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If it’s time to replace your ride, getting the right loan and the right advice could save you from buying a lemon with a loan that doesn’t suit you. If you’re ready to drive away in a new set of wheels, here are some tips to get you into your new car sooner.

Which car should I buy?

It turns out that many of us don’t have our eyes on a luxury sports car – we’re more practical than that! The type of vehicle you end up buying will depend not just on your preference for a brand, however, but on how you want to use it. For example, will your car be mostly for one or two, for taking family members to school or sporting events, or even for camping or kayaking weekends with plenty of room in the boot and a roof rack or two?

Having an idea of what you really need is the key to making sure you get the right car for your needs. Make a list of your needs, from two-door to four-door, to run-around or for work, and use it to narrow down your search. Don’t forget to think about features like boot space, Bluetooth and cruise control too. Some car sales websites allow users to filter by feature, which helps you search for the perfect ride.

Setting a budget

Knowing what your maximum purchase price is can remove the temptation to splurge beyond your budget. When the amount of money you have and the car you want don’t match, a personal loan can bridge the gap. How much you can borrow depends on a number of factors, including your income, expenses, assets and liabilities.

At People’s Choice we can help you work out what’s affordable for you. We also have a calculator that you can use to find out what your repayments are likely to be.

If you’re in the market for a car loan – you can apply online. You don’t want to fall in love with a car and miss out on a deal because your finances aren’t ready. Submitting an application and starting the process can help ensure you’re closer to getting that car. Just remember a personal loan application may impact your credit score.

Sealing the deal

We know that buying a new car is exciting and you don’t want to miss out on a bargain. While we take the time to carefully evaluate your loan application, on average, pre-approval is provided within two working days and can offer same day settlement on an unsecured personal loan (if all relevant documentation and lending requirements are met).A secured car loan that lets you offer up an asset like the car you are buying as security, can take a little longer. Feel free to contact us to talk about the best option for getting into your new car soon.

Once your finance is in place, get ready to haggle for the best price. One way to seal a great deal – compare the value of the make and model you have your eye on before you make an offer and tell the vendor you have finance ready to go.

More smart things to do before buying your car

• Get an inspection.
• Ask for the service history of the vehicle to see what maintenance or repairs have been done in the past.
• Check the person you are buying the car from actually owns the car. All you need is the car’s VIN number.
• Remember to figure in the stamp duty you need to pay if you are buying from a private seller. You’ll also need to pay for registration and transfer the ownership of the car before you are ready to enjoy your new wheels.

Ready to talk? Call us on 13 11 82.

Thinking of a loan to finance your new car? Take a look at our personal loans and find the right one for you!

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