3 Mistakes to Avoid When Buying a New Car
Mistake Number 1
Get a Car Finance Pre-Approval to Get Your Car Fast
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Summary:
- Avoiding major mistakes when buying a new car will save you money
- Getting a finance pre-approval before buying is a good idea
- Avoid the big banks or car dealership finance if you can
- Try to negotiate a discount on the car by taking finance out of it
Select your age below to get started!
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AUTOMOTIVE | FINANCE | REVEALED: 3 Biggest Mistakes to Avoid When Buying a New Car
Joanna Smith
Today 08:03 AM
▷ Thinking of buying a new car?
▷ It's an exciting major life purchase
▷ Avoiding these 3 mistakes can save you a lot of money
We are about to share with you the 3 biggest mistakes to watch out for when buying a new car, that could cost you thousands.
The infamous 0% or 1% finance trap is easy to fall into if you aren’t prepared. Although a dealership may offer this low interest rate, they will make up for it elsewhere, through unnecessary add ons, unfavourable loan terms or high repayments. If a deal seems too good to be true, it probably is.
Rushing into a purchase too quickly. This can often result in a severe case of buyer’s remorse. When you go into a dealership and take the car home on the same day, chances are you haven’t got the best deal on the car or the car loan.. You should always take a step back to evaluate the situation, educate yourself and consult with a professional.
Not organising your financing first. The most important bit of prep work you can do is securing pre-approved financing. Do this before you ever walk in the car yard so that you are not tempted by the low dealer interest rates. You will also be in a much better bargaining position. If you secure your own financing, you don’t have to accept the behind-the-scenes trade between the manufacturer and the dealership where your negotiating power is concerned.
Comparison Table
Get a Pre-Approval by Selecting Your Age & Gender:
| Dealer Finance | Car Loan Broker | |
|---|---|---|
| Interest Rate | 1.99% | 4.46%* |
| Car Price | $50,000 | $45,000 |
| Establishment Fee | $750 | $400 |
| Loan Term | 5 years | 5 years |
| Repayments | $876 pm | $838 pm |
| Savings | $2280 |
Mistake Number 2
Mistake Number 3
