Esanda Private Finance

Christiaan · 03-03-2009, 09:33 PM

hey guys

just wondering if anyone here has esanda private finance (you bought a car privately and used esanda as the financier)?

if so, how much interest are you paying?

thanks

WAR40T · 03-03-2009, 09:44 PM

i used them when i first bought my XR8 from a dealer, high interest, i changed from them to CBA much better. i wouldnt recommend them. even had to shell out 35-40 bucks for them to send out a statement

:

S3SR · 03-03-2009, 09:46 PM

when i find my papers ill tell you, but i think about 10 or 11 cant remember to be honest

i only went with them because thats all the dealership had and i wanted the car yesterday and couldnt drive mine home on 4 tyres that had the steel coming out :P

b0son · 03-03-2009, 10:51 PM

7.5% nearly 3 years ago... about the same as my home loan rate

Buzz Box · 03-03-2009, 11:03 PM

If you go thru a dealer you'll get 9's if you go thru esanda direct its 10.25% as of yesterday lol

Iggypoppin' · 03-03-2009, 11:06 PM

im with them but wont disclose the interest rate. its very very high though and luckily im getting a consolidation loan to ease the pressure but i seriously wouldnt get a loan with them, they are a high interest mob and none of the people i know who have loans with them are happy at all.

SSVPom · 03-03-2009, 11:22 PM

Got about 7.5% 2 years ago on my Liberty, although you'll struggle to get below 9.5% as a new customer now.

In fact they wouldn't even match the 7.5% on a new loan for me if I paid out my existing finance with them early, and got a new loan on a different car :-/

**ebxr8240** · 03-03-2009, 11:28 PM

TRUST me if the dealer whants to sell a car ??
Then bargan with them..
I went past a Holden dealership tonight and they had 2.99% interest..
Be sure what the interest is ? If its reducable or flate rate..
Flate rate you pay what ever on the total amount borrowed..
Even if you owed $5 ..

xls3v · 04-03-2009, 01:07 AM

i have esanda only out of ease of which i picked my car up. car was found and deal done in around 1 hour while i was at work 400km away. think im paying 9% tho think after 5 years its around 18k for 12-13k borrowed

wodahs · 04-03-2009, 04:16 AM

depends on your circumstances
ive been bankrupt and discharged for over two years (another story) and needed to get a credit rating so i could get a loan to buy a house and was suggested to get a secured loan so if i fault the can take back what i bought (eg buy a car that i didnt need)
got my loan throu a broker not the dealer but had both working on the loan broker just tied it up faster and when the dealer did get back to me it was the same deal
had it for six months got it at 16.8% and about to refinance at much lower % (been good)
oh and im getting that home loan now to

FPV 5TH · 04-03-2009, 08:18 AM

Currently have Esanda Finance at 7.8% but im a regular customer. It also depends on the size of the loan. More money generally equals lower interest rate.

JPDyno · 04-03-2009, 10:00 AM

I had esanda a few years ago (2003) with my Astra. I wouldn't recommend them.
When it canme time to get rid of the car (after 2 years) I compared my loan with my girlfriends. The loan was about the same (~$30,000), with the same interest rate (I think it was about 6.5, but i cant remember), over the same amount of time (5 years)...and my repayments were $20 a week more than hers (toyota finance).

I didnt look right into it because i was selling the car anyway, But it sure ****ed nme off.

predator_230 · 04-03-2009, 11:11 AM

Just financed my FG XR8 ute through a broker that used ESANDA for 7%.
Didn't find it too bad considering it;s my first loan and that other companies wanted me to shed out a 20% deposit on top.

Powdered Toast Man · 04-03-2009, 02:45 PM

Depends if it's new or used. New car rates are lower than used car rates

Pinch · 04-03-2009, 07:00 PM

Have used them three times. First was a new car at about 9.5%, second was a second hand car at about 9%, 3rd was novated lease at a much lower rate on my BA XR. Long time ago now though so not really comparing like with like.

Didn't have any drama's, except one over eager 'recoveries' phone jockey that rang and immediately demanded payment or he would reposses the first new car. After I calmed him down a bit (he was uber keen this one), I realised THEY had input the wrong bank account details into their system so had received 2 rejections (which actually would have said incorrect account number!). I checked the details I gave them, all fine, and said they may want to put the right details in their system for it to work. Call ended with his tail between his legs so to speak.

A quick call that didn't start with "I AM RINGING FROM ESANDA RECOVERIES, IF WE DON"T GET IMMEDIATE PAYMENT NOW WE WILL REPOSSES YOUR CAR TOMORROW...". might have solved the issue a bit earlier for them.

Can get tools anywhere though, not just Esanda. Probably his first job in 'finance' or something. Easy tiger!

I did get an apology from the area manager a week later though.

cycle myth · 04-03-2009, 10:57 PM

Typically Esanda interest rates will be:

- lower for newer cars (sometimes stepped at new, 1, 3 and 5+ years old)
- lower the more money you borrow (eg <$20k, >$40k, > $50k
- expect rates to start at +200bpts to + 300bpts over std variable rate for mortages.

The reason why you may have been quoted a higher rate previously may because of credit history or a third party was acting to establish the loan for you.

Beyond the interest rate TAKE A GOOD LOOK at establishment fees, set up fee, termination fees, monthly fees, fees for payment method - the real rate will surprise you.

RSgerry · 04-03-2009, 11:29 PM

have never been a fan of Esanda, but the things that will influence the rate include the value of the car, new or used (new car is a better quality asset), the size of the deposit, your lending history, your income and what sort of risk you pose. Good security, good deposit / savings history and low risk will usually mean a lower rate.