Buying your first car
Budget
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
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.
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
Which product: New vs. used
Our Car Loan can be used for either new or used vehicles that cost more than $20,000. However, if you are looking at purchasing a vehicle over 10 years old, or a vehicle that costs less than $20,000, you will be better off looking to apply for a Personal Loan.
Green Car Loan
Our Green Car Loan can be used to finance a car that is classified as a green car, as long as it is not over 7 years old and the loan is for a minimum amount of $20,000. Where the vehicle is over 7 years old or less than $20,000, you can apply for a Personal Loan.