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| Thread ID: 92057 | 2008-07-27 06:17:00 | Best Finance Company | radium (8645) | PC World Chat |
| Post ID | Timestamp | Content | User | ||
| 692768 | 2008-07-27 06:17:00 | My car has finally given up the ghost so it's time for a new one, well something secondhand and affordable. I'm looking at spending around 3k-5k. I have a deposit too. At the moment I'm trying to find a lending company with fair lending rates.If there is such a thing. :rolleyes: I'm keen to get a car off Trade Me and not go through a dealership. Now I would go to my bank, but I have had a bad debt sometime ago, about 2years-Long story... any how now that my credit rating isn't the best I can't get a loan from the bank which is what Id would prefer. I have had several bank loans in the past, including car loans, even brought a house and I managed to pay them all back. I was looking at MoneyMart Direct, Couldn't find what their lending rates were thou? Does anyone now what they are like or could anyone suggest somewhere else to try? Thanks Guys |
radium (8645) | ||
| 692769 | 2008-07-27 08:41:00 | Not sure about trademe, I found turners pretty good, one of the cars we got in 95 which was a 92 car, no repairs needed apart from some rust at the boot. Still using it. My dad got another one, a few months back, again its seems fine. We did pay a bit for the warranty but that is something I wouldn't pay for cos there are restrictions on it .. even if that was like $250 or such for that. Can you not have a car and save the money up first .. cos the interest for car loans from banks are still pretty high arn't it? House mortgage around the 9%, car loan might be around 14 or 16%. Credit cards are around 20%. Unless you get those special offers like those that get you to swap over to them .. like the first 6 months. The thing I am afraid of is those v high % could chew off quite a substantial of the car price... A few months ago my parents, went overseas for 3.5 weeks. Each day I just went to work and took the bus there. I managed to buy food after work and took he bus back. I bought every 2nd or 3rd day so the amounts were manageable and fresh and no need to think of recipes in advance. |
Nomad (952) | ||
| 692770 | 2008-07-27 21:38:00 | I'm looking at spending around 3k-5k . I have a deposit too . Now I would go to my bank, but I have had a bad debt sometime ago, about 2years-Long story . . . any how now that my credit rating isn't the best Its possible to buy a perfectly decent Toyota for Under $1500 . As you have already found out debt is bad, don't borrow more . |
pctek (84) | ||
| 692771 | 2008-07-27 23:28:00 | A Finance Company's prime purpose - in spite of the TV ad's to the contrary - is to make money, not friends. I'm sure your research has already shown that there is no finance company out there with "fair lending rates". The rates are usually punishing, and the penalties for missing payments are worse. I would recommend lowering your sights a little and follow pctek's advice (especially in today's financial climate.) Buy something cheap and cheerful (and economical - this will help its resale, the way the price of gas is going) and save for an upgrade at some later time... |
johcar (6283) | ||
| 692772 | 2008-07-27 23:53:00 | With Hanover in the state it is now, I wouldn't consider being with any finance company. I'd follow pctek's advice and buy a $1500 Corolla or something similar. | qazwsxokmijn (102) | ||
| 692773 | 2008-07-28 02:13:00 | When you borrow money and the company goes belly-up, there's usually no impact on the borrower. The company just sells that debt to another company. So you just end up getting reminder notices on a different letterhead. It's when you're an investor that you get screwed... |
johcar (6283) | ||
| 692774 | 2008-07-28 09:56:00 | I was looking at MoneyMart Direct, Couldn't find what their lending rates were thou? Does anyone now what they are like or could anyone suggest somewhere else to try? Thanks Guys There was a TERRIBLE item about them on TV the other night - i think it was Target or Fair Go, but whoever it was, I wouldn't touch them with a barge-pole. |
decibel (11645) | ||
| 692775 | 2008-07-28 12:31:00 | You'd be surprised, I got a low-interest Mastercard on 11%, minimum they would give me is $1K (I wanted a $500 one) Then they increased the limit to $2500 and then to $5000?! Still, 11% aint bad, with ASB... probably around 1/3 the interest of going through a finance company?! |
Chilling_Silence (9) | ||
| 692776 | 2008-07-28 22:09:00 | [QUOTE=Chilling_Silence;698570]I got a low-interest Mastercard on 11%, Still, 11% aint bad, with ASB./QUOTE] They get you with the fees. Low Interest MasterCard Rate 12.50% p.a. Individual account fee $15.00 per 3 months Better to have high interest and never have it in debt. |
pctek (84) | ||
| 692777 | 2008-07-29 00:43:00 | When you borrow money and the company goes belly-up, there's usually no impact on the borrower. The company just sells that debt to another company. So you just end up getting reminder notices on a different letterhead. It's when you're an investor that you get screwed... Depends on the contract, as they may have a clause that calls it in early if the company faces insolvancy. |
robbyp (2751) | ||
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