Tips on Paying for Your New Car

So you want to buy a new car.

You've done your research, you've trawled the internet, and now you've found it — your dream set of wheels. But have you thought about how you're going to finance this mighty machine?

Here are some questions to ponder as you figure out the right option for you:

Do I have enough savings to buy a car outright?

In an ideal world, we'd save like crazy for our big purchases. And a car is likely to be the biggest we ever make (after a house). Diligently saving up for it will take time, but if you're a gun saver—if you have a great savings plan and enough discipline—it's possible. And worth it.

You won't need to apply for a loan or pay interest, which saves you money in the long run and you won't have any restrictions. Just make sure you have a budget in place so expenses like registration, insurance and running costs are also covered.

Could I get my job to foot the bill?

Could I get my job to foot the bill? If the car's for work—for business purposes—you might even be able to lease the car rather than purchase it outright. There are all kinds of leasing arrangements available; your tax specialist or accountant can explain the tax implications before you make that decision.

Have a chat with your employer to see how they feel about you pursuing this option.

Could a personal loan get me there faster?

We know saving money isn't easy and that sometimes we don't have enough in the bank to buy the car we want. If that's you, a Latitude Car Loan might be what you need to get behind the wheel without the wait.

We offer fixed rate loans with a maximum loan term of seven years. We offer car loans from $5,000 — and repayments can be made weekly, fortnightly or monthly to suit your budget and lifestyle.

How much can I afford to borrow?

If you've decided a loan is the way to go, you'll need to figure out the right amount to borrow. A loan is a long-term commitment, and the last thing you want is to find yourself trapped in a situation you can't manage.

Take a look at our repayment calculators and budget planner to figure out how much you can afford based on your current circumstances.

Once you're good to go, apply online in four simple steps and we'll give you a response in 60 seconds.