F*cking Bank! (anyone care to help)

**Sniper** · 27th July 2005, 16:20

Originally Posted by justsomeguy

Seems to be the better thing to do..... why the hell is doing the right thing always so hard......

Because it involves waiting and a conflict between waiting and impulse stuff.

Like sex, can be an impulse thing but the scratching lasts for years. (Not that I know personally of course)

**stanko** · 27th July 2005, 16:25

Easy get all your mates to vote Labour, then next april put a bike on your interest free student loan and pay no interest as long as you are in NZ.

or go to a car dealer and get them to write the finance, they will do it cos thats where their money comes from.

or join the real world where you dont get things you cant afford !

**Hoon** · 27th July 2005, 16:32

Have you also considered how much insurance for that bike will cost you and whether you can afford that on top of the increased maintenance costs. You might be in for a shock and I'd hate for you to join the list of silly people who "just got their full, bought a fast bike, crashed it and are now paying off a loan for a bike they don't have because they skimped on insurance"

**Zapf** · 27th July 2005, 16:44

all and all... after reading all the above... me have the same thoughts... it might be that you are not meant to have it.... "yet" but the joy is in the waiting and hope right?

banks are like that... when you have lots of money they want to give you more, but when you need some they are stingy...

**unhingedlizard** · 27th July 2005, 16:46

dont know about that, our banks always been good but then we are DINKYS.

**Timber020** · 27th July 2005, 16:56

I wouldnt do it, big debts on low pay are a cancer on your future. You might wipe it out and move on, or it could screw you over royal. Especially with something that depreciates and is high risk to cost you a bomb if something goes wrong. (it gets stacked, throws a gearbox cog, big speeding ticket, gets stolen, etc).

Its going to cost over 2500 in interest and depreciation per year alone at the least. I think the bank has made a smart call.

Whats wrong with a cheaper bike?

**Slingshot** · 27th July 2005, 20:50

Originally Posted by gareth_d

but even if i lose my working income i still get more than the minimum payment per f/night from the government as student allowance. That is minimum payment for $5500 over 3 years is like $90. So i'd still be left with $200 every fortnight.

Shouldn't the student allowance be used to further your studies. Why would you accept a payment from me (a taxpayer) to help you educate yourself but use it on something else???

**R6_kid:Me** · 27th July 2005, 20:56

in most cases i am a conservative rider, i only go really hard on straights, in the corners i ride within my limit and well within that of a bike. With regards to my riding of my current bike, its a 250 and i've been pushing it to really get into riding, but it has been 2 years that i've built up to where i am and i understand that getting into a bike like the 7R will take nearly as long again.

The thing about 7Rs are they dont come up that often which is why im after one now, i can get one the same through the shops for $8,995 with their finance, but why when i can get one for $5500 in the same condition...

I have started looking for more hours/different job as suggested by the bank guy i delt with. He seemed genuinely interested in helping me, but they dont they all - it is part of their training. I am also going to look elsewhere with the 'big banks' to see if they would approve me for a loan.

I am currently with ASB and otherwise they are sweet for my needs, cept for my bike needs.

I get $150 from govt and $155 from my current job each week. Repayment on the loan is about $98 per fortnight, so going by that i come in with 6 times the required payment, after deducting the loan repayment i still have $500 to deal with - if i dont party so hard and drink so much (i can save a lot in this department and still have a good time) i can even afford to put some money away for tyres, shop work etc.

And when you consider the fact that i have 4months of fulltime work over christmas i can probably pay this loan off in a year or less. Thats what is getting to me... the bank doesnt understand this. Also if i sell my ZXR i will have $3000 to go straight at the loan... by which time i will probably only owe them $2000 anyway.

**R6_kid:Me** · 27th July 2005, 20:59

Originally Posted by Slingshot

Shouldn't the student allowance be used to further your studies. Why would you accept a payment from me (a taxpayer) to help you educate yourself but use it on something else???

its the $150 living allowance. I too am a tax payer and understand i will be paying this back at a later date but it is there to ensure i dont fall into trouble when i dont have work etc. In general it pays for my fuel and unexpected costs otherwise it does sit in my bank. I've only been getting it two months now... i only spent it when i was sick and couldnt go to work. I am actually thinking of cancelling that payment.

**myvice** · 27th July 2005, 21:08

This is Mrs Myvice (ex ASB staff member)ASB are the most difficult bank to get a loan with, if you are serious about doing this you would be better off going through Kiwibank or Credit Union (best option). Reguardless of your best intentions banks are not interested in you paying off your loan faster, in fact most will charge you penalty interest if you try to do this!!!
My best advice for you is to use the money you would have been putting towards the loan instalments and direct this straight into a Credit Union Loan provider account, I'm dead serious about this ask for some info next time you are near one (there is a great branch in Lynmall; Westforce Credit Union) and they will be able to help, it's the best deal around and a damn site cheaper than going through a loan shark (NEVER DO THIS!!!).
Credit Union make you open a saver account as well as the loan provider which will help you pay off your student loan as well, just direct credit a percent of your pay straight to it and it will be painless.
I worked for ASB for nearly 4 years and know all about loan provisions, trust me ...don't try and con them, they will know.

**bane** · 27th July 2005, 21:09

agree with most replies here - think really carefully b4 heading into debt, and also of course, I doubt that even if you were the pope, any stranger would agree to be guarantor.... blah, blah, rant etc.
...but if you really have to...

There are options in between main stream banks and the finance companies.... have you tried AA finance and PSIS? Interest rates are around 12%, but thats still much better than the 20%+ of the finance companies!

Key is to not "pay the minimum" if you can afford more - adding an extra $50 a fortnight will knock the debt off pretty quick. the calculators on www.sorted.org.nz are really useful.

**myvice** · 27th July 2005, 21:14

Isnt she helpful!
Dumped the bank for a foremans job and now makes Industrial Electrical Pan Assemblys for Switchboards.
And much happier!

And get some LEATHERS! Skin grafts hurt! Lots!

**Pathos** · 27th July 2005, 21:41

I would never want to be in the situation that you are trying to put yourself in.
If any unexpected costs appear you probably won't be able to afford them. Plus that interest will suck up all the money you earn until you get enough to pay off the bike as well.

get a fxr it will save you a lot of money.

**R6_kid:Me** · 27th July 2005, 21:46

those last two posts are the kind of info i've been after

i'll check it out. I have been recommended national bank as a good bank for both student account and getting a loan.

Thanks to those that have given information. The gaurantor thing was a stretch but i was really pissed off and kinda desperate at the time. I'll take all said into consideration when i am loan shopping on friday.

**Ramius** · 27th July 2005, 21:51

I wouldn't go trying other banks. Each time you go there, and they do a credit check, they see that you have tried elsewhere, and see that you have been declined, so why would they want to say yes, to someone they don't know when other banks have said no.
Another thing, is if you change jobs, they want to see stability. Living in the same place for over a year, and being in the same job for over a year. It shows that you have stickability.
After being with Westpac ever since I moved to NZ (3 years) working for the Gvmnt for 2 years, they were more than happy to help.

But, you are hurting yourself everytime you get a credit check.

Also, it is about how much your assets are worth as well as what you earn.
If you want a $5500 personal unsecured loan and you only have $400 worth of assets, you can forget it.

Thread: F*cking Bank! (anyone care to help)

Thread Tools

Thread Information

Users Browsing this Thread

Bookmarks

Bookmarks

Posting Permissions