Modern Australian Magazine

Top 5 Car Finance Tips

  • Written by News Company



It’s an exciting time if you’ve decided that you’re ready to buy a car and you’re looking into car finance. It can be a little overwhelming deciding which car finance option is right for you so it’s always good to get some top tips about how to get the best car finance for your situation.

  • Know your credit rating

Many people aren’t even aware that they have a credit score. If this is you, it’s time to get familiar with your credit rating by asking one of the top credit bureaus to see your credit file – this is free and easy to do so there are no excuses.

Once you know your credit rating, you’ll know where you stand and what you can expect to borrow. If you have a bad credit rating, you may need to work with specific lenders.

  • Don’t make multiple applications

It’s very easy to make multiple applications for car finance – especially with online forms being quick and easy to fill out. Yet this can really damage your credit rating as all applications will be recorded and can be seen by potential lenders.

Don’t raise alarm bells by having multiple applications for credit on your financial record.

  • Understand the different types of loans

There are lots of different types of car finance – it’s easy to feel slightly daunted by the amount of options available on the market, but you need to make the effort to understand what the different ways are of borrowing money to help you buy a car.

Start by understanding secured and unsecured loans, and also consider your individual circumstances – such as whether you’ll be using the car primarily for business or leisure purposes.

  • Budget carefully

Too many people agree to a car finance deal and then find out that they have stretched themselves too far financially. This can lead to you defaulting on a loan, which in turn affects your credit rating and your potential for borrowing in the future.

Create a spreadsheet considering your monthly income as well as all of your monthly expenses. Figure out how much you can realistically dedicate to spending on car finance.

  • Consider other costs

Remember that you don’t just need to pay back the price of the loan each month. You’ll also be paying interest (find out whether a fixed or variable rate is best for you).

In addition you’ll need to consider monthly running costs of the car such as fuel and maintenance as well as the cost of essentials such as insurance for your vehicle.

Australia Today

Lies, obfuscation and fake news make for a dispiriting – and dangerous – election campaign

Denis Muller, Senior Research Fellow in the Centre for Advancing Journalism, University of Melbourne

The integrity of Australia's election process is under unprecedented pressure during this election.Wes Mountain/The Conversation, CC BY-NDThe integrity of Australia’s electoral processes is under unprecedented challenge in this federal election.The campaign has already been marred by fake news...

Vital signs. Zero inflation means the Reserve Bank should cut rates as soon as it can, on Tuesday week

Richard Holden, Professor of Economics, UNSW

The last time inflation was zero the Reserve Bank cut rates twice. It'll get the chance on May 7.ShutterstockWhat do US pizza executive Herman Cain, US conservative commentator Stephen Moore, US Chief Justice Earl Warren, and Australia’s Reserve Bank governor Philip Lowe have in common?More th...

What's the school cleaner's name? How kids, not just cleaners, are paying the price of outsourcing

Frances Flanagan, Researcher, Discipline of Work and Organisational Studies, University of Sydney

In Victoria in 1992, every government-employed school cleaner was terminated overnight.from shutterstock.comThis is an edited extract from The New Disruptors, the 64th edition of Griffith Review. It is a little longer than most published on The Conversation.It is supposed to be a test of character. ...

how Western attitudes towards Islam have changed

Philip Almond, Emeritus Professor in the History of Religious Thought, The University of Queensland

Muslim clerics and members of the Pakistani Christian minority light candles to commemorate the victims of this week's bomb blasts in Sri Lanka. Islamic State has claimed responsibility for the attacks.Rahat Dar/AAPLess than a week after the attack on the Twin Towers in New York on 11 September 200...

Bizarrely distributed and verging on extinction, this 'mystic' tree went unidentified for 17 years

Gregory John Leach, Honorary Fellow at Menzies School of Health Research, Charles Darwin University

Flowers of the mystical Hildegardia australiensis. I.D. Cowie, NT Herbarium.Author provided (No reuse)Sign up to the Beating Around the Bush newsletter here, and suggest a plant we should cover at batb@theconversation.edu.au.Almost 30 years ago, the specimen of a weird tree collected in the southern...

Holidays & Travel

What to Do When Traveling From Australia to USA

Planning a trip to USA with your friends for the first time? Well, then you have miraculously landed at the right page. We have done all the homework to prepare...

5 Top Offbeat Things to do in Hong Kong

Hong Kong sure has some quirky attractions hidden up its sleeve. And if you are looking for some unusual sights and unique fun activities to experience, you won’t be disappointed...

Exploring Whakatane NZ

One of the most exciting road trips travelers can embark on is a motorhome hire new zealand journey. This unique and exciting country has it all when it comes to...

Important Considerations When Choosing Broome Accommodation

Broome is a fantastic place for visitors of all ages. Whether you want to lounge on the golden sands of Cable beach or take the kids to learn something new...

A tour guide to Melbourne

Welcome to the second most populous city in Australia with its beautiful sites and amazing scenery. Melbourne has been identified in so many spheres as one of the most livable...

Top 5 Places to Visit in Australia

The sheer, breathtaking expanse of the Australian continent is a thing of beauty. The vast landmass is actually packed with awe-inspiring landmarks to see and countless blood-pumping activities to partake...

Adhari Park: Why is it one of the must-visit sites in Bahrain?

Despite its small area that does not exceed the 1,000 square kilometers mark, the Kingdom of Bahrain is known for being rich of touristic sites and attractions. Bahrain comprises destinations...

Exciting Off Road Adventures In Western Australia

Western Australia has long been a top destination for off roading enthusiasts from all across the world. One look at some of the top off road destinations on offer in...

Things to Do and See in Ballina, Australia

The intricate coastline of New South Wales is renowned for its sumptuous, decadent beaches, hidden resorts and secret camping spots. A long and slow ride down the winding highway that...

Fashion & Beauty

5 unique ways to extract toxins from your body

City living can be great apart from all the environmental stresses that your skin is exposed to. Pollution, dirt’s and oils are constantly present no matter where we go so...

Modern Snapback Hats trending in Australia

Modern snapback hats are already the latest craze in the world of fashion, once again. They had ruled the roost way back in the 90s by becoming an indispensable part...

5 Tips Designed to Help Accentuate Your Hourglass Figure

Loving your body can be a difficult task at the age of social media. From the moment we wake up till we go to sleep, we’re constantly bombarded with photos...

Achieving Facial Symmetry with Rhinoplasty

The rhinoplasty cosmetic procedure, also often referred to as a nose job, has fast seen a rise in popularity. The nose is located front and centre on our face and...

How to Find Your Signature Style

In the sea of trends, it’s hard to find the right one for you personally. It seems easy. Just pick a style and go with it. However, the transition phase...

Early Bird Fall Fashion Trends

Why should you wait for everyone else to discover the hottest trends for the season when you can be the one to do so? If you are searching for fashion...

Popular articles from Modern Australian

What to Do When Traveling From Australia to USAWhat we should know about ‘nitric oxide’ and why we need more of itDownsizing: What Is Too Small?5 unique ways to extract toxins from your bodyThe Art Of Bell-RingingModern Snapback Hats trending in Australia6 Mistakes to Avoid When Moving Overseas5 Tips Designed to Help Accentuate Your Hourglass FigureRoyal Edinburgh Military TattooThe inaugural Bondi Ocean Lovers FestivalHow to Plan a Remodeling at Home: Tips and TricksAchieving Facial Symmetry with RhinoplastyHow to Choose the Best Colors for Your BedroomFind Here the 3 Best Online Pokies in AustraliaHair Loss and Transplant Solutions