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Finance Rates

Discussion in 'Australia & New Zealand' started by Nuclear Fusion, Jun 19, 2019.

  1. Hyena

    Hyena Member

    Joined:
    Jun 7, 2019
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    Location:
    Melbourne
    I reckon 3.89% comparison rate is a good deal.

    Not everyone can get a commercial loan, so a consumer car loan @ 3.89 is very good. That's with zero fees.
     
  2. paulp

    paulp Active Member

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    Jul 23, 2015
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    1,812
    Location:
    Adelaide, Australia
    Funny because adelaide and hobart prices have increased the last two years. You eastern seaboarders need to see what happening further out. No sharemarket growth in 2019? Really...bit late to tell me that now, I’ve made stacks so far this year, as in bought, sold, profit taken....and even more but not selling several because the growth since the start of the year is still going strong..and no wage growth? Only for those that rely on socialism and mass wage increases. I know plenty of people that earn a lot more now than 12 months ago, but they are skilled and made the effort to learn that skill.
     
  3. Nuclear Fusion

    Nuclear Fusion Active Member

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    Your mum
    Those that haven’t done well, I guess we should just let them eat cake, eh?
     
  4. Grenadine

    Grenadine Member

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    Melbourne, Australia
    Can we take the politics out of here, please?
     
    • Like x 2
  5. PJF000

    PJF000 Member

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    What is "well" and who is "we"?
     
  6. meloccom

    meloccom Moderator Aus/NZ

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    Location:
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    Moderators note
    We are a long way from the topic. Any further off topic posts will be deleted without further notice.
     
    • Like x 4
  7. BenCharlesRhys

    Joined:
    May 28, 2019
    Messages:
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    Location:
    Fortitude Valley, QLD
    Can anyone comment on exit fees for paying off Pepper's or Macquarie loans early?
     
  8. thomasw

    thomasw Member

    Joined:
    Jul 16, 2019
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    Location:
    Adelaide, Australia
    For a business loan with Macquarie they told me 70% of remaining interest, but I didn't get their full T&Cs to confirm and actually think that is wrong. However 70% is often quoted around the place and I think just not right for any loan. After reading some T&Cs and talking to a broker and some other people about business car loans the point seems to be most have a complex calculation that is impossible to work out ourselves due to various variables, and since no one really understands it everyone will give you a different answer if you ask. Hence why lots of people here and on the facebook group keep getting told different things from different people from the same finance companies. If someone tells you something make sure you get it in writing!

    But it generally seems to be based on whether or not their cost of borrowing changes. If it doesn't change, or it goes up then the fee is generally quite small, e.g. a fixed $200 fee with ANZ. But if their cost of borrowing goes down then they will charge some amount of that change. Given rates can't go down too much more, and from the experiences of payouts the broker I spoke to has, the chance of a large payout (above say $2000) is unlikely. The biggest he'd ever seen was about $5000 on a commercial truck worth $500,000 that was written off during the term. (which is still less than 70% of remaining interesting on a $100k model 3 if cancelled quite early)
    Also note these sort of fees have been changing a lot as of even last month due to banking rule changes, etc and so often info you read about or what people say may well be wrong.

    ANZ also told me that I can do a floating monthly rate and then there are no payout fees except the $200 fee. I'm tempted to do it as rates won't likely go up soon, if they go down I get the new rates, and I can always refinance or pay it out early if they do go up.
     
    • Helpful x 1
  9. AdamJ

    AdamJ New Member

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    Aug 3, 2019
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    Location:
    Brisbane
    Anyone else had issues with Peppers just not responding to their email inquiries? I did send my m3 order docs to that tesla email of theirs but they never contacted me back by phone or email. Not really fussed, just curious given lots of others seem to have had positive experiences with them recently, perhaps just really busy which i guess is understandable?
     
  10. meowsers

    meowsers Member

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    Location:
    Australia
    This is very common in business loans. This is due to the lost interest and often depends on a few factors.


    From Macquarie consumer Tesla terms:

    3.6 Early Repayments – if you fully repay the loan before the date for final payment under the Contract is
    due, you must pay us an Early Repayment Fee as disclosed in the Schedule.

    If you make payments greater than the scheduled repayments in this Contract, you must still make the
    scheduled repayments on their due date for payment, until the Outstanding Amount is paid in full.

    Early Repayment Fee - payable to us if you repay the Loan Amount before the last
    day of the Loan Term set out above.

    $50.00 + ($750.00 if
    you repay in the
    month the loan is
    made, reducing on
    a pro rata basis for
    each month of the
    loan term which has
    expired)



    Now keep in mind you could literally pay off the whole loan except for a dollar for every month remaining, and then just pay that and you'd still be good contractually, and only pay interest on the balance remaining.


    Pepper was very delayed and useless when emailing me back and forth which is why I went with Macquarie. It was a foreboding sign and I didn't want to chance that they would be like that during the servicing of the loan.
     
  11. paulp

    paulp Active Member

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    Location:
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    I think you’ll find that the Macquarie deal says you must pay a set number of equal monthly repayments, so if you are required to pay say $1500 per month, and there is $48 left, it will all have to be paid the next month.
     
  12. thomasw

    thomasw Member

    Joined:
    Jul 16, 2019
    Messages:
    42
    Location:
    Adelaide, Australia
    Previously with financing I've always financed the full amount and had any deposit refunded to me, not sure if that is standard practice or not. Anyone know if that is normal or possible with Tesla?
     
  13. Zsik3115

    Zsik3115 Member

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    Jul 31, 2019
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    41
    Location:
    Sydney
    Yes they will refund the amount remaining
     
  14. Zsik3115

    Zsik3115 Member

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    Jul 31, 2019
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    Location:
    Sydney
    Got approved through pepper. 3.89 is a fantastic rate. What is everyone's thoughts on pepper
     
  15. Nathanwhalan

    Nathanwhalan Member

    Joined:
    Dec 26, 2017
    Messages:
    10
    Location:
    Australia
    Which Model did you purchase and how much are you financing? What are the repayments?
     
  16. Zsik3115

    Zsik3115 Member

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    Location:
    Sydney
    75k.finance, about 950 a month. 35 percent balloon after 5 years - chattel mortgage
     
  17. Nathanwhalan

    Nathanwhalan Member

    Joined:
    Dec 26, 2017
    Messages:
    10
    Location:
    Australia
    Thats good. I always wonder how they get the repayments so low of the Tesla website loan repayment calculator.
     
  18. Zsik3115

    Zsik3115 Member

    Joined:
    Jul 31, 2019
    Messages:
    41
    Location:
    Sydney
    No more car photo!
     

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  19. Brendon

    Brendon Member

    Joined:
    Jul 6, 2014
    Messages:
    17
    Location:
    Sydney
    The 3.89% rate has been updated on the Tesla site now too.
     

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