For every Australian, young and old alike, there comes a time when you just need a new car, even if your current car is still running just fine. It’s an exciting time when you’re browsing through the options, trying to find the right car. And then suddenly you find it.
No sooner are you celebrating, wanting to tell your friends about the car you’re planning on buying, then the realisation of the cost sets in, taking your joy and crushing it with overwhelming reality.
So how can you choose the right car loan that will still make you happy?
Here are some tips to consider:
- Your budget
Be realistic. Add up all your debts, your expenses, and see if you could really afford that BMW or Audi. Perhaps a Hyundai i20 may be better for your budget? What amount of money do you have left after all your expenses are paid?
- Your needs
If you travel far for work, then you might need a car that is more fuel-efficient instead of one that’s fancy and expensive, but guzzles up petrol. A smaller, more efficient car may end up saving you a lot more in the long run.
- Your credit
Do you know the state of your affairs? Is there a nagging debt at the back of your mind from long ago that you hope had simply disappeared? Make sure your credit is up to date.
- Loan type
Depending on the type of car loan you choose, the costs can vary. Secured car loans, for example, can be granted to you on the condition that should you default on your payment, the dealership or bank can repossess your car.
What’s most important is that you love the car that you choose, and the loan is purely about your ability to pay it off.
On top of these helpful points, you should do some of your own research online to find credible and reliable Melbourne car finance specialists. For example, check out our available loans!