Having a hard time getting a car loan

[jaime123]

EDIT: thanks for the advice guys, I’ll look into cheaper.

Hi guys, long story short, I applied for a 36k loan for a new car, I fell under the necessary income line and asked if my mum could go guarantor, they informed us that guarantors don’t exist anymore.
So mum has tried to put the loan in her name, she earns about 2k a fortnight doesn’t have any loans and has over a million dollars in assets. They still didn’t approve the loan and asked for my step dad to go on it too (he doesn’t work but has quiet a bit of super available), they are still saying no!!!
Does this sound right? Do I try a different dealership/brand?
I’m going insane
Edit: sorry the loan is for a 7 year time frame

 

[lourdes_anita]

@jaime123 Bank thinks it's a bad idea. I'd listen to them.

 

[mnms4him]

@jaime123 So your mother makes more than you at 2k p/f. Total income $52,000

The loan would total near 70% of her annual income. You earn less than this so the loan would total over 70% of your total income p/a.

Bank has done you all a favour.

 

[jaime123]

@mnms4him It’s through the dealership, haven’t tried a personal loan, I can definitely afford the repayments, otherwise I wouldn’t of looked at a car, idk guess I’m bad at maths

 

[mommaof5]

@jaime123 You’d be a fool to get an unsecured personal loan.

 

[mnms4him]

@jaime123 You can’t afford the repayments or you would have been lent the money lol

 

[josh328]

@jaime123 What interest rate and terms did the dealership give you? I’m sure that not only is it loaded with origination fees (because the dealer is not financing it, a bank is, and they charge you a fee for referring the business to the financier), loan establishment fees, admin fees, payment fees, early repayment fees. This all gets loaded onto the price of the car, and suddenly that $36k car is $40k starting loan balance.

Then you are doing 7 years…ouch.

Unsecured loan rate will be something like 12-20%p/a. Bank is doing you a favour here

 

[wildcatjim2014]

@jaime123 If the dealership won’t even finance it it’s definitely a terrible idea.