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How to Finance Your Dream Car

After a lot of research and test driving multiple options, you have finally found your dream car but what happens if you can't afford to purchase your car outright? If you are considering a car loan in New Zealand, here are some top tips to get the best deal when it comes to car finance. 


Here are golden rules to qualify for a car finance.



Choose the car model wisely

It may come as a surprise to you to know that different car brands have different rates when qualifying for a car finance loan. Banks offer higher interest loans for those brands or models that are outdated or less popular than those which are in the premium car segment category. 


The segment and the age of the cars are some key deciding factors in setting the rates of interest on your auto finance loan as well as your location in NZ. This means if you buy used cars for sale in Hamilton you are going to get a different rate of interest on the loan than if you buy used car for sale elsewhere in the country.



Time your request

The timing the your request for an car loan is an important factor in determining the conditions of the loan. Rather than approaching a bank at the beginning of the month approaching the same bank at the end of the month will often yield better results. At the end of the month, banks may be falling short of target so they will give you a car finance loan at a cheaper rate than they would at the beginning of the month. So if you want discounted rates of interest and better conditions make sure you pick the best time to go to your bank.


Consider higher down payments

Only being able to afford the minimum amount of down payment on a loan for a used second hand car in the Waikato, may mean that you will have to pay a an excessive amount of interest on your loan. does not go hand in hand. This is not beneficial for you in the long run so if you can afford to pay a higher down payment you will end up paying lower EMI’s over a period of time.


Prefer public over private sector banks

Opting for a auto finance loan with public sector bank can help you to save a lot of money over a period of time. Irrespective of if you opt for a floating or a fixed car loan, the interest rates on the car loans are going to be much lower compared to a private sector bank. What’s more you are even probably going to receive discounted rates and benefits.


Find your dream car online with MSK Motors

MSK Motors have a immense variety of used and secondhand cars and also offer delivery services nationwide. If you are looking for zero hassles regarding insurance and finance paperwork, visit our showroom or check us out online at www.mskmotors.co.nz to view the best affordable car rates that you will find in New Zealand.


Contact our friendly team to make a booking!

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