Lo Doc car loans?
- Thread starter Aimjoy
- Start date
Mmmm - yes I do. If I have to pay that much I can just put the vehicle on Visa
What did you have in mind?
Probably the question is what did you have in mind (not trying to be rude, just put it into perspective)?
Car finance rates right now are around 8.6+++ - saw a dealer do 10% the other day for a full doc lawyer on 200k a year. Which we cut to 9.2% and lower payments as well. Go to the bank, and a personal loan is up around 11-15% (thats full doc too)
But in saying that, often the rate often cant be construed as a factor the same as a home loan different funders calculate the payments differently. So while with one you get a higher rate the repayment is actually lower than another. Then you have issues if its a new car, used, dealer sale, private sale.... and if that then fits the boxes
So a low doc by nature statistically carries more risk and defaults, hence the higher rate.
And getting financials to the point where they can support a full doc would probably be better.
All this being said... isn't a car (if it isnt earning you money) nothing but a liability at the end of the day.
Car finance rates right now are around 8.6+++ - saw a dealer do 10% the other day for a full doc lawyer on 200k a year. Which we cut to 9.2% and lower payments as well. Go to the bank, and a personal loan is up around 11-15% (thats full doc too)
But in saying that, often the rate often cant be construed as a factor the same as a home loan different funders calculate the payments differently. So while with one you get a higher rate the repayment is actually lower than another. Then you have issues if its a new car, used, dealer sale, private sale.... and if that then fits the boxes
So a low doc by nature statistically carries more risk and defaults, hence the higher rate.
And getting financials to the point where they can support a full doc would probably be better.
All this being said... isn't a car (if it isnt earning you money) nothing but a liability at the end of the day.
Do you run a bussiness?
If you can show equity in the houses eg rates notices.
And have a some funds as a deposit the rate is more like 9% to 13% depending on the size of the deposit, fixed or variable rate etc.
I would agree if the rate was 20% you are better of using a low interest credit card..
Hope this helps
If you can show equity in the houses eg rates notices.
And have a some funds as a deposit the rate is more like 9% to 13% depending on the size of the deposit, fixed or variable rate etc.
I would agree if the rate was 20% you are better of using a low interest credit card..
Hope this helps
Yes to both of these
Yes
What on earth is a "no financials full doc"??
(those 2 terms sound mutually exclusive)If you can show financials under your ABN, then yes, you can get 100% lend, even if your financials show a loss as long as you are asset backed with a bit of equity. The rate should not change due to this and is often easier to do through a dealer or broker as they have relationships with the lenders. The deal has to be Business Use though as private use is UCCC protected and capacity has to be proven under UCCC guidelines. UCCC is not used under business use
