Regardless of whether you are buying your first car, a bigger car or your dream car, you want a good deal. It pays to consider all the factors and approach the process with the knowledge to help you secure a good car for a fair price.
When you are buying a car, take some time to consider the following tips:
Know your budget
Before you even start looking, you need to figure out your budget. Setting a price range will help narrow and direct your search. If you need a car loan, always have pre-approval before you start shopping around. When figuring out what you can afford, you should factor in the ongoing costs of maintaining a car such as insurance, registration and servicing. Buying second hand gives you the luxury of choosing from an endless variety of makes and models but may involve higher maintenance costs. When buying new, choose which features are worth paying for and factor in the faster depreciation rate of new cars.
It is imperative that before purchasing a car, you see how it runs. Test-driving will expose potential faults that are not visible otherwise. When driving, be conscious of how the car is performing. Is the steering wheel dragging or can you hear any suspicious noises? Try the handbrake and turn the wheel to full lock both ways. Test-driving will give you the best feel for a car before buying it.
Work out the warranty
Always familiarise yourself with the terms of a warranty. All new cars come with a manufacturer’s warranty, which covers faults for a set term. If buying used, licensed car dealers have to provide you with a statutory warranty if the car is under 10 years old and has travelled less than 160,000 kilometres. But this will only cover you for 3 months or up to 5,000 kilometres, whichever comes first. You can purchase an extended warranty from various insurers for both used and new cars, but you should figure out if the costs are worth it and the terms are fair.
When you have found the perfect car, we can help you take it home, with our range of versatile car loans.
Understand your loan options
Are you thinking about buying a car? We offer a range of loans to get you behind the wheel sooner. The loan you decide upon will depend on the kind of car you hope to buy. To decide which one of our versatile car loan options is best for you, simply ask yourself:
Brand new car?
There’s nothing quite like a new car. Buying a new car gives you an untouched warranty, the most recent safety standards and the ability to make specifications. We understand the appeal of choosing a new car and have the ideal loan to help you. Our New Car Loan is specifically designed for cars under 12 months old. Our manageable loan can be used for a car or motorbike and offers flexible repayment terms and the option of a fixed interest rate.
Reliable used car?
When it’s time to update your car, a used car can be an affordable and sensible option. Buying used will allow you to get the car you want for a fair price and has the added benefit of a slower depreciation rate than new cars. Our Used Car Loan is perfect for cars older than 12 months and younger than 12 years.
There are a lot of benefits to going green. A green car will not only lower your environmental footprint, it can also end up being cheaper to run. As an ethical bank dedicated to the long-term good of the community, we are committed to supporting environmentally friendly products. For that purpose we offer a special Green Car Loan. To reward you for making the ethical choice we offer a reduced interest rate, no monthly fees and flexible repayment options if you buy a new car with an overall Green Star rating of 5 from the Government Green Vehicle Guide.
We can help you buy the right car with our range of versatile car loans. Speak to one of our consultants on 1300 654 822.