Car loan - who should I go to?

[gunsnroses]

Now that I've decided to upgrade to a newer car that costs a lot more than the previous one did. I'm looking for car loan, who should I go to? Which bank gives better rate etc. Appreciate any help and insight in the matter.

[Oldtimer]

If you are buying a new car ask the agent to get you the best deal.

[imparanoic]

Now that I've decided to upgrade to a newer car that costs a lot more than the previous one did. I'm looking for car loan, who should I go to? Which bank gives better rate etc. Appreciate any help and insight in the matter.

remember used dealers and their associated financers are always dodgy, unless it's official distributors, ie, dch, crown, inchscape, etc

[iliketurtles]

Guns, my best advice would be to keep your current car as long as possible and save for a car in the meantime, There's no worse feeling than buying a car on finance, it being involved in a collision (which is very common in a place like this) and you still having to make those monthly payments....

[Skyhook]

A pilot mate of mine went through all this HK finance rubbish a little while ago, when he upgraded to his brand new BMW. He borrowed $700,000HKD via the Bank of China in the end, a personal loan, all went nicely and he's happy with how it all turned out.

Personally I reckon it's a bad idea to get finance through a new, or, used car dealer, just deal direct with the bank, providing you are in a sound financial position and wear the right career, the bank will give you as much as you can repay.. They may not if they don't like what you do for a living, a bit like the insurance companies etc etc which is why the dodgy finance guys exist to fill that gap when it happens..

Try the BOC first....

[mrsgunsnroses]

Guns, my best advice would be to keep your current car as long as possible and save for a car in the meantime, There's no worse feeling than buying a car on finance, it being involved in a collision (which is very common in a place like this) and you still having to make those monthly payments....

We are not planning on getting a brand new car or spending a fortune, that's for sure. Our car needs some repairs that would end up costing more than a third of what we paid for it one year ago, and as per the garage more repairs coming up sooner than later can already be foreseen. So he recommended us to rather think about trading in that car and buy another car which is more solid...

[iliketurtles]

In which case, consider utilising a tax loan if it isn't going to be for masses of money. Low interest rate and repayments over a short period.

[gunsnroses]

Thanks for the advice guys. We will talk to BOC and HSBC(just becos all our accounts with them) and find out details of car loans as well as tax loans.