The product doesn't have transparent information. Its sales personnel only care about selling it and do not give adequate information on all features, including those hidden costs. The after-sale service isn't good either.
I suffer an illness and while I was in a very low mental state I was taken advantage of and trucked by a auto dealer. Somehow they approved a loan for a $38000 car and had me driving it out in less than 2 hours. I'm on a disability pension and have been on it for 19 years because of mental health. After my mental state became stable again I looked over the contract with a family member I realised the trouble they put me in. The interest rate is over 21% and they made it a 7 year loan. I called to ask to negotiate and they said its a contract and can not be altered. The only way it could be altered was to refinance... I couldn't refinance because with all the fees and charges and the purchase cost of the car totalled around $44000 and I then found out the market value of the car was no more then $30000. Now 5 years on I still am struggling to keep up with repayments, the car is now worth around the $10000 mark and the pay out figure is over $20000. So far I have made over $50000 in payments and by the time I finish all the payments I would have paid back $77000. These people just wont give me a break. If I fall behind with a payment they will try calling 4 or 5 times a day until I answer but I'm scared to answer because they hassle me until I give them an arrangement to catch up on the missed payment. I can't always give the answer because I don't know. The payments alone take more then half my income and I am unable to work.
I got my car loan 3yrs ago to date and they told me it was $26 G's and I was happy with that. But they didn't tell me that they'd be whopping on another $15000 for interest. And I had my mum on my loan as well. So brings my car up to $42 G's and it's a small Suzuki swift model and I find it ludicrous that I have to pay admin fees and extra money each month. Be warned they add more interest on each month. Happy with the customer service as they help me out!! But not happy with my loan itself.. If I could I would have found a different provider by now. But I don't want to start something new and rack up more fees.
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Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.49% would cost $34,548.78 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.50% would cost $34,632.09 including fees.
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 4.89% would cost $34,277.58 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.99% would cost $35,290.67 including fees.
Terms from 1 to 10 years. Representative example: a 5 year $30,000 loan at 5.64% would cost $34,748.53 including fees.
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