Car Loans - Do's and Don'ts?

[No.5]

Ok so I am looking to get a car (or personal) loan. Not for a great deal really - for 6000.

Just wanting to know your experiences with certain companies - the ones you'd recommend and those you wouldn't.

TIA

[Ahurani]

I have a car loan through racv. It was the best rate at the time. I had car insurance through them anyway.

I recommend paying more a fortnight off the loan if you can. I pay an extra 80 a month and I'm over 2000 ahead wew

[UsPlus2]

We had ours through our bank, and agree with paying off any extra you can, and also doing weekly repayments instead of monthly. Also I wouldnt go through a dealership or get finance through a car yard as you will end up paying way more interest. Also look into whether the loan is secured against the car or not.

HTH

GL

[No.5]

Thanks ladies

Definately won't be using a dealership for finance - am buying it privately.

Will definately pay more than required off each fortnight too. I might try my bank and go from there...

[UsPlus2]

sorry just realised didnt actually answer your question - we went through St George, used a personal loan and found them to be fantastic. They just wanted to see paperwork from the dealer that showed the value of the car. We had the money put into our account (not directly to the dealer) and we paid him ourselves. Which worked out great because we got it cheaper because we paid cash.