Buying your first car

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Your budget will have an impact on how much you are able to borrow to buy your first car. Not only will your budget help you to save more, but it will also be a great way to prove your ability to save money and make repayments. Your budget should help you make regular savings deposits. A solid track record of employment and a history of regular savings can make it easier for you to get a car loan.


Research the type of car you are interested in buying and compare costs between different makes and models. You might like to consider buying a second hand car, as opposed to a new car to help keep the cost down. Take a look through our useful tools to help you understand more about purchasing and running your first car.

Tip: to get a loan approved you will need to meet the loan criteria. As well as being 18 years or older, you'll need to provide information such as proof of income, other loan statements, and your expenses. See our Application Checklist for more.

To do’s

  • Review your current budget and research
  • Use our car loan calculator
  • Work out a budget
  • Apply or a loan pre-approval
  • Go shopping 
  • Apply for personal loan and insurances
  • Get moving
Useful tools

3 costs to consider when purchasing a car
When purchasing a car there are a number of things you'll need to keep the car running. Here's 3 costs to consider.
How much can I borrow to buy a car?
How much money you can borrow to buy a car depends on a number of things. Here's a list to consider before applying for a car loan.
Useful products

Which product: New vs. used

Our Car Loan product can be used for either new or used vehicles. However, if you are purchasing a vehicle over 5 years old, you will have to apply for a Standard Fixed or Standard Variable Personal Loan.

Compare personal loans
View the interest rates and features of our personal loans and car loan in one place, and compare our personal loans to decide which one may suit you.
Tip: speed up and simplify your personal loan application with our Application Checklist.