The Official Vehicle Financing Thread

[outsiderzkrew]

Can I get some info as to where I can check for 100% financing on a vehicle either from the firm or roll on roll off? Any names or numbers will be appreciated.

[abbow]

RBC and RBL do this if not all banks, new vehicle up to 7 years....you have to pay the insurance though.

Some may even cover for the insurance...you have to ask really.

Most times they will ask for a down payment of at least 10%, FU under 4 years- 20% and under 6 years-30%

NB...you should be working atleast 1 Year at your current job and your salary should be able to allow a installment for a new vehicle...which will be obviously high since its 7 years and 100% financing.

hope the info was helpful......it wont hurt to call them and ask or walk in.....

[bootmee]

RBC 100% financing 7 year loan no down payment necessary.

[DTAC]

But your credit has to be fantastic for them to even begin to entertain that.

[outsiderzkrew]

Thanks peeps. But was more looking @ outside the bank too

[outsiderzkrew]

Thanks peeps. looking @ options outside the bank too

[jm3]

loan payment needs to be within 36% of your salary,
if you earn 10k the repayment could be up to 3600 and if you earn 20k up to 7200,
i think you need to earn like 9k to buy a 200k vehicle which seems to be the average brand new vehicle now. also insurance is 10% the value of the car must be fully comp. you will also need 5-10k for bank administrative stuff lawyers fees etc.

[88sins]

unless yuh have a very good history & relationship with wherever you plan to borrow from, (which you won't have if this is yuh first time with whoever yuh borrowing form) yuh not gonna get 100% vehicle financing jus like dat. & if yuh do get it brace yuhself for some HIGH (& probably volatile) interest rates, & yuh gonna need show you possess assets of significant value for the amount yuh want to borrow + whatever interest rate is on the contract. The assets yuh possess will not be considered collateral, but will be viewed as a potential means of recovery for the bank should you default.

Good luck, yuh gonna need it.

[Skyline007]

So fcb offering 26k DP and inst. @ $1295 for 3 years for a Tiida 2008 for 65.5k... What other places offering anything better than this?

[DJ Q]

^That's 6% interest per year.
Won't get much better than that to be honest.

Unless you want to draw out the payment longer, which will actually run you more in the longrun, but may be easier for you to pay.

My suggestion is to put as high a downpayment that you comfortably can.

Minimize your interest

[mitsu_chick941]

So fcb offering 26k DP and inst. @ $1295 for 3 years for a Tiida 2008 for 65.5k... What other places offering anything better than this?

no one bit i'm biased, went with fcb for my car paid average $12,000 interest for 3 yrs, which i thought was great.

[DJ Q]

So fcb offering 26k DP and inst. @ $1295 for 3 years for a Tiida 2008 for 65.5k... What other places offering anything better than this?

no one bit i'm biased, went with fcb for my car paid average $12,000 interest for 3 yrs, which i thought was great.

Depends on how much the loan amount was.
Next month is your final payment?

[mitsu_chick941]

So fcb offering 26k DP and inst. @ $1295 for 3 years for a Tiida 2008 for 65.5k... What other places offering anything better than this?

no one bit i'm biased, went with fcb for my car paid average $12,000 interest for 3 yrs, which i thought was great.

Depends on how much the loan amount was.
Next month is your final payment?

60k


paying off this mth

[DJ Q]

Was the loan amount $60,000 or was that the price of the vehicle?
If it's the latter, how much was your downpayment?

[Skyline007]

^That's 6% interest per year.
Won't get much better than that to be honest.

Unless you want to draw out the payment longer, which will actually run you more in the longrun, but may be easier for you to pay.

My suggestion is to put as high a downpayment that you comfortably can.

Minimize your interest

A friend of mine went fcb and this was the result. I decided to share the info for all and keep the current thread pumping. But with all these RoRo's where you can import anything now the new car and local prices why are they not dropping?

[DJ Q]

Simple: they're still selling.

[mitsu_chick941]

Was the loan amount $60,000 or was that the price of the vehicle?
If it's the latter, how much was your downpayment?

Loan was 60, d/p was 28

So obviously the car was 88k minus insurance

[DJ Q]

That's just under 7% per annum.
That's not bad.

[Ted_v2]

Don't mind the loan payments but those insurance figures. Jah

[mitsu_chick941]

Paid my last installment yesterday.....head light as a feather



home free b*tches

[DJ Q]

Don't mind the loan payments but those insurance figures. Jah

What was the insurance figure and for what vehicle?

[kerwinishere]

My stepdad pays 20k for a 2014 cerato.

[Dizzy28]

My stepdad pays 20k for a 2014 cerato.

His claim history must be terrible!!
My cousin is 25 years old and pays $21k on a Santa Fe which he purchased for $450k

[kerwinishere]

Nah. Just got his DP

[mitsu_chick941]

My stepdad

Nah. Just got his DP

HOW old are you?

[kerwinishere]

Young

[DJ Q]

My stepdad pays 20k for a 2014 cerato.

His claim history must be terrible!!
My cousin is 25 years old and pays $21k on a Santa Fe which he purchased for $450k

So... what does your cousin do?

[Dizzy28]

My stepdad pays 20k for a 2014 cerato.

His claim history must be terrible!!
My cousin is 25 years old and pays $21k on a Santa Fe which he purchased for $450k

So... what does your cousin do?

Chemical Engineer...why?

[Ted_v2]

14k on a suzuki swift sport. @170k

Didn't mind the payments but the insurance.
Ended up didn't buying the vehicle.

[Dizzy28]

You all have some horrible driving records or very young.
My Lancer in 2011 paid $6,700 on $189,950