Comparing Car Loans the Aussie Way

By: Dalton Smith

Aussie Car Loan Tips: What to Do Before Applying for Financing

Most first-time buyers do not realize that while getting a car loan is of utmost importance before getting your first car, there are several things you should do before even thinking about applying for car financing, and that is to wisely choose a pre-loved car that will suit your needs. Here are some tips on how to get your money's worth:

Research, research and more research

Don't just jump headlong into grabbing the first nice-looking car you see! Instead, you should spend more time researching about it. Consider:

Type and make of car you desire, and list down the why's

The size of your desired car: is it going to be a sedan, or an MPV which may be ideal for a larger family

The amount of money you can afford to spend

Look towards these Australian websites and publications for inspiration and ideas on what a car is worth these days:

Motor Magazine

Wheels Magazine

You can generally garner very useful information on local Australian automobile message boards as well as user review websites where actual testimonials of various cars can be obtained

Set your budget wisely

We all know how car loans can take a toll on our incomes but if you were to set a budget beforehand and are confident you can adhere to it, you won't experience much difficulty on the loan repayment front later on. One way is to purchase a used car, and this is deemed sensible because car prices depreciate as much as half their prices in three years' time. To avoid overpaying on your vehicle, you may opt to pay less down payment for a pre-loved car and at the same time possess the ability to negotiate on other fees like stamp duties and registration.

Private sale or dealership?

Naturally, if you want to spend as little as you can on a car, you may wan to opt to close a private sale. However, there are risks attached to this because you need to perform your own background checks on the car, its owner and the history, Buying a dealership car, on the other hand, gives the convenience of having everything checked out with the dealers, including the car's warranty. The onus is on you to make a decision whether you want a lower price, or peace of mind of having your car purchase go smoothly without much hiccups.

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