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!
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).
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.
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.
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.
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!
BellyBelly Member
Need help getting a loan...
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