna have to borrow roughly 20k give or take and was curious of the best way to go about it

i thought about finance but its not really practical in my situation so its either a bank or a lender like wizard or something similar

i was just interested in peoples thoughts as i havent had to take a loan out in the past so this will be my first yay :rolleyes:

so any help would be great guys and girls!

cheers
brendan

Yellow_Festiva · 20-05-2008, 09:24 AM

Quote:

Originally Posted by XG-PanelvanMan

hey all ive decided its time to upgrade and im buying something better...

yes im selling my tinny to buy a bigger one lol

im gonna have to borrow roughly 20k give or take and was curious of the best way to go about it

i thought about finance but its not really practical in my situation so its either a bank or a lender like wizard or something similar

i was just interested in peoples thoughts as i havent had to take a loan out in the past so this will be my first yay :rolleyes:

so any help would be great guys and girls!

cheers
brendan

Hmmm Ok, are you going to buy a boat? When you say 'finance isn't practical, so you need to go to a bank' what do you mean? Any establishment that loans you money for a set time and with interest repayments will be giving you finance. So you will be getting 'finance' from the banks.

If you need to borrow money for your upgrade, than I would be personally sticking to the big banks at this point in time. Non bank lenders are under a lot of pressure do to exposure to the sub prime crisis in the states.

The reason why I ask if your getting a boat, is because the bank may ask for security, (generally what your buying)... not sure bout how that will work.

I guess there are specialised boat financiers??

Don't spose you could hold on to what you have slightly longer? Or buy something cheaper and have more money % wise for it and less loan?

trick_xd · 20-05-2008, 09:47 AM

PM sent

mattl · 20-05-2008, 05:51 PM

I to am in a very similar situation, will be looking to get a $20,000 loan roughly within the next 3-4 weeks and just contemplating the different methods. Does anyone recommend any certain banks with decent interest rates?? My issue is im only very young still (19) and i have little credit history. I have a mobile phone on contract under my name and thats it, now i haven't been late with any payments for it so far.

Any tips or ideas would be greatly appreciated!
cheers

irdonn · 20-05-2008, 06:15 PM

Hi borrowed $19500 from the commbank early last year. Didn't shop around with interest rates, just thought it would be easier having all my finances tied in with one institution. It was a variable interest rate personal loan, which started at 13.4% PA. I was able to pay extra into my loan as often as I wanted, and redraw it if required. It wasn't too much hassle applying for it, I'd only held my full time job for two months but I'd had a credit card for a good five years... if that makes a difference. I paid off as much as I could as quickly as I could and managed to make my repayments within six months. I did not require any security.

Cheers

Rodp · 20-05-2008, 07:24 PM

I just took out an Esanda loan at 9.5% on $37k. Interest rates will vary depending on how much you want to borrow and if the car is new or used. I was able to get Esanda to shave half a percent off due to a competitor I was considering so a decent rep does have a little room to move to get your business.

boss-290 · 20-05-2008, 07:26 PM

20K

:

Is the Apprentice Marine Mechanic wages good?

You can still get a good car for upto 8500K.

stiddy · 22-05-2008, 03:59 PM

Id suggest staying away from commonwealth, st george and westpac.. been with all 3.. hate them all.. well actually I had all banks. Ive borrowed money with all 3 anywho..

GE Finance is happy to throw money at anyone.. seems pretty good so far haven't heard any bad reports with them.

My latest was BMW Finance 22k at 8%. Happy with that.

Rodp · 22-05-2008, 04:11 PM

Quote:

Originally Posted by boss-290

20K

:

Is the Apprentice Marine Mechanic wages good?

You can still get a good car for upto 8500K.

$8,500,000? I'd want to hope so!

mad cow · 22-05-2008, 09:03 PM

i just bought a territory with bmw finance and found them to be unbeatable. give ben lazarro a ring on 03 97072317 he organized everything for me over the phone, (with no fuss) and only 9.0% on a second hand car loan. very good...