Alfa Romeo Forum banner

1 - 18 of 18 Posts

·
Registered
Joined
·
13,815 Posts
Discussion Starter #1
I'm having an issue with finance on cars that are 10 years and older.

ALso cars taht are private buys.

I get approved but then the cars are overvalued. I argue that I'll pay the overvalued price but the banks want to hear nothing...

how do I get around this other than a personal loan at a million %

I can't put down any deposit as all my money is tied up in my house when I bought it...

help here please tog.
 

·
Registered
Joined
·
861 Posts
I went the personal loan route when I bought the 146 Turbo.
If you want something that is really worth it just sacrifice it!!!
 

·
Registered
Joined
·
10,929 Posts
That's the only two ways: Personal loan or deposit. If you really want the car as Wildcard says, you'll make the sacrifice. Why not mix the two? Get finance approved, and make a personal loan for the difference, as a deposit and pay the loan off ASAP :thumbs:
 

·
Registered
Joined
·
13,815 Posts
Discussion Starter #5
Ian that sounds like a plan...don't know how wife will take it, but there's no difference between a personal loan and a vehicle loan...maybe just interest...who's got the lowest interest rates lol...

She told me to wait for a GTA plus with the promotion my pay went up hella good so won't be an issue, there's a 147 GTA for R170k I'm looking at and then dollen's broken 147 GTA aswell. But I want the car working condition, doesn't have to be perfect, ill make it perfect...but then again I want a gtv tooo...
 

·
Registered
Joined
·
476 Posts
Guys.. Just to clear this up. I am in the Finance dept. of one of the Big Banks.

Never ever ever ever make a personal loan to buy a car. No matter what they say the interest is or they give you... they nail you at the end of the day...

For a car... Get Car finance. Best suited interest for the use.


or take an extra bond on you house. That said. Pay the car payments off in the bond as you would have pay of the normal car installment. Using the bond would give you the BEST interest rate, but dont pay the car as part of the bond period payment. In the long run you will pay 5 times the cars value.

To get back to the topic.

Im getting a letter from Alfa Romeo, stating the real value of my GTV (Not Crappy Market or Book price) and the Collecters status and and And..... Luckily the Alfa Dealers in CT knows my car. With this letter you can make your price on your car.

Hopefully now I can Start something in SA with the Pricing of GTV's in SA.

Lets see how this plays out.
 

·
Registered
Joined
·
13,815 Posts
Discussion Starter #8
Oh yeah...Im smelling the Cape Town sea air as i pull the GTv in 2nd gear through the Tunnel on my way home...lol!!!

Ja hell now...that loan issue is horrendous. I'd much rather have taken some money out of my bond...but aparently with SAHL I can only do this after a year...and I put so much of my own money up for dep...can' tI ask for it back? lol
 

·
Registered
Joined
·
726 Posts
Guys.. Just to clear this up. I am in the Finance dept. of one of the Big Banks.

Never ever ever ever make a personal loan to buy a car. No matter what they say the interest is or they give you... they nail you at the end of the day...

For a car... Get Car finance. Best suited interest for the use.


or take an extra bond on you house. That said. Pay the car payments off in the bond as you would have pay of the normal car installment. Using the bond would give you the BEST interest rate, but dont pay the car as part of the bond period payment. In the long run you will pay 5 times the cars value.

To get back to the topic.

Im getting a letter from Alfa Romeo, stating the real value of my GTV (Not Crappy Market or Book price) and the Collecters status and and And..... Luckily the Alfa Dealers in CT knows my car. With this letter you can make your price on your car.

Hopefully now I can Start something in SA with the Pricing of GTV's in SA.

Lets see how this plays out.
On Topic: I bought my Spider privately. In order to finance the car I used Chocolate Finance which facilitated that sale between the private seller and private buyer. This makes the whole process much easier. A member of AO is associated (possibly works for) Chocolate Finance and was very helpful. I'll try and search my old threads to see if I can recall who the member was

Off Topic: There is no value in the trade book for a 2003 Alfa Romeo Spider 3.0 V6. Hence my insurance is for a nominal value which I prescribed. This worried me slightly but was the best I could do. Reading about getting your letter from Alfa made me want the same thing so that I can (a) insure it for the correct value and (b) have piece of mind about the collectability of the model.
 

·
Registered
Joined
·
476 Posts
I got the letter from Alfa. The min value of my car is validated currently at R125 000.
 

·
Registered
Joined
·
10,929 Posts
Sarel, speaking of car values: I checked out Santam's website. On it when I purchased my GTV in June last year, the value was given as R225K. It now stands at R227K so the value has increased!? I like that! :thumbs:

Click on the URL, first estimate the car's value (santam gimick) then complete the online form you are redirected to and it will provide you with an indication of your car's value :thumbs:

Vehicle Calculator - Personal Risk - Santam

This is usually a good indicator of the insurable value of your car :D However this is no indication of what someone is prepared to buy your car for, unfortunately. I would much rather buy a 916 Phase 2 for R125K than a Phase 3 for R225K!
 

·
Registered
Joined
·
726 Posts
Sarel, speaking of car values: I checked out Santam's website. On it when I purchased my GTV in June last year, the value was given as R225K. It now stands at R227K so the value has increased!? I like that! :thumbs:

Click on the URL, first estimate the car's value (santam gimick) then complete the online form you are redirected to and it will provide you with an indication of your car's value :thumbs:

Vehicle Calculator - Personal Risk - Santam

This is usually a good indicator of the insurable value of your car :D However this is no indication of what someone is prepared to buy your car for, unfortunately. I would much rather buy a 916 Phase 2 for R125K than a Phase 3 for R225K!
Okay now please can someone explain this to me...

I go to the site, i click [alfa romeo] and [2003] however when I look for the model I only see either a 2.0TS Spider or a 3.0 V6 GTV. no 3.0 V6 Spider???

It was the same thing when my insurance was checking, they could only tell me for the 2.0TS or the GTV 3.0?
 

·
Registered
Joined
·
10,929 Posts
Okay now please can someone explain this to me...

I go to the site, i click [alfa romeo] and [2003] however when I look for the model I only see either a 2.0TS Spider or a 3.0 V6 GTV. no 3.0 V6 Spider???

It was the same thing when my insurance was checking, they could only tell me for the 2.0TS or the GTV 3.0?
Unfortunately that does happen.There also is no 2011 Alfa 159 TBi Ti. You have to choose 2012, then it gives you the model year as 2011-2012!:rolleyes:
 

·
Registered
Joined
·
13,815 Posts
Discussion Starter #17
Sarel have you forwarded this to the gjaalied them?
 

·
Registered
Joined
·
476 Posts
Guili. Yes I did send the letter to Ghaalied Friday afternoon. Give him a call on monday.

And might I add about this letter. They priced the car at MINIMUM R125 000. So It might be more in value, if the Paper trail is all there (witch is)
 
1 - 18 of 18 Posts
Top