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  1. #1
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    Default Car Finance - A few questions :)

    Hi we have come to the point where we need a new family car. Can someone help me with the process because I have no idea how it works as it was a very long time ago and more than likely it's all changed. What did you provide, deposit/no deposit, time it took etc...What was the process when you went through it? Thanks so much

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    Quote Originally Posted by Ready To Run View Post
    Hi we have come to the point where we need a new family car. Can someone help me with the process because I have no idea how it works as it was a very long time ago and more than likely it's all changed. What did you provide, deposit/no deposit, time it took etc...What was the process when you went through it? Thanks so much
    When got our first car in 2011, we said we have x amount for a deposit, they did the credit check and employment check for dh, he provided proof of income (3 months worth of pay slips from memory?), and that was it. They did up the contract and we picked the car up a few days later. It was a used car.

    We looked at upgrading end of 2012, went in for a look at a dealership, took the car we were interested in for a test drive, they valued our car while we did that. Came back, and within half an hour we had signed the paperwork to buy a brand new car! Only paid a very small deposit ($500). Was a week before we could take the car but in that time we found out we had to move so got our deposit back. It was so easy, I was quite surprised.

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  4. #3
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    We brought a new car in March. We took the car for a test drive, paid a $500 deposit and signed a contract subject to the finance approval. From memory, it was late Thursday evening, DH had to supply 4 payslips (which he did on the Friday) and we got the approval through on Saturday morning. We were having a specific colour come from the shipping yard, which took a week, but otherwise it could have been much sooner.

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    It really depends on the type of financial institution you go through.

    If you go through your regular bank, they are probably less likely to be as strict on the terms than a finance company. With finance companies you are also probably going to jump more hoops for insurance certificates, finance paperwork and terms & conditions. From experience, finance companies are less likely to be upfront about contract fees (late payment as well as early termination charges), but they also offer balloon payments, which banks usually don’t.

    My advice would be to put down as much of a deposit as you can, even if they only require $500 or so.


 

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