step 1

Budget

The first step is boring. Just calm those visions of burning rubber down the freeway for a moment, and ask yourself – how much are you willing to spend on your car? This will depend a lot on your reason for buying. For example:

- If you’re an enthusiast, who wants all the mod cons, your budget could be higher.

- If you need a people mover to transport the family, your budget will be dictated by the size of car you’ll need.

- But if you’re just looking to get from A to B, with nothing special, you could be prepared to pay less.

A ball park figure is fine, and be prepared to give yourself some lee-way –say, 2-5 grand wiggle room up or down. If you’re looking to finance your car, be sure you’re in a position to service a car loan of this size. Find out using our Personal Loan Repayments Calculator

step 2

Research

Once you have your budget in mind, it’s best to take a good look into whether a new or used car is going to be your best option. There are pros and cons for both, so don’t be rushed into a decision!

  1. New Cars

    - When shopping for a new car, you should focus on things such as market price, features, discounts, rate of depreciation, and running costs like fuel and servicing. This will make sure you can get the most bang for your buck, and may help when it comes time to negotiate on price.

    - Don’t be afraid to shop around for the best deal, and ask for the cash price, which could result in significant savings

    - Understand optional extras before you go nuts kitting out your new car. Make sure they are likely to add value to the car if/when it comes time to sell it.

    - Look for the drive-away price. Often, things such as stamp duty, rego and CTP are on top of the purchase price.

  2. Used Cars

    - Use the tools at hand – visit car comparison websites to see what you can get for your budget.

    - When comparing prices, look out for features, added extras, KM’s on the clock, and any potential problems down the track.

    - Make sure the car you choose matches the ad, and take it for a test drive to have a mechanic or auto-savvy mate give it a once-over. This way, you’ll be much more likely to spot a lemon without having to experience the sour taste!

    - Look into the car’s history with a PPSR check, to make sure there is no outstanding debt on the car, or that is hasn’t had significant structural repairs in the past.

step 3

Payment

No matter how you plan to pay for your car, it will make the purchase process smoother if you have your method of payment sorted out before it comes time to shake hands with a seller.

  1. Finance

    If you’re after finance for your vehicle, it’s important to go with a loan that gives you the best deal on interest rate, while making the repayment process quick and flexible. A Greater Bank Car Loan has a competitive rate, with no monthly or annual fee, with no penalty if you’re able to pay out your loan early. What’s more, loans can be approved in as little as 24 hours*

    Find out more about our Car Loans

  2. Savings

    If you’re looking to pay for your car with cash, make sure you’re able to reach your savings goal as soon as possible by opening a high-interest savings account, like the Greater Bank Bonus Saver. Put your money to work!

    Open a Bonus Saver online

step 4

Cover

There’s no better feeling than getting behind the wheel of your new car. The last thing you want is to run into trouble before you’ve even had a chance to put your foot down properly.

Before you drive your shiny new wheels away, make sure you’ve got the right cover to suit your needs. Greater Bank can help arrange cover that’s suited to you, through one of Australia’s biggest and most trusted insurers, Allianz.

*Subject to meeting Greater Bank lending criteria and the provision of documentary proof.