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Vehicle Finance Questions


Vehicle Finance

Are you looking to upgrade your current vehicle? Maybe you are about to buy your first car? Are you paying cash or do you require a loan?
Buying a new vehicle is an exciting time but it can be daunting, especially if you need vehicle finance. Westside Auto Wholesale is here to make the whole process as smooth and painless as possible so below are a few tips and tricks to help you on what to look for when it comes to vehicle finance.


The first step to obtaining vehicle financing is figuring out your budget. How much can you afford to pay per month? When calculating the numbers, remember to allow for other expenses such as car maintenance, registration, insurance, and running costs. All of these factors should be considered when setting your budget for a vehicle.
Unexpected costs can always arise so make sure you leave yourself some emergency funds. Let’s face it, it’s no good having your dream car sitting in your driveway if there is an unexpected bill and you cannot afford fuel for the week.

Other things that you are planning on saving for should be taken into account as well. Would you like a trip to Europe in two years? Are you wanting to buy a house in three?

Make sure you factor these future expenses in if your finance term is longer and you will still have your car loan. If you set your limits and are realistic about your vehicle budget, there is no reason why having a car loan and a healthy savings account can’t go hand in hand.

Types of Finance

Once you have set a budget and you know what you can afford to spend, you will need to find the right finance option to suit you. At Westside Auto Wholesale, we offer a variety of car finance packages to suit the individual needs and budgets of each customer. Options can include secured loans, salary packaging, business vehicle loans and balloon or residual payments.

Something you should consider if you are thinking of undertaking a balloon or residual payment is any payment due at the end of the loan period.

Although it may help reduce your monthly payments it could lead to problems down the track. For example, if you’re looking to get a replacement vehicle at the end of the financial period, and the residual is higher than the vehicle’s re-sale figure, you may be out of pocket.

Interest Rates

You may be wondering what interest rate you are eligible for when looking to purchase your next car. The finance interest rate is risk assessed and based on each individual’s credit history. Repayments will vary depending on this interest rate, term of the loan and the amount of deposit being put on the vehicle.

Interest rate isn’t the only thing you need to consider when it comes to vehicle loans. Don’t forget to research other fees such as the account keeping fees, establishment costs and any other sundry charges that may pop up.

What you need

Before you start speaking with finance companies, it is a good idea have all of your paperwork in order. If you are a private buyer you will need to have proof of your income such as bank statements or payslips.

Document Checklist:

  • 3 most recent Pay Slips.
  • Current Bank Statement.
  • 100 Points of ID (must include one form of photo ID) Driver’s Licence, passport and Medicare Card.
  • Proof of Employment.

Now you are prepared and know what to expect when looking for vehicle finance!

For more information on Finance options available through Westside Auto Wholesale why not speak to one of our Finance Team on 08 6145 0060?
Alternatively, you can submit a finance application on the vehicle you want via our website.

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