The Official Vehicle Financing Thread

[kerwinishere]

How old you is Kermit?

[mitsu_chick941]

Was a first time borrower

[robbieg]

Notice some comments earlier in the thread saying "from a business perspective that it would make sense to take a loan for a vehicle, for cash flow reasons" and what not.

From a business perspective, it would make sense to finance a vehicle (take a loan), providing that said vehicle is (or is part of the process in) making the money.

If you are purchasing a vehicle for personal/recreational use, a loan may not be the best option - you are just giving away your hard earned money to the bank via interest (which i consider unnecessary risk). As previously said, dont put your hat where you cant reach it.

There is a huge difference in an asset and a luxury item from a business perspective.

Just my $0.02

[Dizzy28]

How old you is Kermit?

Old enough to be at 60% NCD for starters. Driving since 1998 and have 1 claim in that time. In 2000 had a accident where I was deemed wrong. Clean record since ( Knock on wood!!)

[DJ Q]

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

Paid just over $3,000 on $82,000

Notice some comments earlier in the thread saying "from a business perspective that it would make sense to take a loan for a vehicle, for cash flow reasons" and what not.

From a business perspective, it would make sense to finance a vehicle (take a loan), providing that said vehicle is (or is part of the process in) making the money.

If you are purchasing a vehicle for personal/recreational use, a loan may not be the best option - you are just giving away your hard earned money to the bank via interest (which i consider unnecessary risk). As previously said, dont put your hat where you cant reach it.

There is a huge difference in an asset and a luxury item from a business perspective.

Just my $0.02

I guess the term business perspective is a bad term to use come to think about it. What I really mean is from a cash flow perspective. For the average person, it can actually work out cheaper in the long run if you buy a car with a loan rather than to continue traveling, or using their current vehicle to go about everyday tasks while attempting to save.

Now I'm not saying it's impossible, just saying it seems improbable for the vast majority to buy even a RORO March (~$48,000) cash. I, for instance, was spending sometimes $1,500 in just gas for the month. That's a loan payment right there. Had I attempted to save the money, I would have been spending way more in the process.

Also consider those who have children. It's much cheaper to drive and drop your child to school then you go to work than to travel to all these places. And for those who go straight to work and back, here's a personal calculation

Traveling to work: $4 one way ($8/day)

Car: $0.17/km
Distance: 12km
Cost: $2.04 ($4.08/day)

Now I'm fortunate in that I live & work walking distance from the bus route. So imagine if I had to take a car, then a maxi, then a car. Add children...

Traveling is expensive.

[Ted_v2]

Maintenance on a vehicle is a lot Also

[DJ Q]

That's why we've been suggesting to cycle vehicles 3-5 years.
October to now I've spent $360 in maintenance.

Going to rotate Tyres today and have to change my A/C belt.

In Toyota, brand new vehicles service every 6 months and a grade A (depending on the vehicle) is a few hundred dollars. It gets expensive when you cross 50,000km.

Also, don't forget everything posted in this thread are all opinions.

[sublime]

was just checking up, if you want to purchase a car from england and bring it down, which is the best institution that provides lending services to do such? i know most banks dont want to take risk with lending money for something they cant see physically until it reaches the country.

so just looking for any help on the matter.

thanks.

[Gasmonkey]

Those Smaller finance company's might do it

[mantis]

can u tell me what company i want a loan to buy a van don't have that cash

[zoelikescheese]

was just checking up, if you want to purchase a car from england and bring it down, which is the best institution that provides lending services to do such? i know most banks dont want to take risk with lending money for something they cant see physically until it reaches the country.

so just looking for any help on the matter.

thanks.

is England up in the sky?

[LalChun]

Man want to bring a RR yes

[Playboy123]

Man looking for some legit advice here but you fools asking sheit,

[*$kїđž!™]

can u tell me what company i want a loan to buy a van don't have that cash

Island Finance for starters..

[turbosingh]

can u tell me what company i want a loan to buy a van don't have that cash

Island Finance for starters..

But that might be limited unless you have some form of security.

[boxy]

credit unions once u have a good relationship will give u a character loan for the deposit which the dealers ask for. when the vehicle arrives they will then give u the balance and transform it into a vehicle loan. go to your credit union and chat with the csr u will be surprised how helpful and catering they can be remember loans bring in revenue for them. The credit committee interview is another story it all comes down to if they choose to approve

[ronsin1]

What happened to the friendly neighborhood banks

[rspann]

To get a loan, you need security ,they hold either cash or the vehicle as collateral. They can also use a property or another vehicle. They are not going to give out money unless they have the recourse of recovering their money. If the vehicle is not in your name as yet they cannot execute a mortgage bill of sale which is the legal instrument they use to recover the vehicle in case of default of payment. I hope this explanation helps.

