Finance
 

Hi all, I am considering buying a GT86. I was curious as to what sort of finance deals people have managed to secure through Toyota? I heard rumours of people getting quotes with sub 6% interest rates, although my local dealer indicated closer to 9%.

You can not get sub 6 with Toyota finance. 9% is very reasonable a personal loan

Mate all I can say is shop around finance companies are extremely competitive for the business but of course the dealer makes their margins from it. Depending on your situation credit wise you could do better but once again do some shopping around whats the worst that can happen

Westpac currently have a promotion on for car finance, check it out on their home page ; )

How are you importing this car from the UK!?

I wouldn't use a Toyota fiance as the term of the loan is normally like 48months and for a car loan that general is too small unless you have a really large wad of cash you are going to slap down after the term as finished.

Hiya Static' actually TFS (Toyota Financial Services) can do up to 7 years.

The 48 months you're referring to or 4 years is actually the maximum term of the current 2.9% Comparison rate offer available on selected models for which the 86 does not qualify for sadly.

P.S. Yes we do earn money from finance deals organized by our dealership but so does everyone else who offers finance including but not limited to banks, credit unions, finance companies and finance brokers :)

Thanks I didn't know you guys did 7 years i asked the finace lady at the dealership and she said no.. :S

She might not have known herself or it might not have been toyota finance that she offered you

Peoples choice credit union are doing 8.70%PA.. Sure there are other lending providers doing even less...

IMB is doing 8.50%.... That is pretty decent in my opinion... Commonwealth want 10.99%.. Baby jesus that is a fair bit...

I'm a member (to use CU services you gotta buy a $2 'share') of People's Choice CU (previously Savings&Loans CU before merging with Australian CU).

I used them to finance the previous two cars I've had.

They're great - no monthly fees (major banks may charge ~$5 a month times that by 48 and you have spent $240 in fees!), you can pay the loan off quicker than your contract without penalties and you can redraw on advanced funds in the loan without fees through internet banking.

Once I'm ready to purchase the 86 I'll use them again to finance it. :thumbsup:

+1 used them back then as well

Thats where ive got a finance quote from. 9.49% fixed interest rate and 10.53% for comparison rate.

Here is a link if anyone was interested what Westpac offers, it has a loan calculator on their website
http://info.westpac.com.au/personall...n&seg=wbctiles

Got to know if you do take out a 7 year loan, pay it off weekly all in all you are going to be paying around 43k for a car youve payed for 33k drive away (Toyota 86 GT manual model), by the time youve payed the car off at the end of the loan period.

A trick learned to get around this is pay more each week :D not just he minimum. as much as you think you can afford that week.

Sorry if this sounds a bit snippy from me but what did you expect? Where can you borrow money off a financial institution without paying any interest?

And Static' yep, good idea, it will reduce the amount of interest you pay also - that idea also works with mortgages too and depending on how your loan is structured you can save a bundle.

Folks

Dont be fooled by the advertised rate, dig deep into all the term charges, monthly fees etc etc.

interest rate could be as low as 5% (hypothetically) but when you start adding all the establishment charges, account keeping fees it blows out a fair bit.

For example the Westpac rate 9.49% as advertised but once you include all the associated fees and charges the actual rate is 10.53 which is what they refer as the comparison rate .

So please do some research before you lock you self in car finance.

Its a shame that some people get caught up with all this nonsense without knowing the actual terms and conditions.

this is the fine print for the westpac example on their website

* The comparison rate is based on a 5 year secured car loan for a loan amount of $30,000. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

We Finance Any Car is advertising 8.99% on new cars

I got mine thru Esanda at the Dealer!!!!! and I mentioned I had a competitive rate of 8% from outside the dealer (a friend) and they were only to quick to offer a better rate than that. So once again shop it around peoples the dealer will want your business

Yup most brokers should be able to get you finance with ANZasset finance from 6.99% - 8.99% for a new car. depends on your credit rating though..