Buying a car
Buying a new car is an exciting time, but can also be stressful. You want to make sure you’re getting the best deal on your car and on your car loan. So, whether you’re looking for your first car or you’re upgrading to accommodate the family, it’s important to be prepared before you go shopping!
Research prices before you leave home. You can do this by looking online, talking to dealers over the phone and looking at the car section of your local newspaper. This should give you a basic understanding of the cost of the car you’re looking at so you’ll know what’s a good deal and what’s not.
Be wary of some dealer promotions, for example; ‘free on-road costs’ does not always mean ‘drive-away price’. Dealer delivery charges could still apply.
Never settle for the first price you see – it’s a good idea to get quotes from at least three dealers before signing on the dotted line. You could save a bit of money, but at the very least you’ll know you’re getting a fair deal.
Have a list of non-negotiable criteria including the maximum price you are willing to pay and features that are important to you such as fuel economy, number of airbags, anti-lock brakes, air conditioning and engine immobilisers. This will help focus your search and help you stay on budget.
A thorough test-drive is crucial. Even if the car you want is just an updated version of the one you have, there may be some important changes you don’t know about.
Take at least 20 minutes and drive at least 10km over a variety of roads (e.g. suburban streets, arterial roads and, if possible, a highway). Try parallel parking and a U-turn to test the steering and all-round vision.
Products that might be of interest:
Normal IMB lending criteria, terms and conditions, fees and charges apply. Full loan terms and conditions are available upon request from any IMB branch or by calling 133 462, 8:00am to 8:00pm Mon-Fri, or 9:00am to 4:00pm Saturday. This information is provided to assist you in making your purchase. It does not take into account everything you need to consider when purchasing a car and should not be relied upon solely in making your purchase. *This comparison rate is based on a secured loan amount of $30,000 and a term of 5 years. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.