Need Some Advice on Getting Car Finance

Lbambadee on 15/06/2022 - 14:46
Last edited 15/06/2022 - 14:52 by 1 other user

Hi all,

I'm currently looking to purchase another car. One of my current cars is in the shop needing a very specific part which is proving difficult to obtain.

The seller of the car I am looking to purchase needs to sell it by the end of the week (Sunday) so I am scrambling for alternatives at the moment. I have considered variable rate personal loans for $12000 which, at the very latest a few weeks, I will be able to pay off - in full. I submitted an application with Commonwealth and was declined on the basis that I had made no transactions on the account (I have since changed banks, but decided to keep the Commonwealth account open in case).

I am hoping someone here is able to offer advice about what to do moving forward. The best thing would be for the part I need to be easily obtainable in the next couple of days but my hope has waned.

Thank you kindly in advance.

Automotive

closed Comments

  • Muzeeb on 15/06/2022 - 14:56
    +1

    Very unlikely you'll get finance by Friday COB

    needs to sell it by the end of the week (Sunday)

    Legit reason?

    a very specific part which is proving difficult to obtain.

    Is it French?

    • bambadee on 15/06/2022 - 15:01

      He's buying another car and needs to make space in his workshop for it, which the car I intend to buy is currently occupying.

      It's Japanese, and I've been looking for parts which SHOULD match up with my car, but Toyota has been very difficult to work with (I'm talking ordering the part, and it's the wrong part in the right box).

      • altomic on 15/06/2022 - 15:56

        sweet - it's a camry.

        • bambadee on 15/06/2022 - 15:57

          Close - it's a Crown.

      • bhubb18 on 15/06/2022 - 16:08

        What car and what part?

        • bambadee on 15/06/2022 - 16:13

          05 Crown Athlete, LHR shock absorber. There's woefully little information on the internet.

          • bhubb18 on 15/06/2022 - 16:24
            +1

            @bambadee: Plenty of info out there, just got to know where to find it. I assume you've joined the modern crown facebook page.
            A lot of IS250/350 stuff is interchangeable

          • Broke-Ken on 15/06/2022 - 16:29

            @bambadee: Yep, another Camry :P

            If you're going to get an import, at least figure out how to find parts in Japan or figure out what parts from local cars are compatible.

            An 05 Crown should have the same suspension set up as a Lexus GS300 of the same era. but you need to do your own research to confirm.

            • bambadee on 15/06/2022 - 16:45
              +2

              @Broke-Ken: I'm quite familiar with the process but it's finding the particular rear shock with a pin at the end of the thread for the adjustable suspension sensor. Have looked into same-era GS300s and have ordered its corresponding shock. Hopefully it works!

  • ULT on 15/06/2022 - 14:57

    Re-open the old account with the previous bank, they'll still retain your transaction history and you should be able to secure the loan that way. What the bank looks for is your previous credit scores, current financial situation, stable income, etc before granting the loan. you can also just rent a car from like $12-$30 a day (not including KM and petrol fees of course) until your part comes in.

  • dust on 15/06/2022 - 15:15
    +1

    Do you have to buy this particular car? Can you wait until one of your current cars is fixed and/or you get enough money to buy one without financing?

    • bambadee on 15/06/2022 - 15:24

      To buy without financing was originally the plan, and suppose it still will be, I'm afraid.

  • netjock on 15/06/2022 - 15:56

    Don't worry with rate increases going crazy you'll have plenty of repossessed cars for sale soon.

    • Domicron on 15/06/2022 - 16:09

      Depends if that person is on a variable mortgage or other commitments.

      Car loans are mostly fixed and won't be imapcted by rate rise.

      • netjock on 15/06/2022 - 16:14

        Would think the problem is if you have a big home loan and a 2% increase would send you under cashflow wise. Then it doesn't matter if your $25k car loan is fixed or not.

        • Domicron on 15/06/2022 - 16:17

          Yupe. Can't agree more.

          • netjock on 15/06/2022 - 16:42

            @Domicron: I don't like the current situation one bit to be honest.

            And this is coming from a person who has a bulk to my loans tax deductible and locked up at 2% to end of 2024 - 2026.

            • Domicron on 15/06/2022 - 19:28

              @netjock: Goodluck. Things will get more ugly. When the market was talking about 2024 rate rise 12 months ago, we have priced for a 100bps by end of 2022 at work.

              Hindsight 20/20, it is worse than what we have anticipated.

  • dtc on 15/06/2022 - 15:56

    assume you dont have a home mortgage?

    • bambadee on 15/06/2022 - 15:57

      No mortgages.

  • aileron on 15/06/2022 - 16:04

    Even if it didn’t take days to approve your app, the money would come in next week.

  • randomusername2017 on 15/06/2022 - 16:26

    He's buying another car and needs to make space in his workshop for it

    Offer him free storage until you've organised finance…

  • brendanm on 15/06/2022 - 17:28

    The seller of the car I am looking to purchase needs to sell it by the end of the week (Sunday)

    Sounds legit.

  • Hardlyworkin on 15/06/2022 - 17:37
    +1

    Just Nimble it and move on….. You may well have a very sore butt afterwards though.

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