How long for finance?

[JimmyTOP]

G'day everyone, so I have a deposit on a GT was told delivery due late this year and I've signed everything the dealer never enquired to how I will be paying.

I want to pay at least 15k and finance the rest, how long do I have to sort this out?

So if the car arrives late this year, does that mean I have more time to save up money? Or must I do this asap?

Thanks for any help received! I know I sound clueless, but I really had to pounce here before it gets worse with longer waiting times!

Ps, should I visit a bank or give toyota finace a go first?

[Toy86]

Ehhh I would go with whoever can offer you the best interest rate, Usually the dealership can beet the interest rate of the bank but you must read there terms and conditions as sometimes there can be some funky clauses that allow them to change things up half way through the loan term.

You would get you finance done before you get the car or on the day of picking up the car, if you do it with Toyota you can usually do it all over the phone before you go down to pick up your car, you may need to email them some documents but thats ok right?

Once you have been approved by bank/toyota finance you have a certain amount of time that you can then proceed/accept the offer. If you have good credit history then dont stress, worry about it a week before picking up the car.

[ChocolateNick]

Originally Posted by JimmyTOP

Ps, should I visit a bank or give toyota finace a go first?

Get an online quote from Bendigo Bank. Then take it in to Toyota finance. Have a look at a few other places, but I have found the 2 hard to beat. Quotes are only valid for a few weeks so they wil have to update it anyway when it comes closer to deliver date.

[davey90]

I've already done my financing through Toyota, since I've tested the banks. I can say Toyota gives the best rate,but that depends on the strength of the applicant. I've got it pretty good for 7.9% from Toyota. Hope that helps, i recommend doing quotes through banks first then see what Toyota offers you.

[sickmint79]

i financed through penfed.org. they are a credit union with great rates. i'm not a military member but you can still make a small donation and become a penfed member.

i'm financing 25k @ 1.99% for 60 months, and paying cash for the remainder.

could pay down more but my armchair economic theory is that there will be some higher than in a long time inflation coming, and i am poised to handle it, and expect my investments to allow me to carry and eventually pay off this debt with "cheaper dollars" - in short i'm not doing anything to minimize my debts now, especially if they are offered at cheap rates !

[FT86_Zero]

Originally Posted by sickmint79

i financed through penfed.org. they are a credit union with great rates. i'm not a military member but you can still make a small donation and become a penfed member.

i'm financing 25k @ 1.99% for 60 months, and paying cash for the remainder.

could pay down more but my armchair economic theory is that there will be some higher than in a long time inflation coming, and i am poised to handle it, and expect my investments to allow me to carry and eventually pay off this debt with "cheaper dollars" - in short i'm not doing anything to minimize my debts now, especially if they are offered at cheap rates !

that's a really good rate..can you share detail mate?

[Gir]

Originally Posted by FT86_Zero

that's a really good rate..can you share detail mate?

He's American. No chance of getting a rate like that here. The RBA cash rate is 3.5%

[spiller]

If you are comparing quotes, make sure you compare the term, residule and repayments, not the interest rate. Toyota quoted me 5.87% on a chattel mortgage (business use arrangement) and the repayments were the same as another company that had a rate of 7.8%. There are lots of hidden fees in most arrangements so thats my advice!

[FT86_Zero]

Originally Posted by spiller

If you are comparing quotes, make sure you compare the term, residular and repayments, not the interest rate. Toyota quoted me 5.87% on a chattel mortgage (business use arrangement) and the repayments were the same as another company that had a rate of 7.8%. There are lots of hidden fees in most arrangements so thats my advice!

Totally Agree!! Interest rate is not everything.

[Gir]

Originally Posted by spiller

If you are comparing quotes, make sure you compare the term, residular and repayments, not the interest rate. Toyota quoted me 5.87% on a chattel mortgage (business use arrangement) and the repayments were the same as another company that had a rate of 7.8%. There are lots of hidden fees in most arrangements so thats my advice!

That's why you compare the comparison rate.

[sickmint79]

Originally Posted by FT86_Zero

that's a really good rate..can you share detail mate?

ah sorry, i just hit new posts - didn't notice i ended up in the aussie forum!