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When it comes to purchasing a car, second only to a home in terms of expense, careful consideration and thoughtful financing are crucial. Before diving into the funding process, it’s essential to address a few key factors that can positively impact your loan or leasing options.

1. Credit score check
Prior to approaching a dealership, take stock of your credit score. Repaying existing debts and rectifying any errors on your credit file can improve your chances of loan approval.

2. Consider a higher deposit
New cars tend to depreciate faster than used ones. To avoid owing more than the vehicle’s worth, consider making a substantial deposit. This approach can provide financial stability and potentially lower your loan amount.

3. Separate miscellaneous costs
Pay for additional expenses such as taxes, registration fees and documentation fees separately. Including them in your financing increases your loan amount and the overall interest paid.

4. Explore green car incentives
Purchasing a green car may make you eligible for a discount on your loan. Investigate potential incentives available for environmentally friendly vehicles.

Understanding loans and leases


  • Personal car loan
    Ideal for personal use, a personal loan from a bank or lending institution offers a fixed repayment period, interest rate and monthly payment. Negotiating a shorter loan term can minimise interest costs for a depreciating asset.
    Personal loans can be secured (with collateral for a lower interest rate) or unsecured (with a higher interest rate).
  • Dealer finance
    While generally considered more expensive, dealer finance also has its benefits. However be cautious of potential markups on repayments or interest rates. Prioritise responsible financial choices over convenience. Call us first before dealing directly with the dealer.
  • Line of credit
    A line of credit provides access to a predetermined amount of credit with interest charged only on the borrowed sum. Similar to a personal loan, a line of credit can be secured against larger assets.


  • Standard novated lease
    Salaried employees can opt for a novated lease where finance payments are deducted from their pre-tax salary. This option offers tax advantages but doesn’t result in vehicle ownership unless the residual value is paid.
  • Fully maintained novated lease
    This lease covers all car related expenses including fuel and maintenance with tax deductibility. While convenient, it comes at a premium cost. Terminating a fully maintained novated lease prematurely can be expensive.
  • Finance lease
    Common for business purposes, this lease involves the financier purchasing the vehicle and renting it to the borrower with fixed monthly instalments. Maintenance costs may be included and the borrower can choose to pay the residual amount to own the vehicle at the end of the lease.
  • Operating lease
    Similar to a finance lease, an operating lease doesn’t obligate the borrower to pay the residual value or own the vehicle at lease end. The borrower simply returns the vehicle. This option is useful for exclusive business use.

When making significant financial decisions, consulting with a vehicle finance specialist is highly recommended.

We can assess your assets, liabilities and credit rating to guide you in securing a loan or selecting the most suitable financing option based on your unique financial circumstances.

Working with us will allow you to choose the right vehicle finance that will lead to substantial savings and meet your specific needs.

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Don’t get caught out with your next vehicle acquisition. Speak to our specialist vehicle finance team to help you obtain the right finance for your next purchase.

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Disclaimer: This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. © 2023