grey import car finance | car finance for japanese imports | import car loan
Grey Import Car Finance and Insurance in Australia
A grey import car is a vehicle that is bought from a foreign country and shipped to Australia for sale. Buying a grey import car can be a great option for those looking for a unique or rare car model that is not available in Australia.
These cars also tend to have better specifications, be cheaper or have fewer kilometres on the odometer than the equivalent car in Australia. However, financing and insurance for grey import cars can be a bit more complicated than for locally bought cars.
Credit Score for Financing Grey Import Cars
Currently, in Australia, for a car loan, one requires a credit score of at least 550 or above. However, for non-traditional lenders such as peer-to-peer (P2P) lending platforms, credit score requirements may vary.
In cases where the borrower has a low credit score, they may need to provide security for the loan or get a guarantor.
Financing Grey Import Cars in Australia
Financing a grey import car can be a bit trickier than buying a car from an Australian dealership since some banks and lending institutions prefer loans for new cars bought from local dealerships.
However, financing for grey import cars is available in Australia. The best approach is to work with a lender that is familiar with the process of importing a car into Australia.
Insurance for Grey Import Cars
Grey import cars may be harder to insure than locally bought cars. Insurance premiums will depend on factors such as the car model, age, and rarity. The fact that grey import cars may not meet Australian safety and design standards, or have different specifications, may increase insurance premiums.
It is advisable to shop around for the best deals as some insurers specialize in covering grey import cars.
Price Comparison: Grey Import vs Local Cars
Grey import cars may come at a lower price compared to locally bought cars due to less market demand and lower costs of production in other countries. However, these cars may also require additional expenses related to importing, such as shipping, customs duties, and taxes.
Best Grey Import Models in Australia
Some of the popular grey import cars models in Australia are the Nissan Skyline, Mazda RX-7, Mitsubishi Pajero Evolution, Toyota Supra, and Subaru WRX. It’s recommended to always do diligent research to ensure that the specific model meets Australian safety and design standards.
Conclusion
Financing and insuring grey import cars can be a bit more challenging than for locally bought cars. However, with proper research, one can find suitable financing and insurance options. Grey import cars offer a unique value proposition, and it’s essential to make an informed decision before buying.
FAQs
1. Can I get financing for a grey imported car?
Yes, you can secure financing for a grey imported car. However, you may face certain limitations and stricter requirements as not all lenders offer loans for grey imported cars.
2. What is the difference between financing for traditional car purchases and financing for grey imported cars?
Traditional car financing typically involves working with well-known banks or lending institutions to purchase cars that are sold by dealers. On the other hand, grey imported cars refer to vehicles that are not sold by major dealerships and may require different financing options, typically with specialised lenders.
3. Are the rates and terms for financing grey imported cars higher?
Rates and terms for financing grey imported cars may be higher due to the higher risks associated with these types of vehicles. It is important to shop around and compare options to identify the best loan rates and terms for your needs.
4. What do potential lenders look for when considering financing for grey imported cars?
Lenders consider a range of factors when assessing a candidate for grey imported car financing. Key factors may include the age of the vehicle, the mileage, the value, and the safety and environmental standards of the vehicle.
5. Can I secure financing for a grey imported car regardless of my credit score or financial history?
Your credit score and financial situation are important factors when it comes to securing financing for grey imported cars, as lenders will want to ensure you have the financial capacity to make payments or repay the loan. If your credit score is less than ideal, you may need to explore options such as a co-signer or a down payment to strengthen your chances of securing financing.
6. How can I find the right lender for my grey imported car financing needs?
It is important to research and compare lenders to find the best match for your specific situation when it comes to financing a grey imported car. You can investigate traditional bank and credit union options and explore online and alternative lenders. You should also consult with specialist brokers or auto importers, who can help guide you towards the best financing options.
Finance Disclaimer
Grey Import car finance,is subject to terms and conditions.
#1 Finance is available to purchasers from licenced car dealerships.
#2 Private sales not applicable.
#3 Applicants need to be ABN & GST registered for two years plus.
#4 Further terms and vehicle deposits may apply.
If you require the best car finance package,call Wayne and the team at Loan-s on 0418 266 994.
Or apply online HERE for a quick professional approval.
