Here's a scenario: An enterprising lad hears about a A9x hatch which is parked up in a farmers shed. 7 years of searching finally pays off & the urban myth turns out to be a black & white A9x hatch with just under 2000k's on the clock. Farmer buys it new for his son, who dies in a farming accident 1 week later, & the hatch is relegated to the shed, where it remains for nearly 30 years. A deal is struck for $10,000. The enterprising lad trundles off to see his friendly bank manager. After the usual paper shuffling, bank says " Sorry mate, the car is too old to finance!, go down to the local holden dealer & pick out a new SS in your favorite color, sign here, & drive it home!" What the?
Before i get a pm box full of ' if you dont want it, can i have it' mail, the vehicle has been changed to protect it's identity.
How come i can get finance for a new 'depreciating' car, But not an old sports car which is increasing in value? Banks suck!
Banks suck!
Started by
Statler
, Jul 23 2006 10:47 AM
36 replies to this topic
#1
Statler
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Posted 23 July 2006 - 10:47 AM
#2
GML-31
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Posted 23 July 2006 - 10:53 AM
get a personal loan not a car loan.
#3
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Posted 23 July 2006 - 11:05 AM
But they always ask what you want the $ for! Are you suggesting i lie to the bank? Sorry about the tripple posts, i dont know what happened.
#5
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Posted 23 July 2006 - 11:07 AM
There is no shortage of people who want to finance me, with a share of the profits apon sale, but i want to keep it. Looks like i'me off to the loan sharks.
#6
_Mondie_
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Posted 23 July 2006 - 11:44 AM
Have you tried Esanda? What about applying for a couple of $5k credit cards? There must be an easy way if you have a steady income 
#7
_Duck05_
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Posted 23 July 2006 - 01:00 PM
Enterprising lad gives up too easy,
I can't believe you tried one bank and then straight to the sharks, here's a tip do not ever borrow money from a loan shark. Money is cheap and if you take the time to try a couple of banks or financial lenders like Esanda, AGC etc or get someone to go guarantor at the bank you will get $10K.
Like the others said get a personal, not car loan, you don't have to lie just tell them you want a personal loan to buy a car. Remember you are buying thier product get what you want don't let them bluff you, I honestly think this bank guy you spoke too did not give you the loan because he thought he could talk you into a $30K loan for an SS and put a bigger commish in his own pocket.
Do not give up you will get the loan be confident and tell them what you want think of it like this, you are buying thier product and believe me they want to sell it.
GOOD LUCK DUDE!! See you in the A9X soon
Regards
Duck05
I can't believe you tried one bank and then straight to the sharks, here's a tip do not ever borrow money from a loan shark. Money is cheap and if you take the time to try a couple of banks or financial lenders like Esanda, AGC etc or get someone to go guarantor at the bank you will get $10K.
Like the others said get a personal, not car loan, you don't have to lie just tell them you want a personal loan to buy a car. Remember you are buying thier product get what you want don't let them bluff you, I honestly think this bank guy you spoke too did not give you the loan because he thought he could talk you into a $30K loan for an SS and put a bigger commish in his own pocket.
Do not give up you will get the loan be confident and tell them what you want think of it like this, you are buying thier product and believe me they want to sell it.
GOOD LUCK DUDE!! See you in the A9X soon
Regards
Duck05
#8
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Posted 23 July 2006 - 01:01 PM
Sorry
gave me fault message and I doubled up 
gave me fault message and I doubled up
Edited by Duck05, 23 July 2006 - 01:03 PM.
#9
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Posted 23 July 2006 - 01:08 PM
LISTEN to this man ^^^^^^ He knows what he is talking about. Take control with banks and lending institutions and like he says be confident, like they are the ones missing out if they wont finance you.
#10
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Posted 23 July 2006 - 01:09 PM
I thought I was offering to become a loan shark ?? Good advice Duck05 !!
#11
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Posted 23 July 2006 - 01:10 PM
Nah, i tried the sharks first because it takes 2 weeks to get an appointment at the bank. I find out tuesday if my bank is supportive. Some of the 'lending institutions' mentioned are the sharks i refer to. Hows this, i just finished paying a $4000 personal loan off at 35% interest. It took me 7 months. The 'lenders' have put me on a 'prefered customer list' [ i presume that means i can pay]. They continually send me more credit applications. They are happy to finance me the 10k at 34% interest. Prefered customer my ass!
#12
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Posted 23 July 2006 - 01:23 PM
Ring Shannons and ask them their preffered financier. Easy.
R
R
#13
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Posted 23 July 2006 - 01:27 PM
I will ring them monday, cheers for the tip. I really dont want to have to turn the little car over for a profit. As i said, it took me 7 years to find it.
#14
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Posted 23 July 2006 - 01:32 PM
It will be good to see the pics when the finance is organised and you get it home. Well done on the find !!!
#15
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Posted 23 July 2006 - 01:46 PM
Sorry pallbag, it's not a torana which has got me interested, but i used the A9x as an example. The little car is compareable in desirability, value & collectability. But i will post pics if i can secure it. Parked next to the SLR of course! Wish me luck.
