It’s end of financial year sales time, and if you’re in the market for a new car, it’s a good time to shop around, for less.
And while some new cars are in short supply, there are benefits for those willing to be patient and options for second-hand or private sales for those who aren’t. Here’s what you need to know:
Do your research and be prepared before you get caught up in the rush and excitement of choosing a new set of wheels. You want to first understand your finance options.
Different options will suit borrowers with different needs and circumstances. The three most common finance options are a car loan, personal loan or dealership finance. A broker will be able to help assess which option best suits your needs.
A loan pre-approval – whether car or personal – will give you more freedom to pounce on the car of your dreams once you find it.
As the amount of money you can borrow has been confirmed by the lender, it will also guide you on how much you have to spend.
While new car stock has been in shorter supply due to COVID19, the new Federal Budget has extended its instant asset write-off scheme for businesses and the self-employed.
If you are considering a second-hand car, a private sale may allow you to negotiate a better price – which is something to consider when choosing a lender.
For more information on which financial solution might be best for you, contact a Liberty Adviser.