Refinancing

[InSaNe^Sna1L]

Hi Guys,

I am thinking of refinancing my car loan as I am sick of paying monthly considering I get paid fortnightly. I have so far found Aussie Car Loans to be the most competitive so I will be paying them a visit this afternoon to have a chat.

On a side note, I am also considering refinancing as an opportunity to price up a new car. Yes I am considering parting with the Sri to purchase the car I have always wanted....a Nissan Skyline Series II R33 GTS-t. If though I am going to be financially much worse off then its not happening but if I am only going to be a grand or two out then it is going to happen.

Any advice on either financing or purchasing of the imports.

[CJB]

Amazing... I mean, I have no knowledge of the car you are talking about, but I am refinancing today too in a way.. paying out my credit cards and cancelling them. :)

[mr_sikma]

you can change your repayments to fornightly or weekly whenever yu want. Just give them a call!

Also i nearly sold my 04.5 Barina to get a 99 BMW 318is. But i thought it was a bit silly getting an older car for more money, plus i didnt get what i wanted for the barina.

What do you have now?

[InSaNe^Sna1L]

I have an Astra SRi and I am using GM Finance at the moment through Zupps. But Aussie have more competitive rates, and GM won't let me change my payments for fortnightly as I am locked into a contract through them. But if I pay it out I by refinancing I should be right to get fortnightly repayments.

I thought about the fact that I am getting an older car too, but the Nissans have pretty good resale.

Dunno....I am still considering my options at this stage. I know I really shouldn't be getting a new car as I need to pay off like 3 different credit cards too.

[Mr T]

Interesting point...RATES!

You don't repay a rate, you pay a payment....what I mean is a lower rate does not necessarily mean a better deal. Different lenders have different fees: loan application fees, monthly fees, payout fees etc. These fees can outway the lower rate.

Consider this: $500 loan application on a $15,000 loan at 10% over 3 years = $650 total cost. 650/15000 = 0.0433/3 (Years) = 0.0144 hence 1.44% so therefore your true rate is now 10% + 1.44% = 11.44%

I'm not saying Aussie Car Loans have this $550 app' fee but I'm just saying to be careful...look at all the costs!!!

[InSaNe^Sna1L]

Thanks....appreciate the advice. I might stop in there this avo so will check it out and see what they are like.

[mr_sikma]

but buyer beware when getting an older jap turbo car.

i wouldnt like to have to buy one, look out for thrashed ones!!! (most of them!)

[Namus]

why get the taxi of the lot? get an R32; same power less weight...plus everyone has an R33...standout

[pred8r]

Get a quote on insurance before you buy an import, esp. if you get need a loan.

Get the coverage in writing before hand. My mrs bought/loan a 'new' vr calais(worked off its nut) a few yrs back, everything was fine, subject to insurance approval and all anyway papers were signed.

We went to Highpoint (theft capital of the western suburbs) for lunch and got a phone call it went like this;
"this is Amy :) from the insurance company we have a question regarding the car, we are just confirming with you, is it lowered?"
"Yes it is"
"What type of lowering is it?"
"Its FE2"
"I'm sorry we cant cover you, it has too many modifications"
"Excuse me! Why am i being declined AFTER the car has been purchased based on your acceptance?"
"Because it is lowered."
"Umm, V8 Calais are lowered from FACTORY with FE2, it is NOT an option or modification, it is STANDARD suspension for a v8."
"Yes we know, but because it is lowered we are unable to cover you."
"So the tinting, extractors, large exhaust and aftermarket alloys are ok?"
"Yes."
"But you are now refusing to continue coverage because they come lowered from factory like that?"
"Yes."
We then changed insurance companies but thankfully found another $500 more though.(Like we had a choice.)

http://users.bigpond.net.au/Pred8r/vr%20calais.jpg
Sevs' Beastie (now gone to greener pastures)

[InSaNe^Sna1L]

yeah thats always worried me too...damn insurance companies....thats why i generally call them before i sign the paperwork and tell them all about the car.

I plan on getting a stocker tho with no mods. I want to be able to work it later. I still haven't 100% decided yet but if i can get a nice resale and new skyline for the right $$ then its most likely gunna happen

[pred8r]

Just make sure, they KNEW all the mods beforehand. We called 3 times just to confirm they'd accept.

[Namus]

The best part:

"Umm, V8 Calais are lowered from FACTORY with FE2, it is NOT an option or modification, it is STANDARD suspension for a v8."

"Yes we know, but because it is lowered we are unable to cover you."

"So the tinting, extractors, large exhaust and aftermarket alloys are ok?"

"Yes."

lmao; tossers