Buying a car is one of the biggest purchases that you make. You will need a safe and reliable car but also one that doesn’t cost a fortune. Additionally, you would likely want to be backed with a car loan that’s fair and reliable. If you’re thinking about getting a new car this year, be sure to consider the following:
1) Know your budget
You need to have a budget in mind before you start shopping for a car. Have a look at the average price ranges for new cars and then determine how much you can take out of your income each month.
Open up our Loan Calculator which will help you determine how much you can borrow based on your budget for repayments. With an MFCU Car Loan, you can choose between weekly, fortnightly and monthly payments.
Once you have an idea of how much you can spend each month on a car loan, you’ll have a better idea of what you can borrow and the accurate sales price/s you can afford.
2) Research is key
Doing your homework means you can get better bang for your buck. There is an abundance of choice when you go out to buy a car. You need to choose between petrol, diesel or EV. According to SEAI, electric cars are the most cost friendly vehicles in the long run as they are cheaper to tax, service and fuel. Although, they may cost slightly more than diesel cars, the government grants make them a lot more affordable.
Research the brand of car you’re interested in to ensure you are buying a reliable model, – let’s be honest, you don’t want to buy a car that will give some sort of trouble down the line as you will most likely have this car for a period of 3-5 years with a monthly instalment to go with it.
3) Don’t be at the mercy of the dealers
You have far better negotiation power if you have the funds secured before you go to the garage. You are effectively a cash buyer if you get your car loan approved before talking to dealers. Use this advantage to negotiate your way to a better deal. Many dealers will offer a lower price for cash buyers.
4) Added Costs
Insurance, tax and other add-ons can be expensive and vary greatly depending on the type of car you choose. Don’t forget to add these costs onto the purchase price of the car – at Member First Credit Union, we can help you look after this added expense and ensure you are on the road sooner rather than later and avoid the unnecessary scramble for more funds when these expenses crop up.
5) Consider MFCU Car Loans
- We’ve got 24 hour loan approval
- A promotional car loan interest rate.*
- Choice of payment frequency
- No deposit required
You need to be member of MFCU to apply for a Car Loan. If you’re not a member, join here online now and you can apply for a loan straight away once your membership is confirmed.
To learn more about online banking, click here.
You can also apply for a car loan using the MFCU Mobile app.
For more detailed instructions for online banking, check our tutorial guide.
*Lending criteria, terms and conditions apply.
| WARNING: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future. |
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