Car Purchasing Tips

Car Purchasing Tips

10 April 2024

Sometimes life happens and you need to buy a car. Whether it’s an upgrade to tow your new caravan or an accident’s occurred and you need new wheels to get around, buying a car doesn’t have to be stressful. Whatever your reason for needing to purchase a car, Set Up Finance is here to help find your best match for purchasing a car, to suit your personal financial situation.

Understanding Your Finance Options

Taking out a car loan can be daunting, but we’re here to help make the process as smooth as possible. Set Up Finance is partnered with a range of trusted lenders who can provide car loans at competitive rates and flexibility to tailor the loan to your needs.

Steps to Buy a Car

Step 1: Determine Your Budget

Before looking at cars, it’s crucial to understand how much you can afford to spend. Consider the total cost of ownership – including insurance, registration, maintenance, and fuel, in addition to the purchase price. Sticking within this budget is essential to maintaining healthy cash flow without needing to sacrifice elsewhere financially. Reach out to us for a free budget template that can help you purchase your dream car.

Step 2: Research Your Vehicle Options

Once you have a budget in mind, research the cars that fit your needs and preferences. If you need a tow vehicle, ensure that your new car has these capabilities before making a decision. Ensure that you also consider factors such as size, fuel efficiency, reliability, and safety ratings when picking a car. Decide whether a brand-new car is necessary, or if a second-hand vehicle can meet your needs. We can source financing for both options.

Make sure that you test drive the car to ensure it meets your expectations. If you’re buying a used car, consider getting it inspected by a qualified mechanic and ensure that it will pass a road-worthy.

Step 3: Get Pre-Approval for Finance

After deciding on your next car purchase, talk to us about pre-approval to streamline the finance process. Getting pre-approved for a car loan clarifies how much you can borrow and strengthens your negotiating position with dealers.

Step 4: Negotiate the Price

Don’t be afraid to negotiate the price with the seller, whether it’s at a dealership or with a private seller. Understanding the market value of the car can assist you in negotiating a fair price. Set Up Finance is experienced and knowledgeable in the car market and can help determine if you are receiving a competitive price.

Step 5: Finalise the Finance and Purchase

Once you’ve agreed on a price, we’ll take your loan application to lenders to finalise your finance arrangements. Having access to a wide range of lenders means we can provide you with a competitive loan that suits your financial situation.

Learn more about our finance process:

Step 6: Insurance and Registration

Before driving your new car, insure and register your car before hitting the road on your next adventure!

Buying a car is a process that requires thorough research and careful financial planning. Remember, the key to a successful car purchase is to take your time, do your homework, and never rush into a decision. Set Up Finance is here for you every step of the way to your new car!

Learn more about how we can help you finance your next car: