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On The Road Again

Jun 4, 2020 | Client Success

Wayne Taylor

Buying a used car can be a risky business. What happens if something goes wrong and it’s not covered under warranty? Find out how Finance One helped 24-year-old James Boyle get back on the road when no-one else would.

James Boyle, an aluminium pick-packer from Cranbourne in Victoria, hasn’t had much luck with used cars. Less than six months after he bought his first car — a 2003 Nissan Navara — the gearbox went. That cost James $3000 on top of the $9800 he’d already paid for the car. Then, just when things were looking up, the coolant started leaking…

“It turned out the engine head was cracked and it was going to cost me another $7000 to fix the car,” says James, who at this point was ready to crack himself.

“If I went ahead with the repairs, it would’ve cost me more to fix the car than I paid for it in the first place!”

Left with a lemon on his hands, James had little choice but to sell the car at a loss and find a financier to fund a loan for another car.

“Finance One was the first finance company to give me a chance.”

“I only got $600 back for the Navara,” James recalls. “And I was lucky to get that from someone who had the same model but with a smashed frame and good engine.”

To make matters worse, James was getting rejections on the loan applications he was relying on to get him out of a tight spot.

“It turns out I had a credit rating problem because of an old credit card debt I didn’t even know about,” says James, whose broker alerted him to the issue.

“I remember late last year calling up the company I apparently owed money to and they were like ‘Oh no, that was paid off in November 2017…’ and I was like, ‘You’re kidding me!’ The payment just hadn’t been processed properly, which was wreaking havoc with my credit rating.”

“Finance One was the first finance company to give me a chance. I asked for $18,000, so I had a bit more of a range to look for, and was given 30 days to find a car through a dealership. I ended up getting my car (a 2013 VF Calais V6) for $16,000 and everything was settled within a week.”

And just when you thought that’s where the story ends happily ever after…

“Only eight months later, the gearbox went on my Calais and the warranty didn’t cover the type of leak it had,” James says.

“The repairs were going to cost $7000. At first, I didn’t even think of asking Finance One for more money on the loan. I was prepared to scrummage up every bit of money I could find to buy a s*** heap so I didn’t have to borrow my mum’s car to get to work anymore.”

“But then I thought why not just ask Finance One for the money and see what they said? So I gave Luke at Finance One a call. He could see I hadn’t even had the car for a year yet and that I had a good track record with my loan repayments.”

“I was so relieved when he said Finance One were willing to add the $7000 I needed for repairs to my car loan. I just had to pay back an extra $100 per fortnight, which I felt I could manage.”

James has his loan repayment set up as a fortnightly direct debit on the Monday after he gets paid.

“I’ve set it up like that so I don’t miss a repayment and everyone is happy,” James says.

“I’m grateful to Finance One for getting me back on the road so quickly. If you’re having difficulty getting finance like I was, or you need extra money for repairs, give them a call.”

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Makala Elliott

Makala is the Marketing Manager at Finance One. She has worked in the Finance and Lending industry for over 10 years, gathering a wealth of experience. She is passionate about helping Australians get back on track with their finances by passing on her knowledge.

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