Buying a new car is an exciting time, especially if you’ve managed to find the car of your dreams. But unless you’ve been raking the cash in and have a healthy bank balance, it’s likely that you’ll need to apply for car finance so you can actually drive the car away from the yard.
If you haven’t dealt with getting a car loan before, the whole process can seem pretty overwhelming. What kind of terms can you expect? What documents do you need to provide? Will you have to pay a lump sum at the end of the loan term?
These are all very good questions and the answers will vary greatly depending on the type of loan you choose as well as the provider. Understanding all the jargon that comes with car financing is key to making sure that the process goes smoothly and that you are able to get the best deal for your situation.
This infographic takes a look at some of the more misunderstood terms that you may hear when you are organizing your finance, so you know exactly what you are getting yourself into.
Brought to you by: Autocarloans.com.au