- Dealer invoice or registration papers
- Full Comprehensive Insurance Policy or certificate of currency
Car Loans for Students?
As a bank headquartered in the same city as one of the world’s best universities (Go UOW!) IMB is proud to approve car loans for students, provided you can meet the above criteria and are a permanent resident. You can Messenger our Team through Facebook or simply give us a call for more details.
IMB’s car loan calculators make understanding your repayments and the total amount payable over the life of the loan easy. They even show you how much money and time you can save if you increase your repayments beyond the minimum. IMB Bank car loan repayment calculators are simple and take less than 5 minutes to complete.
What Are The Hidden Costs of Buying a New Car?
A large part of the car shopping process involves hunting for the lowest possible sticker price, but there may be more costs to consider. Some of the hidden expenses can include:
Registration fees: Before you purchase a new car, it’s registered as someone else’s https://getbadcreditloan.com/payday-loans-ny/watertown/ property – usually the dealer offering it up for sale. There are fees you have to pay before transferring the ownership to yourself and they vary state to state.
Stamp duties: State governments in Australia have the right to levy taxes on the purchase price of any vehicle you purchase. You p duty will depend on the purchase value of your car and what state you buy it from. For vehicle stamp duty in NSW go here; for a list of stamp duties in other states, go here.
Insurance premiums: In New South Wales, you’re required to purchase Compulsory Third Party Insurance (CTP) to protect yourself from costs arising from injury or death to other people in an accident. The NSW Government has a handy comparison site to check before purchasing your CTP insurance. Additionally, you should strongly consider purchasing other optional insurance products to cover you for damage to your vehicle or another third party’s vehicle.
Maintenance: All cars require regular servicing to keep them healthy. If you are buying a new car, then you will likely need to have it serviced by an approved mechanic at regular intervals in order to keep the warranty valid for its entire term. Depending on the manufacturer, a new car may require servicing every three months in its first year on the road. After that it could be every 6 months or 10,000km, whichever comes first. Depending on the model, a service could cost several hundreds of dollars, even thousands if it is something at the very high-end, like a Ferrari.
When shopping for a new car, look at the different extras on offer. Manufacturers and dealers often have a range of sweeteners to attract buyers: cashback offers, loaded extras, extended warranties and, yes, free servicing for months or even years. It is always worth asking a dealer for every consideration when negotiating on the conditions of sale.
How should you adjust?
It’s possible that, after you’ve added up the whole cost of obtaining and keeping various vehicles, you may find it necessary to change your buying strategy. As you comparison-shop the car market, looking for the best deals, consider comparing the other costs as well. You may decide that it makes more sense to use the “drive away” price of a car rather than the manufacturer’s list price, which includes dealer delivery costs, stamp duty, registration, compulsory insurance and any chosen extras.
Consider all the options as you go about making your purchasing decision: various types of cars, dealerships and regions around Australia. Consider various types of cars, dealerships and regions around Australia. You never know where you might find an option that ultimately works out best for your finances.