Can I afford a new car?

A new car is never far from our minds. Whether it’s second hand or a brand new model, trading up is something we all dream about. But often, we write it off as something we can’t afford. 


However, apart from the obvious perks that a new car provides, there are some that are not immediately noticeable. Running costs of newer models are often significantly less than older cars. For example, a car over 10 years old needs an NCT every year. New cars also often enjoy lower annual car tax rates due to lower emissions. And many insurance companies will charge a lower premium for newer, more reliable vehicles.


The opportunity of owning a brand new car has seemingly increased of the last few years with the explosion of the PCP (or Personal Contract Plan) Model. This involves providing an initial deposit and agreeing fixed monthly repayments for 3 years. While the monthly repayments may seem low, the trouble is you don’t own the car at the end of the three year term. With PCP you are essentially renting the car.


In comparison, a Car Loan from us provides instant ownership of the car you buy. There are no limitations on mileage and no lump sum at the end of your loan repayments. There are no penalties for early repayment, and with 24 hour loan approval*, you can head to the garage with all the negotiating power of a cash buyer.


All things considered, you need to know if you can really afford a new car before shopping around. Take a look at our loan calculator. You can view the repayments over 1-5 years, and also choose to pay back weekly, monthly or fortnightly – whichever suits you best.


So, give our Car Loan Calculator a try. See if you really can afford a new car. And if it’s good news, you can apply for a great value car loan right from that same loan calculator. With 24 hour loan approval*, it’s time to start dreaming of that shiny new car.


*Lending criteria, terms & conditions apply.

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