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Shopping for new wheels?
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Quick Reads
Check out some of our quick reads for more tips and helpful advice before you pick out your hot new wheels.
Steer your way into a new car
For most people, buying a car is a big financial commitment and you’ll need to have some dollars set aside. Even if you decide to get a loan to finance your car, you’ll still need to have a chunk of funds available as a deposit.
It's important to consider how much you plan to spend, as well as ongoing costs- think insurance and rego, tyres and maintenance. Having a good budget in place will help with this step.
Do your research
Think about what you would need to use the car for and whether that will change over the next few years. If your car is your daily drive into the city and back, you probably don't need a large 4WD. But if you plan on weekend adventures off road, or growing your family, a bigger car might make sense.
Other considerations include the age of the vehicle and what that means in terms of ongoing maintenance. Also, whether to buy a car through a private seller or a dealer. A private sale might mean a vehicle is cheaper but a dealer might offer the security of a warranty if issues arise.
It might be tempting to get a personal loan to buy something fancy and new but you need to consider the loan in the context of your bigger financial plan. If you want to get a home loan in the future, a car loan could impact the amount you can borrow to purchase a property.
Check it out
Don’t buy a lemon! If you’re considering buying a used vehicle, ask for the service history. Try to find out if the car has been involved in an accident or has been modified, this could lead to issues down the road.
It might cost afew dollars but paying for a vehicle inspection by a mechanic could potentially save you thousands by avoiding a dud vehicle.
Compare vehicle specs, look at car sales sites online and ask your family, friends and colleagues to share their experiences. Some cars are known to cost more to service and repair while others are reliable workhorses.
Calculators
Personal Loans often have a higher interest rate than a home loan, so make sure you check the minimum amount you would need to pay and double check the loan for interest and fees to get the total cost.
Before you look at a personal loan, you might like to use our savings plan calculator to start the process of setting aside some money to pay off the loan.
Personal Loan Calculator
Savings Plan Calculator
Car Buying Research
1. The next few years
If your car is your daily drive into the city and back, you probably don't need a large 4WD. But if you plan on weekend adventures off road, or growing your family, a bigger car might make sense.
2. Private seller or a dealer?
A private sale might mean a vehicle is cheaper but a dealer might offer the security of a warranty if issues arise.
3. Should you get a personal loan?
If you want to get a home loan in the future, a car loan could impact the amount you can borrow to purchase a property.
4. Don’t buy a lemon!
If you’re considering buying a used vehicle, ask for the service history. Try to find out if the car has been involved in an accident or has been modified, this could lead to issues down the road.
5. Inspector Gadget
It might cost a few dollars but paying for a vehicle inspection by a mechanic could potentially save you thousands by avoiding a dud vehicle.
6. Spics and Specs
Compare vehicle specs, look at car sales sites online and ask your family, friends and colleagues to share their experiences. Some cars are known to cost more to service and repair while others are reliable workhorses.
Don't forget insurance!
Buying a car is the fun part, but equally important is making sure your new wheels are covered before you hit the road! At a minimum you need to have third party property insurance.
Motor Insurance
Please note this information is general in nature and does not take into account your personal circumstances or objectives. You should consider this before acting on any of the information contained.
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