FAI finance

[Rocket]

27% intrest rate on $3 grand total figure i have to pay back after 2 years is 4600 approx. lol thats over 50% i have to pay back on top. Might just get my visa taken up and use that to purchase since the interest rate is only 18.5% and pay it back in a few months rather then piss around with dodgy finance conmen. Are their any realistic finance companies out there, that are not out to ruin your life? 27% seems pretty dam nasty in my opinion.

p.s. please dont turn this thread into a flame war. I am after sensible advise.

[aff-man]

are you a student ??? If so open a tertiary account with an interest free $1000 overdraft which would cut down any loan.

[Rocket]

are you a student ??? If so open a tertiary account with an interest free $1000 overdraft which would cut down any loan.

Nope full time laptop tech :>

[Oscar]

Bloody hell, that's rough...

Your problem is you're not borrowing enough to make any Finance Co, interested, so your visa card solution is probably the best.

However, if you don't like that - grab the yellow pages and start calling.
Try the smaller, less well known outfits - the biggies just ain't going to be interested in 3k - off the top of my head: www.wbf.co.nz or www.quickloan.co.nz

[jrandom]

Remember to ask your bank manager about a personal loan (either secured over the bike or unsecured) most banks will do them at around 15% and they're not *too* harsh in their criteria.

FAI and the like are for desperate fools who've overextended themselves to the point where they can't even manage to finance things on a credit card at 18%. Avoid them like the plague if at all possible. Also note that FAI and their ilk do NOT allow early repayments, ie, if you have a wad of cash come in then you CAN'T put it on the loan to reduce interest costs, once you sign the facility docs you're immediately liable for all of the term interest even if you pay all the capital back the next day. Bank loans and credit cards don't have that restriction.

[jrandom]

Ah, before I forget - another finance company I'm aware of is Finance Now. They're a subsidiary of the Southland Building Society and they will give you better rates than FAI on an unsecured loan. Worth giving them a call.

[Oscar]

Try the local ones - down here it'd be the likes of Western Bay Finance or Waikato Finance.

[Rocket]

Yes i think my best option is just to get my credit taken up on my visa and just get a cash advance i could clear the debt in a few months. Finance is a joke lol

[piperj]

Whatever you do, don't go with that intreast rate. It is not worth it and it is a complete rip.
A personal loan from a bank would be the better option, if no other finance companies are interested in your custom.
It does depend on which bank you bank with and what your credit is like. It may be you are one of the desperate people mentioned in an earlier reply, if that is the case then you probably should think seriously whether you should get into this debt.
Talk to your bank, it is free, they are usually friendly, and can give great advise. They won't let you get into a situation that you can't handle, it is not in their intrest. But FAI don't give a toss about what this might do to your finances, they will get thier money back one way or another.

[Slim]

TALK TO YOUR BANK FIRST!


The BNZ do unsecured loans up to $15,000 for about 12.75% interest (obviously being a current and/or long term customer gives you an advantage) so talk to your bank manager first!

And good luck.

[Motu]

Kiwi Bank are doing a low interset card - 12.5% I think,as good as a loan.

[Angry Puppy]

Yes i think my best option is just to get my credit taken up on my visa and just get a cash advance i could clear the debt in a few months. Finance is a joke lol

Rocket, I don't know what your transport situation is like at the mo, but if you can afford to pay the loan off in a few months, why not live without the new bike for a few months and save the money first? I know that sounds all very easy and sensible but at the end of the day, no interest is better than low interest.....

[Rocket]

simply because i dont have the self control

[Rocket]

just had a call from quick finance. they seem to be alot better with potential customers. 15% on 3 grand, better then fai which was 27%

[Cajun]

I will be talking to the bank manager for fiance about my bike i mean he gave me money about 18 months ago for the 1100, and then was at tech not working, so now i'm in the real world as a system admin he will give me money for my 600