5 steps to help you snag your dream car

5 steps to help you snag your dream car

Dying to buy a new car but don’t know where to start? There are a few simple steps you can follow to ensure you walk away with your dream car.

1

Identify your vehicle needs

Writing down a list of features you’d like in a vehicle can
be a great first step. Once you know exactly what you’re
looking for, you can narrow down the list of cars you’d like
to test drive. When identifying these needs, it’s important to
consider whether your desired vehicle will still be practical
should your personal and financial circumstances change.

2

Shop around

Before purchasing a car, it’s important to visit a variety of
dealerships. This will not only provide a range of vehicle
options, but it’ll also give you a chance to take advantage of
the specials each car dealership may be offering. Taking photos
and writing notes on the specific features of each car you’re
interested in will also help narrow down your selection.
Alternatively, if you know what you are looking for, and
aren’t keen on pounding the pavement in search of your
dream car, your Mortgage Choice broker can help. They can
search a national network of car dealers to get the best deal,
then have your new car delivered to your door. They can
even help you with the trade-in of your old vehicle.

3

Define your monetary limits

Before buying a car, you’ll need to work out how much
you can spend, and how much you’ll need to borrow. Your
Mortgage Choice broker can help give you an idea of the
maximum amount you can spend on a vehicle.
It's important when establishing a set amount that you stick
to it. It can be easy to get caught up in the excitement of
buying a car and ultimately spend beyond your means – this
will lead to additional financial pressures for the term of
your car loan.

4

Prepare and regularly update a budget

Creating a budget and sticking to it is an integral step towards
securing your dream car. Creating a realistic budget will also
give you an accurate idea of how much you can afford to
spend per month on bills, maintenance and the like. Updating
your budget will also help you identify areas in which you
overspend and areas where you can save money.

5

Research your car loan options

When researching a car loan, there are a couple of options to
consider. To ensure you’re securing the lowest rate available
on your car loan, it pays to research what rates are on offer.
Researching available rates will also help you decide how
you‘d like to pay off your car loan each month. For example,
whether you would like to make small monthly repayments
and a balloon payment at the end or alternatively work
towards minimising your monthly repayments.

If researching your loan options seems like a daunting task, your Mortgage Choice broker can help do the leg work for you, as well as advise which payment plan might best suit your needs. Call us today using the phone number at the top of your screen.