MikeW Posted July 27, 2011 Share Posted July 27, 2011 Hi, I'm in the process of buying a car. The bank were going to charge 15% interest so I went for finance with the car sales garage as it was 9%. When I saw the paperwork last night I was shocked to see $600 fees for the loan. I have told them unless they take the charge away I may not buy the car. Are these charges normal and should I therefore just accept? I'm annoyed as i'n effect the car is now 600$ dearer. I am aware it may still be cheaper than the bank in the long term as the interest is lower. By the way, on the forms they also ask for guarantor details. Is this normal? Having been in Australia for 1 month only I don't know anyone I could put down ad guarantor! Cheers, Mike. Mike. Link to comment Share on other sites More sharing options...
Guest Home Loan Experts Posted July 29, 2011 Share Posted July 29, 2011 You've got to be real carful with unsecured loans in Australia as the car dealerships and banks play a lot of games. They play around with the residual and interest rate then quote you the repayments instead of the rates and fees. $600 is a bit dear, however I really can't comment without knowing your full situation. Just FYI a lot of lenders will decline your loan if you are not a PR or Australian citizen. Temporary residents and 457 visa holders should check if the lender accepts them before applying, otherwise your credit file will be damaged by having several applications on it in a short period of time as you try with several lenders. Link to comment Share on other sites More sharing options...
MikeW Posted August 2, 2011 Author Share Posted August 2, 2011 Great advice, much appreciated thanks. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.