Waste of time
As an existing Bankwest customer we were pre-approved for a secured car loan. After finding the car we wished to purchase we commenced the official application. All information requested was supplied but over the following 2 weeks we were constantly mucked around. Finally we were advised our application was not approved as my husband works for a labour hire company. We have been loyal Bankwest customers for the past 8 years, both work and have no debt. I was more disappointed with the application process or lack of then the declining of th...e application. Our car sales person was also very surprised with the constant requests for irrelevant paperwork and in the end we just ended up going with the car yards finance company who was more than happy to match Bankwests interest rate. Very little Given incorrect information, very long application process, constant requests for paperwork that was not relevant
Ridiculous!! Don't waste your time!
As existing Bank West customers, we applied for a $16,000 secured car loan.
Only *after* wasting almost a week going through the application process, they advised us that they only lend an amount equivalent to the base price of the vehicle (excluding GST, delivery fee, Stamp Duty and Registration costs, which are compulsory when purchasing a new car from a dealership), plus 20%.
That meant they would only lend $14,600 for us to purchase a $16,000 car. This is irrespective of earnings and credit rating, etc. We were advised to seek a seco...nd loan to cover the balance! Bizarre! Whatever their reasoning, these terms were not detailed anywhere prior to making the application. Incidentally, the Business Manager at the dealership had never heard of such terms, and we proceeded to arrange finance through him (using Bank of Melbourne).
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