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Thread: Vehicle Finance - Really this hard?

  1. #21
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    How long in last job ? 3 credit cards wouldn't help.

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    I had issues getting a home loan having 3 credit cards. I had to cancel 2. I never used them, they were there as a backup in case I lost my main card.

    Leroy

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    Yep, its funny, the banks give them to you, but dont like you having them.

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    hmmmmm - we were asked to cancel our Citibank CC (which was empty) and we had a Go mastercard (again empty) and was given approval by Commbank for our home. So far they have offered nearly twice as much as both cards combined..........

    Can only assume they want to lock you in with credit

    a few years ago they would have been jumping over each other to get her

    goodluck to your friend
    有段者

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    Quote Originally Posted by freakee1 View Post
    hmmmmm - we were asked to cancel our Citibank CC (which was empty) and we had a Go mastercard (again empty) and was given approval by Commbank for our home. So far they have offered nearly twice as much as both cards combined..........

    Can only assume they want to lock you in with credit

    a few years ago they would have been jumping over each other to get her

    goodluck to your friend
    Yeah, exactly mate.
    I haven't asked for loan in years, so i'm fairly out of touch with the process

    But last time i ask for a large sum of money, it was delivered with out even signing a single bit of paper (yep, that time you mention)
    Maybe after the very recent bank grilling, they have tightened their lending.

    Oh well, she can save up for it like we all did.
    Last edited by ol' boy; 31-07-18 at 09:30 AM.
    If u want to go on an expedition get a Land Rover, if u want to come home from an expedition get a Landcruiser!

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    it will cost more, but there's always a finance broker.

    they know all the tricks to get an approval......

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    That is good advise hoe, thanks

    I was just speaking to a friend about investment property lending yesterday and asking him how he gets the loans he does, he said there are ways around it, as you have said.
    If u want to go on an expedition get a Land Rover, if u want to come home from an expedition get a Landcruiser!

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    Just be careful with Brokers, there are Brokers and then there are Brokers. We re-negotiated our home loan via a broker some years back and he failed to tell us there was NO insurance on the loan. My accident occurred not long after. It sent us bankrupt..... We also forgot to ask. It is now the first thing we insist upon....... Son was also given incorrect advice by another broker and, again, lost out big time because of it. (He is still renting now as a result)
    I'm out of my mind, but feel free to leave a message...

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    Has she checked her credit rating yet? Sometimes, for some unknown reason, people end up with a poor credit rating that seems to be unwarranted. Even things like a late payment on a loan, even though it wasn't your fault (bank error for instance) will affect your credit rating. Or not having had any/many previous loans will do the same.

    Don't know why, but we keep getting letters from the bank offering us loans, which we neither need nor want.

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    Well... Seems here is the answer.

    Spoke to a Vehicle and Machinery Finance Service yesterday...

    Basically since the Banking Royal Commission, consumer lending has all but stopped.

    ANZ has totally stopped all consumer lending.

    Others have seriously tightened their belts.

    He advised a Credit Union or a Industry Lender in her field (if there was one)

    He went on to say, they have lost 80% of their business since the Banking Commission.
    As products they often used have been closed or removed.

    He did say the new job was an issue also, that often 3 months is required... That this has pushed out to 6months or 12months post Banking Commission in some cases...
    If u want to go on an expedition get a Land Rover, if u want to come home from an expedition get a Landcruiser!

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    Quote Originally Posted by oceanboy View Post
    Well... Seems here is the answer.

    Spoke to a Vehicle and Machinery Finance Service yesterday...

    Basically since the Banking Royal Commission, consumer lending has all but stopped.
    I reckon that bloke is full of BS. Consumer lending figures since the RC show little overall change. Lenders are certainly being more cautious who they lend money to, which is a good thing. Joe Bloggs with no job and large debt likely won’t get a $3m home loan anymore, but most of us shouldn’t have issues.

    If your family member, earning decent money, with no debts and no defaults, can’t get a small loan there is something else at play.

  • #32
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    Quote Originally Posted by oceanboy View Post
    Well... Seems here is the answer.

    Spoke to a Vehicle and Machinery Finance Service yesterday...

    Basically since the Banking Royal Commission, consumer lending has all but stopped.

    ANZ has totally stopped all consumer lending.

    Others have seriously tightened their belts.

    He advised a Credit Union or a Industry Lender in her field (if there was one)

    He went on to say, they have lost 80% of their business since the Banking Commission.
    As products they often used have been closed or removed.

    He did say the new job was an issue also, that often 3 months is required... That this has pushed out to 6months or 12months post Banking Commission in some cases...
    banks have tightened up, but finance companies like toyota finance dont have to operate under the same guidelines as banks and are much easier to get a loan from.

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