Not enough information on product from customer service. I had to do all the research or constantly ask back and forth questions. They wanted to sell the product more than help me believe in the product.
It was my own fault, I was retired and out of debt, but borrowed through a broker to purchase my camper trailer to spend time with grand children. I have no problems with making payments, but should have side stepped the whole deal because of extra fees and a penalty clause that stops me from paying out the full amount before the end of the original agreement.
I like Esanda as they were accommodating in my needs as a full time student/part time employee. I was rejected from many banks as I did not have a 'stable job' as such but Esanda was accommodating and offered competitive rates which I can manage as a young student. I would recommend this bank to anyone!
Pros - easy monthly installments, can pay upfront sums without additional fee, pay out contract early without fees, great customer service. Cons - the interest rates are way too high for car loans, doesn't provide an online banking service.
I took a loan with Esanda for 60 months to purchase a car. Because I pay $37 more per month than the payment required, I have had a letter from Esanda stating that seeing I am ahead of the pay rate by $1,200, they suggest I call them to discuss how I can readjust my payments so that I do not have a penalty charge for paying out the loan too fast!! My objective is to pay out the loan as soon as I can. I have had a loan previously with Esanda for a car and paid it out ahead of time. They were happy then...but not now!
I have had no hassle with them at all and they tell me I have an excellent credit rating. However, their fees to pay out the contract seem quite high.
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Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,340.57 including fees.
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 5.44% would cost $34,332.26 including fees.
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.
WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.
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