Finance for your car
When you’re looking for a car, you’ll need to decide how you’re going to pay for it.
- Personal loan: A personal loan will allow you to pay off your car in regular payments with interest, although you need to have a regular income to get a loan approved.
- Savings: If you choose to save for your car, you won’t pay interest, but it might take you a while to save the amount you need.
Or you can choose to save a good deposit and borrow the rest, keeping interest payments to a minimum.
On road and other costs
These are costs in addition to the purchase price of your car, which are paid so that your car can be legally driven on the road. They include things like stamp duty and insurance for all cars. For new cars, it might also mean the cost of registration, number plates and dealer delivery.
Once you have your car, make sure you budget for petrol, registration, servicing and insurance.
To find the best value petrol in your city, visit www.motormouth.com.au.
Car insurance can provide financial security if your car is involved in an accident, damaged or stolen. If you don’t have car insurance you could be liable for damage you caused, or for your loan payments if your vehicle is stolen and not recovered.
Insurance cover for cars includes:
- compulsory third party, is paid when you register your car; it covers death and injury to people when an accident occurs
- third party property covers damage that your car causes to another person’s car or other property
- third party, fire and theft covers you for damage to other people’s property and to your own car if the damage is caused by theft or fire
- comprehensive, which covers damage to your own car and other people’s property if your car is in an accident (including fire) as well as theft.
To find the right car insurance for you, visit:
Share your experiences
If you’ve recently bought a car, let us know about the ins and outs you experienced – we’d love to hear from you.