I've just returned from seven years living abroad. I'm back in Australia and have been offered a job with very comfortable salary package. I need a car too, and since I am in the 3 month probationary period, the lenders are quick to say "no".
I've been working full time in the IT industry for ages and have a 100% clear credit record, both home and abroad.
Is there any ways to get a loan without having to resort to high interest rate, loan shark type lenders?
2007-02-19 14:21:16 · 6 answers · asked by Bendaberg 2 in Business & Finance ➔ Credit
As a shortsighted lender, I resent your classification of me and other shortsighted lenders as shortsighted. lol. That being said, not that it helps you, the shortsightedness is usually from two things, policy guidelines, for example not lending to those with new jobs, if we make an exception then we get sued or charged with being unfair, or just it is not that common, ie someone in your situation.
It might pay to try to rent a car from a small lot for a few months, or buy a cheaper car for cash and sell it in 4-5 months.
Good luck.
2007-02-19 15:18:37 · answer #1 · answered by Gatsby216 7 · 0⤊ 0⤋
Dont be so hard on the lenders...they are acutally doing you a favor too.
It is called a probationary period for a reason....that reason being that they can fire you in those three months without consequence.
Suppose you got the loan for the new car and for whatever reason the job did not work out.
Now all the credit that you worked so hard to build is GONE.
SO unfortunately, there is a method to the madness that protects both of you.
so do try to get a cheaper car and resell it as the previous poster said
or quite possibly you could lease a vehicle for 6 months. granted it would be high but not nearly as high as a regular rental or the embarassment of having to drive a clunker to work for those 3 months.
Tell your coworkers about the unfortunate accident to your original car and wait the three months
2007-02-19 17:01:11 · answer #2 · answered by kissmymiddlefinger 5 · 0⤊ 0⤋
Try going through a broker.
I had the exact problem and when through a broker and ended up with a loan through The Police & Nurses Credit Union.
They are really easy going and listen to the whole story first
2007-02-19 14:51:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Your personal loan corporation will almost actual record any delinquency to the credit bureaus. in the experience that they don't seem, they are violating the regulation....besides the undeniable fact that the winner is you and if I were you i might want to sense free. Being the different way up contained in the what you owe compared to the fee of the motorcar...sucks. yet, i might want to attempt promoting the motorcar privately for what you owe. Then, tell the deepest loan human beings to record a payoff so that you'll get yet another vehicle. Repo's WILL damage your credit for as a lot as 7 yrs. do no longer do this in case you could help it.
2016-10-17 08:08:37 · answer #4 · answered by eth 4 · 0⤊ 0⤋
Go to your bank. Here in NZ they loan out at around 8%. Finance Companies (Australia & NZ) are about 19.25%. Good idea to talk to your Bank Manager. Having a bank loan saves heaps of dollars in interest.
2007-02-19 14:35:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Let me get this straight.
You worked for seven years and you did not make enough to buy a used car?
2007-02-19 18:01:01 · answer #6 · answered by Anonymous · 0⤊ 1⤋