Paying for your new car
The one thing you're definitely going to need to buy your car is money.
Whether you're paying from your savings or borrowing money through a financial institution or through your dealer, once the deal is done you'll need to be able to move quickly.
Type of payment accepted
Before you arrange to sign the contract, check with the car dealer or car owner about your payment options, and when they expect to receive the full amount. Personal cheques are not as common these days, and not everyone will be comfortable accepting one for such a big purchase, anyway. So be prepared to arrange a bank transfer or money order.
If you’re buying a new car you will most likely need to pay a deposit with full payment finalised once the car is delivered.
If you're borrowing money
Taking out a loan can be a great way to get the car of your dreams sooner. But you need to make sure you can manage repayments and any unexpected costs. This is particularly the case if your car is second hand and not covered by a warranty.
If you're confident that a loan is the option best suited to your situation, you can save money educating yourself and gathering information on finance. Many websites are available to help you understand different types of loans and finance calculators. If you would like to find out more about different finance options available to you, your local dealership could also be a useful source of information.
You'll need to factor the cost of insurance into your budget. Most new car owners will take on a comprehensive policy to protect their investment, while third-party property insurance may suit people with used cars of lesser value.
Either way, you'll still require Compulsory Third Party (CTP) personal injury insurance before you can register a vehicle. In some states, this cover is provided as part of your registration, while in others you will need to choose your insurer or organise this yourself.
A large number of reputable dealers are well versed with vehicle insurance options and have established relationships with major insurance providers that you can leverage when you purchase a vehicle. Read more about Insurance.