How to be car loan ready for end of year car sales

Whether you’ve got your eye on a new electric car model, a family sedan or your dream sports car, the end of year and Boxing Day sales are the perfect time to drive off with a new car at a bargain price as dealers are keen to clear stock before the New Year. But before you head to the showroom, it’s smart to ensure your finances are in order. 

Start by crunching the numbers to calculate car loan repayments and include on-road costs like stamp duty and car insurance. Comparing car loan options in advance is crucial to finding competitive rates and flexible terms that suit your needs, and having loan pre-approval to streamline the process.

The lower your interest rate the better so make sure that you look outside of the big banks and also compare car loans from specialist online lenders and smaller banks like the providers outlined below. 

Look for competitive rates and low fees and the ability to make extra repayments and pay off your loan sooner without penalty . The good news is that many lenders these days have fast funding which means funds can be in your account within a business day of approval. Getting your funds in advance will mean you can know exactly how much you can spend (and be prepared to negotiate on) before stepping into the car showroom.