If you need to borrow money to buy a vehicle, try to arrange your finance beforehand. The amount you can afford to borrow will determine your price limit and allow you to adjust your budget for the loan repayments. Credit will significantly increase the long-term cost of a vehicle. If you have to borrow money, remember that interest rates and conditions vary among banks, finance companies, credit unions and building societies. Check all conditions, not just the amount of the regular repayments. Dealers also may offer you finance. Shop around for the deal that best suits you and your budget.
Before you commit to any loan, make sure you fully understand:
- the type of loan you're taking out, for example whether it's a personal loan or an overdraft
- the term of the loan, e.g. 3 years or 5 years
- the interest rate, fees and charges associated with the loan
- repayments and their due date
- the total amount you will have paid at the end of the loan period
- your insurance requirements.
Use this chart to work out exactly how much your car will cost you.
| Asking Price | $. . . . . . . |
| Extras | $. . . . . . . |
| Transfer Fee | $. . . . . . . |
| Stamp Duty | $. . . . . . . |
| Insurance | $. . . . . . . |
| Registration | $. . . . . . . |
| Other | $. . . . . . . |
| Total | $. . . . . . . |
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Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
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If you wish to provide feedback on the Office of Consumer and Business Affairs website please contact the Webmaster via email mailto:webmaster@agd.sa.gov.au
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