#16
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Posted 23 July 2006 - 04:02 PM
Bugger the banks, try a Credit Union with a Personal Loan, they are alot more customer friendly thank the banks.
#17
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Posted 23 July 2006 - 04:21 PM
have no idea how the banks operate with car loans. I can understand the fustration that they will lend money to buy a new one that will depreciate as soon as you get in it......but to them its a known where the risk etc can be calculated. If you are borrowing ....lets say $80000 to buy a gtho, then as car enthusiasts we know the value wont depreciate.....but can we be certain about it.........what is to say that the car wont return to the value that a 30 year old car "should" be in another 2 years time? These high prices are only a 'recently' happening thing.
#18
_Yella SLuR_
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Posted 23 July 2006 - 06:48 PM
Think the issue for the banks is that collectable cars aren't as easy to liquidate when and if you default on the loan. Not that they seem to get much for the new cars they auction anyway, they sell em for a steal.
#19
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Posted 23 July 2006 - 08:20 PM
I got a personal loan through a bank and when they asked what i wanted the money for i just said a car. Thats all they asked. Its a personal loan you can use it for what ever you want.
Josh
Josh
#20
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Posted 23 July 2006 - 08:53 PM
My 20 year old cousin took an $11000 loan out last year to buy his Toyota Soarer... He asked the bank if he needed to insure it, and they said no!
So he bought his high-performance jap import, no worries!
RIM
So he bought his high-performance jap import, no worries!
RIM
#21
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Posted 23 July 2006 - 09:05 PM
Hi,
I've been in finance and banks for 25 years. Depending on your circumstances, most banks will only do a "personal" loan, secured over something (car,bike etc etc). If you have good income (and income stability) and good credit rating, you are always looked at more favourably.
Places like Esanda etc, also take bill of sale, or goods mortgage over "something" of value. Unfortunately, they dont see older cars, usually over 7 years as suitable security.
This is very frustrating, and you need to look at some "specialised" lenders, who can atually see some value in an
older" car.
Most banks, really aren't interested in 10K personal loans, they are not worth the trouble, usually, so I doubt they would chase this kind of deal.
Regards Simon
I've been in finance and banks for 25 years. Depending on your circumstances, most banks will only do a "personal" loan, secured over something (car,bike etc etc). If you have good income (and income stability) and good credit rating, you are always looked at more favourably.
Places like Esanda etc, also take bill of sale, or goods mortgage over "something" of value. Unfortunately, they dont see older cars, usually over 7 years as suitable security.
This is very frustrating, and you need to look at some "specialised" lenders, who can atually see some value in an
older" car.
Most banks, really aren't interested in 10K personal loans, they are not worth the trouble, usually, so I doubt they would chase this kind of deal.
Regards Simon
#22
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Posted 23 July 2006 - 10:05 PM
Hi,
Like Simon I was in the banking industry for 26 years.
You need to think about who you apply for the laon with: 1. Because obviously you don't want to be paying monsterous interest rates -ala loan sharks/finance companies, and 2. Every application gets recorded with the Credit Reference Association. Each time you apply the lender does a check with them for your credit rating. When they start seeing numerous loan applications they start getting worried- are you borrowing at lots of places or do the other lenders know something they have missed. They decline the loan to be safe and so the problem snowballs
I would suggest going through a broker who will know who to apply with for you- like others have said make sure it's bank/credit union, and try and get one that doesn't take a bill of sale over the car as security. B/O/S = increased insurance premiums. Approaching Shannons sounds like a good idea too.
Best of luck and can't wait to see the pics
Cheers,
jpxu1
Like Simon I was in the banking industry for 26 years.
You need to think about who you apply for the laon with: 1. Because obviously you don't want to be paying monsterous interest rates -ala loan sharks/finance companies, and 2. Every application gets recorded with the Credit Reference Association. Each time you apply the lender does a check with them for your credit rating. When they start seeing numerous loan applications they start getting worried- are you borrowing at lots of places or do the other lenders know something they have missed. They decline the loan to be safe and so the problem snowballs I would suggest going through a broker who will know who to apply with for you- like others have said make sure it's bank/credit union, and try and get one that doesn't take a bill of sale over the car as security. B/O/S = increased insurance premiums. Approaching Shannons sounds like a good idea too.
Best of luck and can't wait to see the pics
Cheers,
jpxu1
#23
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Posted 23 July 2006 - 10:11 PM
I applied over net for a personal loan and as reason i put car and had the money in my bank within about 6 days, so maybe you were just unlucky... i got a call from bank 2 days after i applied and just had to go down with id and sign some papers and hey presto 
#24
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Posted 25 July 2006 - 03:41 PM
yeha when i was buying my crusier i went to the bank got a personal loan since it was over 7 years old or somthing it had to have a verible intrest. if they wont give you $10000 cuase its not worth it for them ask for $15000 and use the extra 5 grand and pay it off you loan straight up as long as you dont get penalised for paying it off to early. bank wanted me to pay 200 amonth odd but im paying a grand a month. with the loan i got i got insurance just i case i lost my job they pay your loan out st andrews is who im using.
#25
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Posted 25 July 2006 - 03:45 PM
you may find credit unions more sympathetic.
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