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  1. #1
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    Default Help please! Car finance options help

    So i have applied with 2 banks for a car loan $30000
    Bank a said the repayments will be $236 fortnight at rate of 8.93%

    Bank b said payments of 239 fortnight at 8.45%

    How can bank b be a lower interest rate but repayments are higher???

    Im confused. The car yard is offering bank a offer so im scared tp trust them and both say it includes all fees

    Can someone explain this to me? Thanks crap

  2. #2
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    Are they for different terms? Ie one is paid back over 5 years, the other over 6 years?

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    Sounds like the terms. But sheesh I reckon that's a big interest rate for a car loan - work out what the car will actually cost you at those rates...

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    Default Re: Help please! Car finance options help

    They are both 7yrs
    I thought that was a low rate.. In western aus too if that makes a diff

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    Could it possibly be something like a loan application fee?

    Or does one have loan protection insurance included in it?

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    My rate with a toyota was under 6% and my mum just bought a new car for 2.9% with toyota as well... I could be wrong but it does seem quite high...

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    Default Help please! Car finance options help

    For a car loan, they are good rates. I would be looking at their fine print and extras, compare their set up fees, have they added loan protection insurance, etc

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    Default Re: Help please! Car finance options help

    Yet those Toyota 2.9% etc are all special offers if u buy a brand new one but we aren't doing that so can't get that rate.. Also those have a balloon at the end of the loan u have to pay or refinance.. Already looked into that one

    Yeh its so odd.. Will have a look at the fine print but both Say all fees are inc in that fortnight price. Its all i will have to pay

    They can't lie to me can they? I have had this all over the phone so havnt sighted the papers until Friday

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    Definitely go over the fine print - your understanding could be different to what it actually means - my DH ended up paying loads for a car on finance years ago, because some sort of insurance was included as part of the finance - insurance he didn't need. Good luck!


 

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