GE Money Finance

**pete376403** · 15th December 2006, 14:08

We've financed stuff through GE - big TV/DVD R etc from Hardly Normals. There was a 15 or 16 month interest free / no repayments period. The print that explained the "prevailing rate of interest would apply after the interest free period expires" was not THAT small. We made sure that we paid the loan off in the interest free period (divide the loan amount by the number of I/F months, theres your monthly payment), and got the free use of their money for that time. No bank could match that. Maybe GE are sharks but you can use their deals and come out ahead

**jrandom** · 15th December 2006, 14:56

Bank loan, bank loan, bank loan.

ANZ and KiwiBank (who've just started offering unsecured personal loans) are your best bets for not getting blown off. I know what I'm talking about here. Talk to those two first. Get your arse into a branch and speak to a real person.

**Oscar** · 15th December 2006, 16:02

Originally Posted by Weasel

Hey guys,

Looking at trading up my bike fairly soon and decided that I'll get a better deal if I buy and sell privately as opposed to going to a dealer. This means however that I've got to arrange my own finance

I've been checking the listings on TradeMe and it seems that GE Money have been advertising on there for finance deals, and quoted roughly $200 a month over a 5 year period for $8000, which doesn't seem too bad.

I'm gonna chat with the bank tomorrow and see if they can sort me out, but wondered if anyone has had experience with GE, good or bad?

You say "roughly" $200 a month for five years.
If the payment was exactly $200 a month, then your finance rate is 17.27%pa.

I'm sure you could do better than that...

**Karma** · 15th December 2006, 16:05

Originally Posted by Fish

Bank loan, bank loan, bank loan.

ANZ and KiwiBank (who've just started offering unsecured personal loans) are your best bets for not getting blown off. I know what I'm talking about here. Talk to those two first. Get your arse into a branch and speak to a real person.

Well hopefully the bank should play ball... I'm in a situation that I suppose many people get into when doing private business, I've got to sell the old bike, but wanted to get a new bike at the same time. Well I still owe finance on the old one, and the bank isn't willing to lend me more cash whilst I still owe on the last one, even though I've told them that the money for the new one is so I can sell the old one.

Anyways... long story short, the 4r will probably be up for sale fairly soon, then I'll be bikeless for a week or two maybe over christmas, then onto my new bike

**Colapop** · 15th December 2006, 16:51

Not gonna read the whole thread and I assume it's been said but.... GE Money, Easy Cash Loans, Quick Money.... are all animals - If you want to give your money away give it to me. If the bank won't give you money - you aren't in a position to upgrade. If the bank are bending over backwards to give you money, you're making enough to save enough to buy your upgrade bike outright.

**Laava** · 15th December 2006, 17:34

So....to sum up, finance companies are not there to help YOU! They never miss out, they are assured of getting their money through insurance, repo etc.

**TLDV8** · 15th December 2006, 19:59

What do i get in the mail today ?...... GE junk mail addressed to me.

What a crock.

Fine print.
$275 establishment fee..minimum loan $2000..which sounds like 13.75% interest straight off the bat.......pay it off long term and it sounds like 63.75% interest on a poxy $2000.
Did i not read somewhere New Zealander's are so in hock on their credit cards that it is / was averaging around $14000 (might have been $26000) for every man,woman and child.

Where did GE get my name and address from.

Your contact details were obtained from the Land Transport New Zealand database of car registrations which is publicly available information

**JimO** · 15th December 2006, 21:03

Originally Posted by TLDV8

What in in the mail today ?...... GE junk mailed adddress to me.

Where did GE get my name and address from.

i gave it to them.....na it was that other guy.........finance is great BUT you have to be able to handle it. NEVER get behind

**crazybigal** · 15th December 2006, 21:13

yeah but they still want 300 bucks just to do the paperwork! thats crazy when you only want a few grand!. use a credit card.

Originally Posted by Fish

Bank loan, bank loan, bank loan.

ANZ and KiwiBank (who've just started offering unsecured personal loans) are your best bets for not getting blown off. I know what I'm talking about here. Talk to those two first. Get your arse into a branch and speak to a real person.

**jrandom** · 16th December 2006, 13:06

Originally Posted by crazybigal

yeah but they still want 300 bucks just to do the paperwork! thats crazy when you only want a few grand!. use a credit card.

Credit card? Nuh-uh.

Quite apart from the fact that a 4% difference in interest rates will save you much more than difference in application fees over the term of a bank loan, it's a lot easier for most people to get a $10K bank loan than a credit card with a $10K limit.

**Indiana_Jones** · 16th December 2006, 21:01

"Give me some more money, you bastard."

-Indy

**Mom** · 16th December 2006, 21:08

Originally Posted by pete376403

We made sure that we paid the loan off in the interest free period (divide the loan amount by the number of I/F months, theres your monthly payment), and got the free use of their money for that time. No bank could match that. Maybe GE are sharks but you can use their deals and come out ahead

Yeah and another thing to add to this........GE are a last port of call for some who have a poor credit history, they charge shocking rates of interest, but they give the money at the interest rate they determine to cover that risk.......Allowing people to regain their credit history!!!.....personally I would never go there for money, I am fortunate that I have other alternatives.....

**Finn** · 16th December 2006, 21:34

Originally Posted by Mom

Yeah and another thing to add to this........GE are a last port of call for some who have a poor credit history, they charge shocking rates of interest, but they give the money at the interest rate they determine to cover that risk.......Allowing people to regain their credit history!!!.....personally I would never go there for money, I am fortunate that I have other alternatives.....

Crap. GE's scoring engine is tougher than most. There are several large consumer finance companies that are more relaxed on risk than them.

Let's face it, they have a product that lots of people want. The sell a shit load of it so they must be doing something right. If you don't like paying high interest rates, then stop buying shit and try saving for a change.

**Toaster** · 16th December 2006, 22:56

Finance companies are very expensive and charge huge margins. Try UDC, it's part of the ANZ National Bank group of companies. I'd recommend trying ya own bank and see if they will swing you a fair and reasonable interest rate........ or, wait and save for it if you can.