You’ve been researching new cars and keeping an eye out for which one will be perfect for you, and the car of your dreams is now almost in sight. Exciting times!
Having a car makes travelling around your own country much easier, you can head off on weekends away or pop down the coast for the afternoon!
I get it though, saving can be really tough, so I’ve put together some tips that helped me along my way:
1. Stop ordering smashed avo (that is, save)
OK, so you don’t have to cut the smashed avocado on toast altogether. But your first step before applying for a car loan should be get your bank balance in the healthiest state possible. And this may mean saving some money.
By cutting down on life’s little luxuries – like the legendary smashed avo at your local café – you can save up for your deposit that little bit faster and prove your savings ability that little bit better. I made my own smashed avo and eggs at home the other weekend and was super impressed with how cheap and delish it was!
2. Hold down your job
Even if you hate your boss and are desperate to leave, now may not be the time to do so. If you are about to apply for a car loan, you need to show the bank that you are in stable employment.
3. Do your research
There are plenty of companies offering loans, and it can be difficult to work out where to go. Spend some time researching loan features, interests and what sort of car you are looking at driving. Also spend some time researching how your payments and interest will work with this car loans calculator, it will help you get your head around what your repayments will be.
4. Open a dedicated savings account and call it ‘car saving’
Look for a no-fee savings account, and clearly separate it from your everyday spending account. This way, you won’t be tempted to dip into it when you want to buy a beautiful new pair of shoes.
Work out how much you can realistically put into your car saving fund each month. If you’re on a regular salary, do you have a little left over when you’ve paid your general living expenses? If so, slice a portion of the leftovers and send it straight into your saving fund. Direct deposits work well here.
5. Be realistic about your savings plan
If you already live on a lean budget, you’re not going to reach your target super quickly. But that doesn’t mean you shouldn’t start saving.
6. Find ways to cut back
Once you’ve done a budget, you may find ways to save. For example, cutting back on expenses you may not necessarily need like Foxtel or unused memberships. It’s worth also reviewing your phone bill and see if you can get a better deal.
Don’t give up – you’ve got this!
As Peter Gabriel and Kate Bush once famously sang, “Don’t give up.” Saving for something like a down payment on a car can be hard. But, guaranteed, you’ll thank yourself when it comes to driving away in your new wheels!
Choosing a car loan that’s right for you
Now we get down to the nitty -gritty, you’ve saved up some money to help you along your way of getting your new car and you’re ready to look into finding the best car loan for you – hooray!
There are a tonne of loan options in the market – I was so overwhelmed when I first started looking! This article helped me get my head around things like financing and understanding what interest rates are and how they work.
NRMA car loans offer low fixed interest rates with terms of up to seven years, a quick application process and no monthly fees. They also have a really nifty online loan calculator that gives you an idea of an estimated monthly repayment and total repayment.
It’s such a great feeling when the day comes to getting a new car, I was stoked when I bought my first car (on a car loan) back in 2014 – still going strong ’till this day!
^^ Check out our most recent road-trip in our car here: Phillip Island Glamping
Note: This is a sponsored post written by Shannon and brought to you by NRMA Car Loans, I’ve used NRMA before and would personally recommend their services!