Need help getting a loan...

Man this is frustrating.. I am hoping someone here on BB can offer some advise about how to go about this...

Here is a basic run down of our situation

Car loan needs to be paid out in the amount of $13k
I want $10k to add to the trade in value of current car which will not be big enough for 5 kids.
I want to add the above two figures so 23K to an existing 5k personal loan.

So in total I want let say $29,000 to consolidate my current debts & finance a bigger car.

THe car I want is a grey import so car finance places wont touch it.

IF we can get the loan out monthly repayments would be $100 a month less then our current loan repayments (for both the car & personal loan)

But so far we are hitting a brick wall. We are with ANZ who say no.

I don't want to put too much of a financial situation online so am hoping maybe someone with a bit of know how could PM me maybe?

The bank said we can't do it as a joint application as I have not been working for at least 12 months. BUT DH's income isn't all we get. By not including mine its cancelling out about 2k a month. But it is looking at out situation as though all of our living expenses, kids etc are solely based on DH's income.

Please can anyone help me with this, we really need to get a new car! Not just because the kids wont fit but its going to die in the arse sooner rather then later.

Have you talked to a credit union. Not sure why they are saying it cannot be in joint names as all our loans have been in both names and I was not working. Even our last one, only 12 months ago was joint.

Definetly try other banks also.

Is there a reason why you want an import car, have you looked at the cost of getting parts and repairs?

Reason I want the import is the size. I just can't find anything that is going to seat 5 kids (all little needing booster/car seats) AND give me room for a pram/shopping etc. As for Parts & repaires, the ones I want (Toyota Hiace super custom) has the same motor in it as a Toyota hilux so that part is fine. And from what I have found so far the only parts I would have to import would be the headlight casing if I was to crash it...

As fot eh joint thing, I dunno either. Im sure when we took out the personal loan & even the car loan it has always been in both out names...

I was thinking maybe I should just employ a finance broker? But not sure what the fee's would be?

I used to work in home loans not personal loans but when we processed an application for joint names we could use ftb as a source of income for the stay at home parents. Did the ANZ take that into account?

If you still can't get a loan with them I would be searching around for another provider, they all have different lending criteria when it comes to income. For example, most require 2 years financials if you're self employed, or 12 months if you're on a contract, at least 3 months income and not on probation. It really depends on the actual bank or credit union. A broker may be able to help, they shouldn't charge any fees, generally they make their money from commission. HTH Good luck!

BoQ are EXTREMELY easy to get a loan off... give it a try... well worth it for most people.... you can PM me if you like....

I know the feeling hun. We are trying to do a similar thing, but the big banks wouldn't touch us. We applied to them all. We are now going through a credit union. Not sure if it has been approved yet though. I know your frustration. The banks just see the income, not that your payments are less per month. I'm going nuts! They're idiots.

We used a broker to get our last home loan FJ, and she didn't charge us personally anything. SHe made her commission through the bank we got signed up with (which was our bank anyway and they had said no to us when we applied personally).

Thanks girls. i will look into the 2 suggestions PM'd to me. Off to go do some googling :)

We have used a broker for the last 5 years and like Kim said, they don't charge you,they get comm from the bank.
I would prefer this way over speaking to Barbara from bank world IYKWIM PML.
Good luck.

hmmm so how do I find a good broker?

Just a tip once told to me. Be wary of how many places you apply for a loan from. Each place that rejects you gets recorded on your credit rating/bank history so the other banks can see who has rejected your application previously. So it is much better only to formally apply once you've done all the leg work as you are doing.


HTH
Spring

We need a loan for about $70k soon for our lovely new house and we'll be using a broker, brokers are very helpful. Our car doesn't fit modern rear-facing baby seats but the older secondhand ones fit fine, so I've gone that way as they're cheaper than a new car. When baby is old enough to sit up we can get two new forward-facing ones.

Its a lot of money but have you tried looking to roll some of that debt out to credit cards? There are a few CC deals out there that are extremely low interest for new customers, for the first 6 months/year at least.

double post

Lots of Insurers wont touch Imports either and the ones that do charge bucket loads.

