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  1. #1
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    Default Anyone used motor finance wizards?

    As the title states, have you? Good/bad?

    We are in a bit of a spot... I'm now a sahm, but have a great credit rating. Everything is in my name.

    Df works, casually, but its actually permanate part time (regular minimum hours each week). He has a crap credit rating from before we met.

    we have one car, mine, that I purchased before we met, final payment due in 4 weeks! I got it brand new, so not looking to upgrade it yet.

    We are considering geting one through these guys for df. we have been approved, but live 4 hrs from the office, so can't check out the cars etc before we take public transport and get stuck there because we don't like the cars, and wouldnt make the return train in time.

    I was happy till trying to google their cars for sale and stumbled across quite a few horror stories blogs and sites dedicated to shame them....but I don't trust everything I read like that.

    So? What did you think?

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  2. #2
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    I have heard really bad things about them so I would stay well away.

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    Lauzy  (11-10-2013)

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    Oh...I have been thinking maybe just wait until my car is paid off and see id we can get a joint loan (only like $5 k) from a bank etc...and if not, them maybe accept their offer?

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    They were on a current affair or today tonight about how the took advantage of ppl and their unfair contract terms (it was not a nice story). If you can keep up with the payments it's ok but watch out if you fall behind!!
    I assume if they are still allowed to operate it must be all legal and works for some with no other option. If you have a good credit rating it might be better to get a credit card or personal loan (harder to get though)

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    Quote Originally Posted by shadowangel0205 View Post
    Oh...I have been thinking maybe just wait until my car is paid off and see id we can get a joint loan (only like $5 k) from a bank etc...and if not, them maybe accept their offer?

    Sent from my GT-S5830T using The Bub Hub mobile app
    Definitely try a bank loan and in the meantime try and put as much money aside as you can.
    The problem with companies like wizard is they approve people that banks/reputable finance companies usually wouldn't so they bind you to a contract that is near impossible to realistically pay. Also, if you're getting a car through their dealers you will most likely be paying above and beyond top dollar for it, combine that with paying larger interest rates and your car worth $5k is probably costing you 4 times that.

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    Thanks ladies...basically what I read (but also apparently tge cars are in quite a bad state of repair also)...I wouldnt agree to anything we couldn't handle.

    Though it may cause arguments as df is the kind who wants and needs things "yesterday" he is such an impulsive person..

    I think waiting is the best option....

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    I agree, Wait, don't buy from them without checking the value of the car. decide on what car you want first, how old, what model, etc, have a very clear idea of what you want before you start. Then look at other places, Carsonline, or even other dealers, and get a good idea of the money you should be paying for that car. I understand mfv inflate the price of the car, so a car worth $3000 they will sell for $4000, but you will end up paying $9000 by the end of the contract. My advice, avoid them at all costs. plenty of other ways to get a good car without the huge expense of those guys. Marie.

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    I would avoid them. You'll probably end up paying so so much for a pretty dodgy car if you do end up using them.

    Have you looked into loans for people on low incomes, like the NAB step up loans? They might be a better option. I think you can get up to $5k with them and you can use the money to purchase a car.

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    We used them.

    DO NOT USE THEM!!!!!!!

    It wasn't so much we got a bad car it was we paid WAY WAY WAY too much.

    We were stuck, our car was just about dead and MFW 'approved' me for a loan.

    Something I think about now was they took our Magna that was just about dead as a trade in, they valued it at $1000. Ha! Wasn't even worth 1 cent. I shudder to think that they would have 'fixed' it only to sell it at an inflated price to someone else in a situation like ours.

    Please, please, please DO NOT GO WITH THEM!!!



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    Thank you! I have called then and said we can't make our appointment, and rescheduled for in a weeks time.
    Since then, I've called mercedes (who my car finance is through) and they called the same dealer, and I have spoke to the same finance manager from when I purchases my car, and they are seeing what they can do for us.

    at this stage, looks like we can add my final payment to the cost of the new car, and seems we will be paying roughly the same, but possibly for a newer car, over a shorter term and we would own it at the end.

    I've been asking mfw for 3 days to email me photos of potential cars within our budget, but still don't have them. I'm starting to get a bit skeptical!

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