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NSW Which finance company did you use?

Discussion in 'Politics, Laws, Government & Insurance' started by YammyBase, May 31, 2015.

  1. Hello all.
    I am looking into purchasing a 2nd hand bike using finance.

    The bike I want is listed on bikesales for $17000. Yes I can save up for couple years to not use finance but I have my reasons...
    I'm looking into paying $7000 cash and the rest with finance.

    Is anyone here have recommendations as to which company to shoot for? I've googled some companies but its all numbers at the moment and wanting to hear some first hand story. Tell me your experience with buying with finance.. which company do you use, good, bad and the ugly (if any).

  2. I got sick of getting gouged for vehicle loans. For my latest toy, I used the extra lending capacity in my home loan offset account. Low interest, no application fees and when it comes to insurance I can say that I own it outright. Technically not correct, but the home loan is for the house.
    Not very helpful unless you're in a similar situation with a home loan.
    Saves you a lot of coin if you can do it
  3. saveupandusecash.com

    Check out Citibank, you can get a loan at 5.something% if you can pay it off in two years.
  4. I went with my bank (Encompass Credit Union).
    Unsecured loan, 2 year period, 9.x%
    Yamaha Motor Finance wanted a whopping 18.x% interest, not to mention the fees were 3x higher than with the bank.

    I'm sure if you shop around you'll get it lower.
    Banks seem to be giving the lower rates these days.
  5. Depending how long you intend to take to pay it off... Here was my decision -
    I planned on spending $8000 on my bike, gear, insurance etc. and wanted to pay it off within about a year.

    The guy at BankWest was most helpful - he suggested I look for a bank offering a low rate credit card / good introductory offer

    I found a credit card from Westpac, 0% interest on purchases for 12 months which worked out the best option for me. But as I say - depends how long you plan on taking to pay it off and if banks are offering anything suitable for you :)
  6. You could also try Natloans - they find the best deal for you - the interest rate quoted was about 7%
  7. I used Paul Dardivel from R P Finance (02 8437 8999) recently for my purchase. He's a broker so takes the pain of shopping around away and can match a deal to what you're looking for. I found him excellent (ended up with finance from ANZ at a good rate).
  8. My only comment would be to steer clear of finance companies. If you can't get a loan from your bank/credit union, chances are you can't afford it.
    • Agree Agree x 1
  9. I use a financial brokerage company that is pretty good as they look around for best deal for you and no fees from you, last car loan on a fairly large amount was 5.4% ish. But even that got beaten last month when my wifes car got replaced, the dealership offered 3.9%! Knocked my socks off. No catches or extra charges either.

    If OP wants the name of the finance brokers I use he is welcome to PM me for the details - they are in Melbourne though.
  10. #10 YammyBase, Jun 1, 2015
    Last edited: Jun 1, 2015
    Cheers for posting your experience guys. I got the green light from the wifey so I will actively look for a company or bank loan tmw.. Heeeeha!

    Oh and looking into paying it off in a year. Or 2 at the latest..

    Thanks again.
  11. Awesome news.. (as it appears on the surface anyways)

    Citi bank won't charge me anything (no setup or monthly fee.. 0% interest) for being a good boy with my finance in the past, if I can pay it off within a year. Which I am more than capable of..

    It seems a bit too good to be true.. and nothing really is.. I wonder what the catch is.. They might ass r@pe me if I go over a year?

    Doesn't look like anyone can beat this unless they pay ME! hahaha..

    FYI Commonwealth charges 13.9%
    • Like Like x 1
    • Winner Winner x 1
  12. Assume they are issuing you a credit card like they do with interest free deals in furniture stores, etc. These are great if you make sure you pay the whole thing off not an hour over the last due date. If you go over, all the interest you would have paid is calculated in arrears for the full term so you can get reamed.

    Looks like you're getting a new bike dude - congrats!!
  13. Thanks I'm over the moon!