[ronsin1]

But if one does not have some kind of capital why go through the risk and headache of going to England for a car supposed you end up getting screwed over you would be out of pocket and also have a loan to Pay

[Biggs3ne]

can u tell me what company i want a loan to buy a van don't have that cash

Island Finance for starters..

You may be sorry if you choose Island Finance...I heard that you end up paying almost 10 times what you borrow...

The best thing to do is get the loan through your credit union. If you don't, well then you will have to face the bank and their red tape

[Skyline007]

https://www.facebook.com/VonnicEnterprises/timeline anyone ever ordered a roro car from this company?

[DJ Q]

Their prices seem almost too good to be true.
Not questioning their legitimacy, but $72,500 for an Axio is ridiculously good.
$66,000 for a Y12 Wingroad is unheard of.

What can I say... go brave... let us know.

[The_Honourable]

Learning a lot from this thread... take a bump!

Can anybody recommend good places to go to for vehicle financing?

Sharing experiences would be great.

[Nicholaz]

Learning a lot from this thread... take a bump!

Can anybody recommend good places to go to for vehicle financing?

Sharing experiences would be great.

X2

[Turbo]

BUMP! Any updates?

[JF.K]

How does that car cycle thing work I always thought that the bank holds the title to the vehicle till it is paid off for. Very Informative i didnt know alot on stuff on Page 1

When you sell the car, the cheque will be made to the institution that holds the vehicle hostage.
They will then write you a cheque with anything that is over what is owed on the loan.

Bumping thread with a dumb question here...
If I'm buying a vehicle through my financial institution, how will I or the institution know if the vehicle is on a loan somewhere else?

In other words, how will we know if the seller is owing on the vehicle and will it matter?

[*KRONIK*]

How does that car cycle thing work I always thought that the bank holds the title to the vehicle till it is paid off for. Very Informative i didnt know alot on stuff on Page 1

When you sell the car, the cheque will be made to the institution that holds the vehicle hostage.
They will then write you a cheque with anything that is over what is owed on the loan.

Bumping thread with a dumb question here...
If I'm buying a vehicle through my financial institution, how will I or the institution know if the vehicle is on a loan somewhere else?

In other words, how will we know if the seller is owing on the vehicle and will it matter?

They do a search on the vehicle
You can do one too to costs 500 and you get the results in 1 week.
They also do accident claim searches to make sure there are no other liens on the vehicle.

If its on a loan, the seller can get a settlement letter from the loan institutiion and you can take that letter to yours and they arrange for your loan to pay the seller's loan instituiton off instead.

There are terms and conditions for those kinds of purchases, so talk to your loan adviser about it 1st.

[GMAN]

Love this thread guys, knowledge is power and nothing better than sharing actual experiences to learn from so we can all make better financial decisions

Another thing that is a fact of life is that is a vehicle price , the MVT, Duty etc & VAT is all rolled up in there. When to take a loan for a vehicle you also borrowing money to pay for the MVT, Duty etc & VAT which goes back to the GOTT in one shot. So when you take a loan you basically taking a loan and paying interest on "dead money" also. Just a point of view

[randolphinshan]

Love this thread guys, knowledge is power and nothing better than sharing actual experiences to learn from so we can all make better financial decisions

Another thing that is a fact of life is that is a vehicle price , the MVT, Duty etc & VAT is all rolled up in there. When to take a loan for a vehicle you also borrowing money to pay for the MVT, Duty etc & VAT which goes back to the GOTT in one shot. So when you take a loan you basically taking a loan and paying interest on "dead money" also. Just a point of view

Tell us something we do not already know. Same applies to any loan, we buy things and pay Vat which hopefully goes to the state

[adnj]

How does that car cycle thing work I always thought that the bank holds the title to the vehicle till it is paid off for. Very Informative i didnt know alot on stuff on Page 1

When you sell the car, the cheque will be made to the institution that holds the vehicle hostage.
They will then write you a cheque with anything that is over what is owed on the loan.

Bumping thread with a dumb question here...
If I'm buying a vehicle through my financial institution, how will I or the institution know if the vehicle is on a loan somewhere else?

In other words, how will we know if the seller is owing on the vehicle and will it matter?

In addition, a lien is placed on the vehicle title. That lien appears on the registered copy that is used to transfer title.

You cannot get a vehicle loan without the registered copy being amended to include the lien holder.

You cannot transfer a vehicle without the title owners and lien holders issuing a letter of release or a signature on the transfer.