Can you afford that car?
29 August 2008
Car loan planning involves the car you are buying as well as the finance you take out to pay for it. While car loans from banks, such as the Suncorp New & Used Car Loan and the ANZ Bank Car Loan, can be very affordable, you will still need to borrow at a sensible level if you wish to avoid unnecessary financial pressure.
When deciding on a car, figure out how long it would take you to save for that car without taking interest into account. Base this figure on a realistic assumption of the amount you could actually save. Be sure to factor in non-essential expenditure, as it is extremely unlikely that you will be able to avoid this entirely. If the time it would take you to save for the car is longer than the longest terms that you can take out a car loan for, it is quite obvious that you are buying outside of your reasonable price range. If the amount is still possible to save within the term length of a car loan, then use a car loans calculator to figure out the amount you would need to spend in total to repay a car loan. Yet again, if you could not afford this, choose a cheaper car.
Please visit our comparison page if you would like to compare car loans or browse our site to learn more about a specific car loan.
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