I've already looked into that & we should be ok. There are places that will & the rates really aren't that bad.

We just got a personal loan from the Commonwealth for our car. It is an unsecured loan, so I'm suprised they allowed it TBH, but they did.
The only catch was that DH had to be at his job for 3 months. He had 2 jobs at the time, the casual one he'd been at for 6 months, but they wanted him at the other one minimum of 3 months, as it was the higher paying job. That loan was only in DH's name, but my income from c'link was taken into account as household income.

Maybe you could have a chat to a different bank/credit union & see what happens? We couldn't get finance either, coz they wanted him at the job 12 months, rather than 3.

Just want to try to shed some light on this. Many of the big banks have instant loan/credit approval systems that try to assess what sort of repayment risk you might be. So, lived in same address for several years, tick, been in same job for several years, tick, been unemployed or changed jobs frequently (regardless of what you've been doing in that time!!) FAIL. However, they should at least try to fully understand your situation and send it to their credit manager for assessment. Dumb ass banks!

Good luck.

I don't have any advice but wanted to say good luck! I really hope you get the car you want/need.

gah think Im going to cry... Tried the BoQ & she basically said no one is going to give us that amount unsecured. Also that my income (wages & FTB stuff) wont count even though its bloody 2k a month of our family income.
Beginning to crap myself wondering wTF we will do.. The car isn't big enough & I don't see it lasting another 12 months anyway....

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Just want to try to shed some light on this. Many of the big banks have instant loan/credit approval systems that try to assess what sort of repayment risk you might be. So, lived in same address for several years, tick, been in same job for several years, tick, been unemployed or changed jobs frequently (regardless of what you've been doing in that time!!) FAIL. However, they should at least try to fully understand your situation and send it to their credit manager for assessment. Dumb ass banks!

Good luck.

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See thats the thing, we tick all the right boxes....

We went thru something similar this time last year, DH wanted to extend his business into a factory unit, so we needed a loan to buy the factory unit. The big 4 banks wouldnt touch us. We used to pay $300 more on our home loan each fortnight comfortably, with the additional factory loan repayments, they were coming under $300 a fortnight, so essentially we were paying LESS each fortnight for the house and the factory unit, but banks still wouldnt touch us...our BIL is a broker, and we did manage to get the funds with Bank West, although they wouldnt give us float money to start the business up, just the factory unit cost itself. Suxed at time, and being rejected time and time again really peeved us off. The thing i noticed was they dont look at you individually, they type a few figures into their computers, and it spits out a yes/no response. Theyve REALLY cracked down on unsecured loans of late due to GFC and stuff....have you searched for a broker ??

Sorry, just wanted to add, have you looked at what you would get now for your car ?? $8-10K ??
Couldnt you then buy a very much second hand car (and prob 8-10yrs old) for under $10k ?? I know you would still have a 5k loan...but its more achieveable than paying off than $29k ??

I haven't looked into a broker yet.

We would only get maybe 8k MAX for our current car. But the problem is we owe 13k on it & to be able to trade it in we need to pay out that 13k figure. So anything we got as a trade in on the car would have to pay out that loan. I am thinking now maybe I can ask for a bit less & just settle for a old tarago :( I so don't want a tarago!

Can you put the amount the repayments would be into a seperate account as savings. Thats what we did, to prove we could repay the loan. We found out our repayments would be $90 a week, so we put away $100 every week, plus any extra we could get in there. That helped alot.

I have an old Toyota Spacia and it is amazing. Doesnt look great (well it does for 16 years old) and we bought it for 3.5k. Mine has 7 seats but I can buy an eighth and get it installed (it has the seatbelt and everything for it) and its perfect for us. Very cheap to run for a people mover.

