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Journeys : Oct Nov 2010
36 October / November 2010 Buying a new or used car has never been easier. autoSEARCH Tasmania will: • Find the type of vehicle you require • Arrange a discounted RACT Vehicle Inspection, if required • Negotiate a special ROADSIDE cardholder’s price, including your trade-in • Arrange a manufacturer’s or dealer’s warranty on most vehicles sold. This independent service is free to RACT ROADSIDE cardholders. Statewide 0418123 060 Hobart 6231 9992 • Launceston 6334 3965 autoSEARCH autoSEARCH It pays to spend some time ensuring the best possible deal on a car loan. One of the largest personal financial decisions will involve purchasing a motor vehicle and for many, this will mean taking out a loan. Yet, while the selection of a motor vehicle will often involve extensive research – reading reviews, test drives and searches for the best deal – the choice of a car loan is usually less considered. As a rule, once the car is selected we feel we’ve done the hard work and find it easier to take out a loan with the finance company associated with the car dealership or through the bank with which we already have a relationship. But easier doesn’t necessarily mean the best deal for you. Think about it – if you’re going to spend time and resources to purchase the best car for you, it makes financial sense to spend a little extra time ensuring your car loan also meets that standard of being the best for your personal circumstances. After all, you probably asked plenty of questions about the make, model, colour and safety aspects of your car, why shouldn’t you ask as many about the relevant aspects of the loan? These questions should include: • What is the total repayment on the loan, including all fees? • What is the loan interest rate? • What are the initial start-up fees? • What are the ongoing fees? • What early ter mination fees are payable? • What happens if I want to trade-up/trade-dow n before my loan is paid out? • Do I have to pay extra to pay the way I want to pay? • Are there monthly account-keeping fees? These fees, while they may sound small, can add a significant cost to your loan, especially if you are charged extra to make your loan repayments. A big issue w ith obtaining a loan from the car dealer is that you w ill have not made any direct contact w ith the dealer’s finance company. Who do you speak to about the loan if you have problems? While it is important to consider protection for your loan in the form of gap or credit protection insurance, ask the dealer how much commission he is being paid and shop around. You may be surprised at the price variation as a result of that commission. You should be able to choose a loan w ithout feeling pressured to take it and you are certainly under no obligation to take any offer, so consider your options and don’t be forced into something you may regret later. RACT Finance offers competitive car loan rates with no ongoing fees and fast approval. For more information, phone 13 27 22 or visit www.ract.com.au/finance Subject to RACV lending criteria. Conditions, fees and charges apply. Member discount not available through finance brokers, third parties or intermediaries. Life on the move Own your loan
Aug Sep 2010