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In every young adult’s life there comes a crossing where they have to go ahead and buy their own wheels. After years of buttering up my parents and sticking to their vague deadlines and never ending instruction while getting my hands their car keys, I finally bought my own car- YES my own four wheels- my key to freedom-to life…
It was after two years of learning how to drive from a grumpy trainer at the local driving school, and two years of being at the beck-n-call of my parents mercy on me with their car keys, I finally decided it was time to be my own man (woman in my case), I had some money saved up and had a pay too (which would suffice I though). I was so excited, so elated that I promised myself I would not let anything dilute my enthusiasm (even my elder sister). I already had several driving tours ready…
But my happiness was short lived I soon realized that getting the car was never going to be easy- along with the crazy paper work (which dad helped me with) I had to think of finance. Especially knowing the cash inflow I had and my lack of knowledge on what to do.
Some terms I learnt in the process of getting my car were credit history, loan EMI payment and interest rates. I suggest you must have a realistic budget, knowing how much you can spend each month and know the exact on-road cost of the car you want. Then get financing after knowing all the options available to you.
See one must know that a car like many other things in our life can’t be bought with cash, as in paid at one go (at least for most of us), so we need to get it financed and get a loan for it.
So the bank pays the car seller on our behalf and we pay the bank in EMI’s (easy monthly installments) over a predetermined time span. And in lieu of this we pay the bank interest determined by the interest rate of the bank. To approve this loan (yes you can’t just walk in and get it) the bank checks our credit history among other financial details and documents.
Credit history, is the track record of your past payment and loans, checked by the bank. The good news is that as a first time buyer one does not generally have anything negative on their credit history. Since you may not have a history to begin with. So you may need a guarantor. Here my dad came to my rescue-yet again. But if you have a good paying job and the history of large paychecks, you will get approved for the loan. This will also help with the large down payment.
So summarizing it- buying your first car is an exhilarating step into adulthood, so whether you’ve just started the search for your mean machine or are trying to figure out the financing you need to make the purchase a reality, you may want to consider financing options such as Westralian Auto Finance. They are market dealers in this field. And can help you make the most of the money you worked so hard for by reducing your interest rate or the total amount of interest you pay over the span of the loan. So just say ‘yes loans’ and you job is done.
And you can drive out of the showroom in your own wheels knowing you have given your worries to someone else.