Finance Companies suck...

[strayjuliet]

Sorry to hear about that problem, I hope you find a bike that you both like soon and that the finance goes through quickly.

[curious george]

Since when did finance become cheaper than from a bank?
What's the advantage in going to a Finance company?
I always thought Banks were just money shops?

[Big Dave]

Also - you could try
www.integrityfinancial.co.nz
He mainly does boats, but Brian is a friend of mine, a serious motorcycle nut (he has the Honda collection I sometimes picture), prides himself on professional service and is an honest operator.

[avgas]

Since when did finance become cheaper than from a bank?
What's the advantage in going to a Finance company?
I always thought Banks were just money shops?

Nup, other way round now aye. I thought it was all bullshit, but then i found out through my Girlfriend (who does finance through westpac [FREE PLUG call Virginia at 09 529 3117 - now she wont beat me ]
Finance Companies are good cos they pretty much give anyone a loan. Which is good if you have crappy credentials, no job, no life etc

[onearmedbandit]

Unless you've got a post graduate loan or a mortgage through a bank the finance companies we use allow us to blow the banks out of the water. Not even a consideration, and our company does over $700,000 in finace deals a month, so I have pretty good experience at this. Sure there *might* be the odd exception, but if banks were so great why do these finance providers do so much business. And no it's not because the finance companies give finance to anyone, the requirements are quite stringent. We also turn a good percentage of customers around from bank provided loans, and if they compare loans they almost without fail go with our option. If you go to a first tier loan company (GE, MARAC, UDC, etc) you won't get shafted, go to a smaller company and expect big fees. However you'd only do that if you were considered high risk.

PF - had you done any paperwork on the bike, say signed a Vehicle Offer Sale Agreement? I take it you didn't leave a deposit, or you would have said you either got it back or lost it. Was he just 'holding' the bike for you? Also if Sams current bike has a 'hook' on it you'll have to get it either removed or transferred to the new bike before you sell it, although you are probably aware of that.

[curious george]

Finance Companies are good cos they pretty much give anyone a loan. Which is good if you have crappy credentials, no job, no life etc

Good for money, but good for the borrower? They don't call 'em loan sharks for nothing......
Assuming you have a good banking record, would the bank not be the best?
If you are turned down for whatever reason, then your next best bet after mum/dad is the finance co?
I've never delt with finance co, but a quote I got froma dealer a few years back scared the pants off me!
What's the best way to go about it people who know about money?

[placidfemme]

Thanks for all the comments and suggestions... I'm not going with a finance co because it's cheaper than a bank (because it certainly isn't lol), but we already have a fairly big loan with this company and for the extra amount we are looking at borrowing, the finance company is most likely to accept it, whereas a bank would say no.

It just really pissed me off because I've been searching for a damn bike for over 4 months now... and now I finally a bike that we liked, and was in good condition and had heaps of potential to be built up as a bike that Sam can ride for years to come (we don't see her getting a bike bigger than 250cc for at least another 3 or 4 years... so we need a really good one).

*starts bike hunting AGAIN*

[Drunken Monkey]

Curious George raises an important point.
I know hearing 'no' from a bank when you want money doesn't sound nice, but people don't realise they're doing you a favour. Hey, the bank wants your money. They like to loan you other people's money so they can charge interest on your repayments. They don't like bad debts, and only refuse to give you the loan if they think you may get into further financial trouble if they do so. The bank is just tyring to look after your best interests.
And no, I don't work for a bank.

[FROSTY:Me]

pf--why diddnt ya call me???? ---Its what i do for a living--Vehicle finance
why dont we get a loan pre approved so all ya gotta do is find a bike ya like

[Sniper]

Good luck PF

[placidfemme]

Curious George raises an important point.
I know hearing 'no' from a bank when you want money doesn't sound nice, but people don't realise they're doing you a favour. Hey, the bank wants your money. They like to loan you other people's money so they can charge interest on your repayments. They don't like bad debts, and only refuse to give you the loan if they think you may get into further financial trouble if they do so. The bank is just tyring to look after your best interests.
And no, I don't work for a bank.

I can understand that... but BNZ wouldn't even give me a $500 overdraft on a perfect account history... never went into overdraft before (other than work screwing my pay check that one time), I've had money going into my account EVERY week for over 3 years, and I have good credit... and they said no to $500 so why would they lend me $5000? Maybe BNZ just sucks... but I had to talk to about 15 different people just to set up a fixed savings account for 2 years...

pf--why diddnt ya call me???? ---Its what i do for a living--Vehicle finance
why dont we get a loan pre approved so all ya gotta do is find a bike ya like

Sorry... I wasn't aware thats what you do...

Getting a pre-approved amount would be fine if it were with an actual bike shop (but add $1500 onto the bike & the loan because they charge more than private sales) and for private sales the finance co requires the bike be appraised and also a letter from the seller and then on top of that they call up a dealership and get an actual quote for the bike (which is stupid because for example... [don't really wanna name any bike shops] but finance co called up bike shop and asked for sale price of 1991 ZXR250 under 35,000km's and in great condition... said bike shop told finance co sale price was $4500, whereas in said bike shops show room are ZXR's in standard condition (no mod's or aftermarket pipe) and all had 40,000km+ and not one was under $6500

It's just such a bloody drama... I could possibly get financing elsewhere (from the many places named above and earlier in the thread) but I'd prefer to keep my debts in one place and all together if possible...

But I will call them up and ask if there is an easier way to get an pre approved amount set up...

[*sic]

i have a major problem with finance company's being that they tend to prey on those that will more than likely never be able to pay it back! (not saying your in that boat girl)

and then the interest rates!! OMG.. theives with smiles they all are

[placidfemme]

i have a major problem with finance company's being that they tend to prey on those that will more than likely never be able to pay it back! (not saying your in that boat girl)

and then the interest rates!! OMG.. theives with smiles they all are

yeah the interest sucks... and they charge you for early re-payments and so forth...

[jrandom]

But I will call them up and ask if there is an easier way to get an pre approved amount set up...

please do try all the banks for an unsecured personal loan. it's the absolute best option if you can get it, assuming mortgage finance isn't available. lower interest rates, often by more than 10%, and they won't come and break your kneecaps (much).

just file an online loan application with the National Bank and ASB. see what they come back with. You might be pleasantly surprised.

are you and Sam doing it together? applying jointly will naturally increase your borrowing ability.

I don't work for a finance company, but I have very extensive personal experience with the industry. feel free to PM or ping me on MSN sometime. I promise not to bite.

there is undoubtedly a way...

[placidfemme]

please do try all the banks for an unsecured personal loan. it's the absolute best option if you can get it, assuming mortgage finance isn't available. lower interest rates, often by more than 10%, and they won't come and break your kneecaps (much).

just file an online loan application with the National Bank and ASB. see what they come back with. You might be pleasantly surprised.

are you and Sam doing it together? applying jointly will naturally increase your borrowing ability.

I don't work for a finance company, but I have very extensive personal experience with the industry. feel free to PM or ping me on MSN sometime. I promise not to bite.

there is undoubtedly a way...

Eh... well we have to do it jointly... because
1. Sams credit is screwed (from like 3 years ago... nothing to do with me)
2. If I do it on my own... then the bike goes in my name... then there'll be tears before bedtime if we have dramas at home and I take the keys because legally it will be mine... and I like to set the... "this is mine and this is yours" limits (I've been screwed over in the past... not going down that road again)

I will though... I'll call up the bank again, and if they give me a no, I'll try one or two other banks... otherwise it's bank to the finance co's