As we approach the end of financial year (EOFY), it’s a good opportunity to start looking for a new car, for less.
With strong incentives to move stock, dealerships will soon begin to discount their prices on new and used vehicles.
Here are some tips to make sure you’re ready to drive away in a bargain this EOFY.
The first step to getting the best deal in the EOFY sales is to understand your finance options. Depending on your circumstances, you could consider a car loan, a personal loan or dealership finance.
Car loans cover the cost of the car and use the car as security, which means they generally offer the most competitive interest rates.
Unsecured personal loans offer more flexibility, but can incur higher interest rates.
Dealership finance offers can be enticing, but they can leave you with fewer options around features and loan terms.
Once you have chosen the type of loan that’s right for you, it’s a good idea to seek pre-approval from your lender.
Pre-approval confirms the amount of money that your lender is prepared to offer and can speed up the process, so you can jump on that perfect deal straight away.
As with all major purchases, it’s worth shopping around to find the best deal.
If you’re looking for a used vehicle, you may be able to negotiate a better price with a private seller than what a dealership can offer.
For more information on which financial solution might be best for you, contact a Liberty Adviser.