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Quick Guide to Buying Your First Car

Buying your first car is both exciting and scary because that set of wheels is more than likely the biggest purchase that you will have made so far in your life. On top of that it is more than likely that you will also be seeking your first loan to assist you in the purchase of your first car.


A good way to take the uncertainty or the unknown out of the car-buying process is to talk to the lending experts at Holiday Coast. Our personal loans team will explain the car loan process for you and on reviewing your individual circumstances, provide you with a loan option that will suit both your budget and your individual requirements.


Get your loan pre-approved and shop as a cash buyer

Getting your car loan pre-approved before you go car shopping will enable you to search as a cash buyer in the comfort of knowing your budget. This can save you money and enable you to drive a better deal. This will make life a whole lot easier as you search for that first car.

Salespeople obviously want to know that when you have selected the car that meets your budget and requirements that you will have the cash available to complete the sale. It is often the case that a salesperson will negotiate the price down once it is known that you are a cash buyer. This is good for the salesperson and good for you.

Another advantage is that the salesperson will not be able to talk you into the dealer or manufacturers financing plan. Our experience over many years is that in the majority of cases and especially in the 2nd hand car market dealer finance offers are at higher interest rates and less favourable terms and conditions than a Holiday Coast loan.


How to Get Pre-approved

Before filling out a loan application you should determine how much you can afford to borrow and how long it will take to pay off the loan. This is a core component of the Holiday Coast budgeting focus within our overarching moneyChat process. Holiday Coast’s Borrowing Power Calculator will tell you at a quick glance much you can afford to borrow, subject to the completion of a detailed budget. Our Loan Repayment Calculator will show you how long it will take to pay off a loan for that amount.

You can view the present interest rates and fees by checking our personal loans compare page. The best rate available for a car loan is our New Car Variable rate. You can apply for it directly here or apply in person at any Holiday Coast Branch.


Do Your Research

Once you are pre-approved we encourage you to spend time researching the vehicle before making a purchase. A good place to start is the Redbook website or the car sales website which can show you how much the vehicle you want will cost. It is also recommended that once you have selected the car that meets your budget and your requirements that you book the car in for an inspection, just to make sure that the vehicle has no hidden issues and that you do not end up paying for a lemon! Also check the cars service history and double-check that it does not have finance still owing on it.

A great source of information you should take advantage of is friends and family. Older relatives who have been buying vehicles for years are often full of great advice that has been built up through experience.

There are also many alternatives to dealers out there including auctions and private sales. It is sometimes possible to get a better deal through these outlets but it will take more time and effort. Also, check out Carsales.com.au to find a bargain!

Finally, third-party insurance is compulsory on all vehicles in Australia. Holiday Coast’s Insurance partners at Allianz can help you get the necessary coverage at a competitive rate.

To drive a better deal and to get your questions about car loans answered simply drop into a Holiday Coast Branch, call 1300 365 7 24 or email ubelong@hccu.com.au and arrange to get your car loan pre-approved before you go car shopping.


This article provides general information only and should not be relied upon as financial product advice.

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