Applying for a loan for a car is something that every buyer should take seriously. This is a big investment, so you need to think beyond the cost of the vehicle. You must be able to afford weekly, fortnightly or monthly payments, and you’ll want to find the best interest rates and lowest fees.
But what about the car itself?
Does it offer the best value for the amount you are spending? Will it keep driving long after you have repaid your loan? There’s a lot to consider when looking for a new car.
How Much Can You Borrow for a New Car?
Before you begin shopping for a new car loan, you should first consider how much you can afford to spend. There are two main parts to this: the total amount and the repayments. It’s important to avoid focusing too hard on the repayments. Instead, consider how much you will spend overall. It may be possible to get a better deal by finding a lender that offers lower interest rates or by working with a broker who can negotiate a lower sale price.
A good way to begin is to print out copies of your credit card and bank statements from the previous two to three months. Review these and determine how much unspent money is available that could go towards a car payment. If needed, consider any luxuries that you could cut back on to free up more money to invest in your car.
Fast New Car Loan Approvals
If you need a new car loan, Blink Finance is one of the fastest ways to get it. You can visit our website to submit an application or give us a call to discuss your personal finance needs. Once you submit your information, we can handle the rest. We’ll determine which of our 30+ lenders offers the best fit and get things started. Why wait longer for your dream car when you can work with us and get through the process faster?
Budgeting Tips for New Car Buyers
Are you ready to apply for a new car loan? Read the following tips to maximise your purchase power at the dealership.
- Clean Up Your Credit Rating: A higher credit rating will give you more flexibility when borrowing. If you have anything you can clean up on your credit report, now is the time to do it.
- Analyse Features & Extras: Make a list of all the features you would like your car to have, then prioritise them. This will help you decide what you can and can’t live without when choosing a vehicle.
- Save Up for Your Down Payment: A higher down payment will help you. Try to save up as much as you can before applying for a new car loan.
- Factor in All Costs: Remember to budget for all costs related to your car purchase. That includes lender fees, interest, car maintenance costs, repairs, and insurance.
Begin the new car loan process now by visiting our website to complete an online assessment. You can also contact Blink Finance at 1300 827 848 to learn more about our personal finance services.