We are in the exact same situation, we are going for $25,000 (unsecured), to refinance and get a bigger car as we won't all fit in after bubs comes along. We are with the Commonwealth and they will do a joint loan even though I don't work (and haven't worked for 3 years). They are taking my Centerlink money into account. It hasn't been officially approved yet, but it's looking like it will. Fingers crossed.
Maybe try a different bank.
I will be back to post again and get advice too, if they deny us ;)

I rung the commonwealth & they said no. She said it was most likely because we don't bank with them. That we could open account & then try again in few months. But really I don't havea few months. I really don't want to have to renew the registration on this car (dec) then have to fork out the stamp duty on a new one down the track.

As for putting the repayment amounts into a savings account. We can't afford to do that while we still have the other loans in place. I think I worked it out that we pay $690 a month in loan repayments & if we could get a loan to bundle those & add the 10k to it we would only be paying $580 a month. But I can't see how we could put that extra $580 away as well as the $690 KWIM

Well, I'd start with what you can. Put every cent you have away. Like they said to us, anything is better than nothing.

Clover is right....banks want to see a pattern of saving...i know you dont have time on your side, but maybe putting some aside, you can muster up $500 - $1000 and show the banks the pattern you are creating.
FWIW...my friends rent, own both their cars, yet are desparate to have their own home.....they were given $80k inheritence money from her IL's recently.......my friends husband is a contractor, and my friend is a SAHM with 2 small girls...the banks wont touch them...despite the fact they got $80k in the bank...you see, the banks want to see a pattern of saving....so for them...every spare cent these days whether it be $50 or $150 is being put away....
GL.....the tarago may seem hideous, but to be honest, $29k loan seems more scarier to me....

Im with mbear. Id rather drive an ugly car than have a huge loan. Thats why we got a cheap easy to fix people mover that we could easily afford.

We do have a savings account so that pattern should already be there. My problem with the tarago is they have no space. Not so much that I don't like the look of them. With little kids I need to be able to take the pram etc with me along with 5 kids & fit my shopping.

Just did some looking on car sales & found a few I might look further into. We shouldn't have an issue getting a new car loan. I just need to be able to get a decent trade into be able to pay out the current one. Thats wher I am worried.

:hug: It is so tough out there to get any type of loan right now. 2 years ago we were approved for a business loan and were told we could borrow way more than we needed (we almost fell off our chairs when he showed us) We couldn't believe how easy it was to gain access to so much $$. DH was the only one working and we did have our house to put against it but 12 months later we sold our business and tried to get a homeloan again and it was SUCH a struggle. We were debt free and had 90k in our pocket and they made us jump through hoops. For a homeloan we were after such a minimal amount compared to most homeloans. We were so shocked at how much tougher they made everything after the GFC. They have brought in new computer systems etc to analyse everything.

I agree with saving, if you really want this car you will have to show them that you can do it. At the end of the day, they're the ones in control and we just have to toe the line so to speak. I hope it all works out soon.

Go contact a broker and see what they say. Banks go on a 'power surge' when you want to borrow money, even when you can show you can pay it back.

After seeing how helpful a broker was for SIL & DD1 when they were buying their house I would think about seeing one if we ever needed to.

Urgh. You guys are making me not look forward to getting our new loan. We're going lo-doc so we need 40% deposit (on two houses - so we need $135k upfront) and hopefully we can fudge our income to be high enough to cover 2x houses and 3x kids. We have no savings record because we've been renovating and subdividing in cash, we just have a record of large payments going out every now and again. $2500 to the council here, $3700 to the water company there ... next month I need to cough up $8700 for a roof. So no savings :(

The less you earn the more you need to have socked away to do anything, unfortunately ...

I would try Aussie they do personal loans and also car loans... they seem to be pretty good to deal with. They are brokers and will approach the banks on your behalf. But what ever you do stop formally applying as every application goes on your credit history for five (5) years and if you have multiple applications it looks bad.

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Just a tip once told to me. Be wary of how many places you apply for a loan from. Each place that rejects you gets recorded on your credit rating/bank history so the other banks can see who has rejected your application previously. So it is much better only to formally apply once you've done all the leg work as you are doing.

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Take your time and look it over thoroughly. Mistakes are quite common on any credit report. It can take only one of these mistakes to cause a loan rejection. Pay attention to interest rates, even on small personal loans.