Experiences with Car Finance? - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars

XplodEd EA · 09-24-2002, 02:30

I was wondering if anyone under 21 has been able to get car finance? I found an EA that fulfills all my criteria (except being a wagon) and I want it. Trouble is I dont have the $5,000 they want for it, so I'm wondering if I should even think about wasting my time looking for finance. I don't think I'd have much luck at all, I'm 18, I have a fulltime job but I've only been there 2 and a half months, I live at home, bring in over $200 net a week and I'm in Brissy

I'd just like to know everyone elses experiences and so forth. I want this car before someone else finds it! I've been looking for over 2 months and this is the first one that I've found that I really like, I've found a few others but either the interior has been crap or the body was crap, this one is perfect. I'm afraid it might be also the last one I find like this

NZ · 09-24-2002, 02:42

I had trouble trying to get finance for $6000. in the end I got a down sell offer of $1000 for 12 months. That was with $575/week nett :(

EAFGhia · 09-24-2002, 02:50

I am 21 and got a personal loan for 5k at 18 with a pretty crap paying job. I got a loan for 6k for my EA about 2 yrs ago with no probs. You should have no probs.
Now i got em both out of the way its time for mods!!!

If you don't get it remember there are plenty of good EA's on the road still

NZ · 09-24-2002, 02:53

Most of the time they look for job stability. Like I was in the job for 2 months. They wanted at least 12 months. They also like to see you at an address for 2 years

THEONE · 09-24-2002, 03:10

keep looking buddy ive been looking for a car for 2 years and only just got an eb ll spack a few months ago and it was perfect.you won't find a perfect second hand car so don't bother looking.back to the finance my mate got approved from st george for $10,000 he's had a full time job for about 6 months i think so ring aaround and you might find one.good luck

THEONE

SiX_iN_a_RoW · 09-24-2002, 03:51

unemployed people can get finance these days....

My dad works closely with a mob called Fast access Finance.
For unemployed, bankrupt etc etc
the catch is that the interest is fairly high and with a $200 weekly income I doubt you will be able to get a $5000 loan through them....

Want to be PERFECT for 5g's

I know someone whose selling an EA Fairmont with 119,000km's on the clock for $4000, sedan and thats all I know about it at the moment....besides the fact its in the Brisbane area

MIXIN' · 09-24-2002, 04:29

Back when i was 19, I wanted to borrow $10k for a good, reliable relatively late model 2nd hand car. I was on $630wk, single, no debts & lived at home for $50 a week, but had only been in the job 4 months (permanent). I had no credit rating at all. Credit union said no, but offered me $30k to buy a brand-new car instead!!!!! They couldn't give me a very satisfactory reason, only to say that the 10k for a 2nd hand car was too big a risk!

Go figure! I would've thought 30k was far more risky....

Their suggestion was to go & see some ripoff finance mob & establish a credit rating starting off with small amounts. I told them where to stick that idea & bought the best car I could for 4k cash I had saved at the time.

When it came time for applying for a mortgage, I had similar hassles, and went through numerous mortgage providers, as no-one wanted to deal with someone who had never had credit. Why is it that people on low incomes, up to their eyeballs in debt & with large family running costs can apply & get a loan easily?
I found that having no credit rating is almost as bad as having a bad credit rating. Why is it that society today readily accepts living life on credit, and shuns those who choose to save up for their wheels, engine mods, in-car entertainment etc?

My best advice is to go to a ripoff finance mob, get the loan, hang out & resist the urge to spend $$ on mods, and pay off as much as you can in the first 3 months or so. Once you have done this, go to your local bank/credit union, and they'll be only too happy to take the business off another lender, provided you have proven yourself with repayments, and the interest rate will be more like 8-10.5%.

One thing to remember is that the majority of lenders will specify comprehensive insurance as mandatory. As you are young, and it's an EA, this could easily be $1500-2000. Another expense you'll need to cover when purchasing the car.

Morale of the story is to get a small loan when you're young, even if you have the cash. Use it to buy stereo gear or whatever, but make sure you pay it off ASAP. Up the amount for the next loan & when you've established a good credit rating, hit 'em up for the big one & buy a Barra....

carazy · 09-25-2002, 23:15

Don't finance the car with the dodgy brothers dude. I went that way and got screwed when it came time to pay out the loan.
ALWAYS READ THE SMALL PRINT that's all I'll say.
But if I was in your situation just save your money.
If you want a credit rating go get an AGC card and buy something with 12months interest free and pay it back asap.
My mother in law is a bank manager and according to her credit cards are the safest and quickest ways to boost your rating.

XplodEd EA · 09-26-2002, 02:26

Already tried for one of those AGC creditline cards, wouldnt even give me $500. But there is hope yet, everyone I talk to (eg. finance companies and even banks) say that if my father were to guarantor the loan I would have no troubles at all.

And today I test drove the car, it drives pretty well, no un-normal noises, gear changes are smooth, clutch feels good, responds pretty well. There are a few little rattles from within the car, eg. door locks rattling, gear lever surround rattling, nothing major. Also found out everything they have done to the car, it has just had front and rear main seals done, brand new water pump, brand new clutch, new brakes, 5 new goodyear tyres, new front brake pads, new front struts and 2 bonnet struts and the Air-con has just been fixed up aswell. It handles better than any other EA I've driven, the ride is nice and smooth. It does have an LSD in it, but it's got 2.92 diff gears. That is the only thing I don't like about the car so far, besides the little ding and the few little scratches.

With everything that has been done to it I understand why the price is so high and I am willing to pay for it. I only have to get $3,500 to pay for it anyway. I got the torana for nothing and they want to give me $1500 for it I wont argue! Anyway I'll see how things go, Hopefully I'll be behind the wheel of a new car very shortly

Timmeh · 09-26-2002, 03:04

Quote:

Originally posted by carazy
ALWAYS READ THE SMALL PRINT that's all I'll say.

Education is what you get from reading the fine print, experience is what you get when you don't!