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      10-06-2017, 05:47 PM   #1
jav_au
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Financing

Hi guys,

well with the Car due to land in approx 2 weeks or so? plus clearing customs etc I am expecting delivery I around a month. I've had a quote from bmw finance to finance a portion of the car (around 50k) on a secured loan with residual of 30% over a 5 year term.

I had a quote from bmw finance but am wondering if you guys have any advice as to where is getting the best rates at the moment? was quoted around 5.99% but there is around 1300 added to the loan I. establishment fees etc.

I've been told bmw finance is a good option as you can pay out the loan without any heavy penalties etc but am interested in your guys' thoughts?

Also roughly how long would it take to get finance approved generally? I'm assuming less than a week?

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      10-08-2017, 06:17 PM   #2
nick_stp
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Same question here...Considering finance half amount over 5 yrs.
No one's sharing their experience?

*I think it's possible to get approval on the spot?
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      10-08-2017, 08:01 PM   #3
Tumbleweeds78
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This topic has been discussed ad nauseam. Credit unions typically have the best rates. As long as you have decent credit, you should have an approval almost immediately.
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      10-09-2017, 04:37 PM   #4
V.Smurf
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Quote:
Originally Posted by Tumbleweeds78 View Post
This topic has been discussed ad nauseam.
From a North American perspective, it probably has

I think that jav_au & nick_stp are asking about financing from an Australian perspective ... I did a search, and I can't find anything at all discussing the local (Australian) financing options. The closest that I could find was BMWPWR advising that he had issues with BMW Finance, so maybe they're not ideal..?

Sorry I can't help gents as I'm not financing my car. Have you considered going via a finance broker..? I'm sure you can do better than $1,300 in loan application/establishment fees.
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      10-09-2017, 07:40 PM   #5
nick_stp
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I've just started to contact BMW Finance, while we haven't gone through the actual application process yet, when I mention 5.9% as interest rate the lady said it's definitely(not sure if she said the word?) achievable, so I think maybe it's possible to push for a lower rate?

Quote:
Originally Posted by Tumbleweeds78 View Post
This topic has been discussed ad nauseam. Credit unions typically have the best rates. As long as you have decent credit, you should have an approval almost immediately.
Yes, there's quite come discussion about finance in NA, but things could be different in AU, so we were just wondering how's things down here. But thanks for your input.

Quote:
Originally Posted by V.Smurf View Post
I think that jav_au & nick_stp are asking about financing from an Australian perspective ...
Yes, you were right (for me at least).

Quote:
Originally Posted by V.Smurf View Post
Sorry I can't help gents as I'm not financing my car. Have you considered going via a finance broker..? I'm sure you can do better than $1,300 in loan application/establishment fees.
While I can pay off the car, I prefer to have a bit flexibility on the cash flow. After all, it's not like I have loads of cash laying around the house.
A broker can definitely help - I'm just too lazy and am trying to do a one-stop shopping.
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      10-09-2017, 09:51 PM   #6
dane083
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If it means anything, I'm with BMW finance and really rate their service. When you call they answer within a reasonable time and you don't get shipped around to have separate questions answered.
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      10-10-2017, 06:44 AM   #7
jav_au
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Hi guys thanks for the replies. I got pointed off to Nic from alliance group who is the sponsor of the m club Facebook group. we are working on getting the best deal out of the vendors that he is brokering for me so will let you k ow the outcome. seems that low 5's may be achievable. Pm me if you want his details and I will shoot them through.

As to old mate above saying this has been discussed ad nauseum I searched with not much luck? Maybe in the US but that is why I posted in the Australia forum? *shrugs*
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      10-25-2017, 07:30 PM   #8
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I've recently been quoted 5.64% on Full Circle and 5.34% financing if that's of any help..?
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