Modern Australian
Men's Weekly

.

Top 5 Car Finance Tips

  • Written by News Company



It’s an exciting time if you’ve decided that you’re ready to buy a car and you’re looking into car finance. It can be a little overwhelming deciding which car finance option is right for you so it’s always good to get some top tips about how to get the best car finance for your situation.

  • Know your credit rating

Many people aren’t even aware that they have a credit score. If this is you, it’s time to get familiar with your credit rating by asking one of the top credit bureaus to see your credit file – this is free and easy to do so there are no excuses.

Once you know your credit rating, you’ll know where you stand and what you can expect to borrow. If you have a bad credit rating, you may need to work with specific lenders.

  • Don’t make multiple applications

It’s very easy to make multiple applications for car finance – especially with online forms being quick and easy to fill out. Yet this can really damage your credit rating as all applications will be recorded and can be seen by potential lenders.

Don’t raise alarm bells by having multiple applications for credit on your financial record.

  • Understand the different types of loans

There are lots of different types of car finance – it’s easy to feel slightly daunted by the amount of options available on the market, but you need to make the effort to understand what the different ways are of borrowing money to help you buy a car.

Start by understanding secured and unsecured loans, and also consider your individual circumstances – such as whether you’ll be using the car primarily for business or leisure purposes.

  • Budget carefully

Too many people agree to a car finance deal and then find out that they have stretched themselves too far financially. This can lead to you defaulting on a loan, which in turn affects your credit rating and your potential for borrowing in the future.

Create a spreadsheet considering your monthly income as well as all of your monthly expenses. Figure out how much you can realistically dedicate to spending on car finance.

  • Consider other costs

Remember that you don’t just need to pay back the price of the loan each month. You’ll also be paying interest (find out whether a fixed or variable rate is best for you).

In addition you’ll need to consider monthly running costs of the car such as fuel and maintenance as well as the cost of essentials such as insurance for your vehicle.

AUSTRALIAN NEWS

What is RPL in Australia?

RPL is Recognised Prior Learning and refers to skills you already have that can be credited for further study or learning. For example, previous courses you have taken, your current...

“North of the River” Vs “Over the Bridge” – What’s in Brisbane’s ongoing North Vs South Feuds?

Greater Brisbane Australia’s largest capital city by land area, coming in at 15,824 square kilometers, and ranks number three worldwide. It has Australia’s largest city council and northern neighbour Moreton...

Best Electrical Services Perth: What to Look For

To help find the best electrical services Perth, you should know what criteria to look for to get top-of-the-line service. When it comes to your home or business, you want...

Sydney Off Road Trips - Yes, They Exist

Are you ready for the adventure of a lifetime? When it comes to exploring in caravans, Sydney residents may not realise how easy it is to get away for the...

International Influence: Unique Premium Toys from Around the World

In an increasingly interconnected world, the toys children play with often reflect the diverse cultures and creative traditions of different countries. Premium toys, in particular, stand out not only for...

Exploring Australia, Unlocking Hidden Gems and Unique Experiences

Australia is a vast and diverse continent, offering everything from stunning coastlines and lush rainforests to arid deserts and vibrant cities. But even with so much to see and do...

Tips And Techniques For Keeping Your Suzuki Looking Like New

Owning a Suzuki is not just about enjoying the ride; it's also about taking pride in the appearance of your vehicle. A well-maintained Suzuki not only performs better but also...

How everyone in Sydney can find the right employment

Finding meaningful work that offers exciting opportunities and something that broadens the mind is something most Australians yearn for. Why just head somewhere to complete a shift without taking something...

How Mortgage Brokers Influence the Australian Property Landscape

The role of mortgage brokers in Australia's property landscape is an aspect of the real estate and finance sectors that cannot be overlooked. Over 55% of property transactions in Australia...

Your Guide to Finding the Right GP: What Perth City Doctors Offer Today

Choosing a General Practitioner (GP) is one of the most important health decisions you’ll make. Luckily, Perth’s vibrant CBD now hosts a new ge...

Why Every Mining Operation Needs a Robust Safety Management System

Mining is one of the backbones of the Australian economy, particularly in Western Australia. Back in 2019-20, mining contributed 10.4% of Australia...

Australian Classic Literature Enjoys Resurgence

Welcome back to the good old days of storytelling! As the modern world becomes increasingly more demanding, returning to childhood favourites offers...

Building a Governance Model for Headless Content Management at Scale

Image by pch.vector on Freepik There's never been a better time to implement a headless content management system (CMS) to gain the flexibility and ...

Understanding Trade Insurance: Essential Protection for Businesses

Image by Drazen Zigic on Freepik In the current economic environment, trade insurance is an important element for companies trading both locally an...

Choosing the Right Timber for External Cladding

Timber cladding is one of those finishes that pulls double duty: it makes a building look warm and welcoming, and it quietly shields the frame from ...

Top Services Offered by Diesel Mechanics in Brisbane

Keeping a diesel vehicle running at its best takes more than the occasional oil change. When you invest in regular specialist care, you protect the ...

Top 5 Benefits of Hiring Professional House Removalists

Moving day should feel like the start of a new adventure, not the end of your patience. Yet once the settlement papers are signed and the champagne ...

Navigating the Digital Landscape: Managed IT Solutions and IT Services in Townsville

As technology advances at an unprecedented pace, companies must adapt to embrace the transformation ahead. With an evolving technology landscape, mana...

Types of Catering You Should Consider for Your Next Event

Choosing the right type of catering service can elevate your event from ordinary to unforgettable. Whether it’s an elegant wedding, corporate func...

Understanding the Benefits of Split System Installation for Your Home

Climate control is essential to maintaining comfort in your home, especially during the extreme temperatures that many regions face. Whether you’r...

Best Aluminium Window Sliding Designs for Natural Light and Airflow

Bringing natural light and airflow into a space is one of the most efficient ways to create a healthy and comfortable home. In Sydney and across Aus...

Maximising Operational Efficiency: Electric Winch Hire Australia and Hydraulic Power Pack Hire Solutions

Image by jcomp on Freepik From urban construction sites and remote mining operations to coastal maritime facilities, specialised equipment solutio...

Navigating the System: Your Guide to Support Finding Work with a Disability Around Melbourne

Image by freepik Finding the right job can be a challenge for anyone, but it can feel particularly daunting when you're also navigating life with a ...

Say Goodbye to Draughts and Hello to Savings: Your Guide to Perth Window Replacement

Image by prostooleh on Freepik Are your windows looking worse for wear? Are you paying a hefty power bill due to sneaky draughts and poor insulation...

How to Choose the Right Horse Trailer for Your Riding Needs

Many horse owners travel long distances for riding lessons, competitions, or to move horses between properties. Having a safe and reliable trailer i...

Sydney Turf Installer for Instant Green Lawns and Long-Term Performance

Having a green lawn at home makes everything look better. Whether it’s the front yard, backyard, or a small patch beside the driveway, people in S...

Designing Better Living Spaces: Why New Kitchens in the Blue Mountains Are in High Demand

The Blue Mountains region is seeing a steady rise in home upgrades. According to recent housing data, kitchen renovations remain one of the most req...