So, you want a buy a new car? Before you choose vehicle finance, you must consider what you are going to use it for, personal or business, as this will help you narrow down the options.
Once you have decided on how you will use the car, you should take into account the following four considerations.
- Check the ‘real’ interest rate
A low-interest rate may be very appealing, but always check that it’s the rate you will be paying for the duration of your loan, not just an introductory rate.
- See if you can pay extra each month
Check to see if the lender will allow you to pay a little extra each month to enable you to pay off the loan early, as some will charge you additional fees if you pay off the loan early.
- Calculate the total loan costs
Calculate the total costs of the loan over time, including monthly charges. Depending on the type of loan, some lenders will charge fees in addition to your repayments, which can add up over time.
- Read the fine print on your agreement
In the excitement of buying a new car, it could be easy to skim over the fine print, but make sure you understand what you are signing up to. A single can make a huge difference.
For great vehicle finance deal call our expert finance team today on 1300 785 149 or send us an enquiry.