How do we finance our car purchase?

Discussion in 'Coffee Lounge' started by Elke, 21st Jun, 2015.

  1. Elke

    Elke Member

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    We have driven our 2001 Corolla to its end and need a new car imminently. Kids have grown and to fit them all will need a 7 seater.
    Hoping for under $20k but mor like 25-$30k as we spent so much on repairs that a old car is sometimes a false economy. So ideas please on how to finance it are welcome!! We see so far:

    1. car finance at a car yard at 8.5% for seven years not likely!! Plus no use if buying from a private seller.
    2. Equity loan from ip
    3. Cash but we don't have enough cash plus we want to keep a cash buffer for our property so we do not want to use that on the car.

    Any other ideas? We don't have much equity coz we only just bought.

    Bikes???!!!
     
  2. womble66

    womble66 L plates firmly afixed

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  3. lazibones

    lazibones Member

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    Why don't you make a call to a finance company, I always have found they have a lower real interest rate than a car dealer and the rates are low at the moment.
     
  4. Elke

    Elke Member

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    Thanks Womble I'll look into it.
     
  5. Elke

    Elke Member

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    Are there any companies u have used that u were happy with? Ta.
     
  6. lazibones

    lazibones Member

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    Some finance brokers are duds, You could do a search for finance brokers, You should get your accountant to check the rate, often it isn't what it is supposed to be. Some have been known to go to jail for fraud. I use MFL http://www.mildurafinance.com/