Considering buying a car for the first time but unsure about how to go about making the right purchase?
Here are a few tips to guide you through your journey….Three main points that must you must think about are:
- What price range should I be looking at?
- When should I seek for car finance?
- What are my finance options?
What price range should I be looking at?
Before you even think about what car you want to buy, you must see how much you can afford. Take into consideration your weekly expenses remember although you will potentially have a car to make you way around you must always have enough money to repair, service and stock up on fuel. Another question you must ask yourself is whether you will you be financing the entire amount or putting forward a deposit? To get a better idea of how much your repayments may be use our Car Loan Calculator to see what your budget looks like.
When should I seek for car finance?
Once you know your budget, the next step is to organize your car finance. In some cases you may need a guarantor or your partner to go on the loan as a co-borrower, this occurs in cases when you don’t have enough capacity to fund the loan alone. Aim to get an Approval first, this way you know your finance is ready and all you need to do is find the right car.
What are my finance options?
You have two options a personal or car loan. Keep in mind that personal loans are very difficult to get these days financiers are very strict on their terms and conditions. A car loan is what you need and is easier to arrange. With loan terms of up to 5 years you won’t even notice that you are repaying your car, keep in mind the more you pay the earlier you will own your car. In addition, you may make larger or additional payments throughout your loan term if you wish.
