Good finance deal

[Domenic]

I thought this might be a good subject to help each other out, re paying for our lovely beasts.

My situation is I am going to finance the whole amount with my srt8, it's a chattel mortgage going in company name so we get the $8400 (or thereabouts) GST back off first BAS payment. I am doing this to balance the company's cashflow considerations, our level of taxable expenses, and the overall price i am going to pay for the car.

I have rung about a bit, and have managed to get the following. So far.

Ok, both Esanda and CBFC have agreed to waive all setup fees to start the loan. There is a $6.20 VSR fee, which i will pay up front. I am doing it over 4 years with no residual, and both have quoted me 6.95% which give me a monthly payment of $1998 (give or take a few cents). Early payout fee for both is capped, with Esanda capping theirs at $300 and CBFC something slightly less (but unconfirmed).

I have spoken to DC finance and he couldn't get close. Likewise BMW finance, no go. These are the only four i have spoken to up till now.

If anyone can get better than that let me know, otherwise if you haven't got the above then push your finance co a bit and you should be able to get better no probs. If i get better than the above then i will let you know, but i think i've been offered a fairly good package right there. Let us know how you all go.

[srtaus]

6.95% is the going rate.

I would look at the 25-40% residual. The cars book value will be higher than is sellable price due to regulartory depreciation. If you sell or transfer the vehicle into your own name you can write the difference off as a loss.

A residual will lower your monthly payment. Insurance will not be cheap..

Hope this information is relevant..

srtaus..

[Domenic]

I'm not bothered what my monthly payment will be necessarily, I want to pay as little interest as possible but balance it against my cashflow considerations, and deductions.

I realise that by not having a residual i am raising my payments, but if i minimise my payments it then maximises the interest payable over the life of the loan. What i am doing is trying to strike a reasonable balance, thus i don't mind paying extra now if it means overall i pay less interest.

[Sleeper300]

Wow, what the MSRP there if that isn't to personal.

Almost $2K for car payment the insurance on top of that, i guess since it's made in North America, ie Canada. Yet very nice Ride, love mine and you'll love that one too. If you don't have emission standards as we do here in California then you may see more HP without the Converters we run in our exhaust here.

wish you luck with that, just for your info, i got in California below 6% yet i put down a chunck also. Not a business car, just yet.

[Hemi57]

Sleeper, don't you worry, we have emission laws & controls, but thankfully in Victoria no regular Smog tests or the higher levels that you guys get in California.

[srtaus]

Originally Posted by Domenic

I'm not bothered what my monthly payment will be necessarily, I want to pay as little interest as possible but balance it against my cashflow considerations, and deductions.

Sounds fair enough. I'm not an accountant but my business has been stung by their advice.... Can you help below??

CBFC have a clause on early payments of 3 months. Say you wish to pay out finance at "36 months" the bill is "39 months". In your case an extra 6K give or take a few dollars. Are you sure you got around this?? I can't and we have significant business finance with CBA...

Thanks srtaus..

[Domenic]

Originally Posted by srtaus

Sounds fair enough. I'm not an accountant but my business has been stung by their advice.... Can you help below??

CBFC have a clause on early payments of 3 months. Say you wish to pay out finance at "36 months" the bill is "39 months". In your case an extra 6K give or take a few dollars. Are you sure you got around this?? I can't and we have significant business finance with CBA...

Thanks srtaus..

I was told by CBFC that it was 3 months interest, not 3 payments.

[Jaffa]

Hi Domenic
I have found Suncorp-Metway very reasonable in the past for Ford cars. Way better than the major-4 banks. Worth a try for the 300C

Cheers

[srtaus]

Originally Posted by Domenic

I was told by CBFC that it was 3 months interest, not 3 payments.

It may be worth checking again. I have been told again, its the full 3 months payments... Gulp!

srtaus

[Domenic]

Originally Posted by srtaus

It may be worth checking again. I have been told again, its the full 3 months payments... Gulp!

srtaus

You are right, I checked again and it's three full payments. When i said to the girl who called me back that i thought it was too much, she replied she'd spent enough time on this deal and it was up to me to make a decision. I promptly hung up and will now never do business with them again (well, as long as my bum points to the ground, but you never know i might learn to walk on my hands 24/7, and in that case they might be an outside chance).