For most working professionals, having a high-quality reliable car is a necessity. But the time and effort involved in purchasing a new car can often be quite off-putting, particularly for time-poor professionals. Luckily, there are a few simple things you can do to speed up the process of buying your next car.
Like most things, you’ll save time – and money – in the long term by taking the time to research and plan ahead before you go browsing. Research makes, models and colours before you get to the dealership, so you already have a good idea of what you want and an approximate price.
5 top tips for buying fast and smart
1. Ask for the ‘drive away’ price when negotiating with your dealer – this includes delivery charges, registration and stamp duty, which could add significantly more to the price you are quoted initially.
2. Pick your purchase time strategically –there are certain periods during the year where it can be easier to negotiate a cheaper price.
3. Organise insurance – make sure you have pre-purchased insurance before you leave the dealership with your car. Comparison websites will help you to get the best deal.
4. Be aware of standard features – dealers will often have optional features fitted into a display model car, so ensure you are not forced to pay for these additional features if you don’t want them.
5. Read the fine print of your warranty – many dealers offer extended warranties which are not transferrable between dealers, so will lock you into servicing your car with them. Make sure you are getting a deal you are happy with if you are offered an extended warranty.
Get the green light on your finance
Once you’ve decided on a shortlist of vehicles, book in a test drive so you can be sure you like the feel of your chosen car. You should be able to do this over the phone or online before you visit the dealership, to ensure you won’t be waiting around on the day.
If you’re short on time and want a ‘whole package’ service that takes care of your finance and car shopping needs in one, there’s also the alternative of a car buying service. This option takes all the hassle out of the process by providing services such as car selection advice, arranging test drives and delivering your chosen car for you.
It’s also important to ensure any loans or leases you need for your vehicle are going to be appropriate for your needs. There are several common types of car finance so it’s important you understand the benefits of each and work with a finance provider who will take your budget, lifestyle and financial goals into account. BOQ Specialist can do just that and can develop an option that best suits your individual needs. This means looking beyond an interest rate and also considering things like the initial fees, dealer discounts and any other costs.
The finance structure of your loan is another important factor – BOQ Specialist can tailor a loan to suit your cash flow, with flexible terms from six months to five years, a choice of repayment options and the ability to approve car loans of anywhere from $2 000 to $150 000, on both new and used vehicles.
You may also want to consider the financial benefits of using your credit card for your car purchase. With BOQ Specialist’s Signature and Platinum credit cards, you can purchase your new car and then roll the expense into a fixed term finance contract, allowing you to earn reward points^ on the initial purchase and each repayment.*
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Our car finance offering
Buying a car is all about a multitude of choices – colours, makes, optional extras and models. If a car gives you freedom of choice, why be limited to a car loan that doesn’t offer the same? At BOQ Specialist, we offer a wide choice of tailored car loan solutions and go to great lengths to give the financing that’s right for you.
The credit provider is BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian Credit Licence no. 244616 (BOQ Specialist). Terms, conditions, fees, charges, lending and eligibility criteria apply. We reserve the right to cease offering these products at any time without notice. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate.
The information contained in this article ("Information") is general in nature and has been provided in good faith, without taking into account your personal circumstances. While all reasonable care has been taken to ensure that the information is accurate and opinions fair and reasonable, no warranties in this regard are provided.