Blog

Buying A Used Car? Read Our Tips Purchasing a new car should be a fun and exciting time, but it can quickly become stressful if you don't properly prepare. There are a few things to consider before you become the proud owner of your new set of wheels. In this post, we break down the top tips to keep in mind when buying a used car. What You Need To Consider When Buying A Used Car Set A Budget Set yourself an amount and stick to it! Be prepared to negotiate on price to keep within your budget and avoid overspending. Do your research on the make and model of the car you’re after to see what the going price is. If you need to take out a used car loan, you should factor repayments into your budget as well. Use our car loan repayment calculator to get an idea of what repayments will be. You can then use our budget calculator to see how car loan repayments will affect the money you have leftover. Speak with one of our experienced lending specialists about gaining pre-approval. This is a great way to know exactly how much you can afford. You can then shop with confidence at the dealerships or when negotiating with a private seller. Do Your Research If you’re buying a used car in NSW, check out car-buying sites online where you can select different makes, models, prices and set the location you’re looking to buy in. It is important to set a budget first so that online sites such as carsales.com.au or carsguide.com.au can help you get an idea of what vehicles are available within your price bracket. There’s a handy value guide to help you know what the value of a car is and how much you should pay. Be wary of cars that seem too cheap. If something appears too good to be true, it probably is. It may have issues that are not immediately visible. Doing an inspection yourself followed by an inspection at a mechanic is always a good idea. We’ll go into more detail about this in the next section. During your research, make a list of all upfront costs: Purchase price of the vehicle If applying for a used car loan, application fees and any other ongoing fees Registration if it's soon due for renewal CTP Green Slip if it's soon due for renewal Insurance cover New tyres if needed Mechanical service if needed Stamp duty – you can use the Revenue NSW stamp duty calculator for an estimate of how much it will cost to transfer the vehicle into your name.  Get A Pre-purchase Car Inspection If inspecting the car at a private sellers house, there are a few things you can look at yourself: Be sure to inspect the car during the day to clearly see any dents, marks or scratches. Check under the bonnet, and on the ground under the car looking for signs of any oil leaks. Check all tyres – including the spare – to make sure they still have tread and are wearing evenly. The low tread will mean new tyres upfront which will be an added cost. Looking inside the car, check to make sure the seatbelts work correctly and aren’t damaged, the front seats move properly and all switches and features work. A good tip is to start the car when the engine is cold, which can help reveal problems like poor starting or smoke which indicates engine wear. Taking the vehicle to a mechanic you trust is a good idea. They will be able to hoist the car up and properly check underneath as well as the engine function. This may come at a cost but you are better off knowing upfront if the car has issues, rather than forking out for costly repairs down the road. Test driving the car is another obvious way to gauge how it runs. Listening out for any odd engine noises is key, so turn the radio off. Other things to check are the handbrake, power steering, central locking and how easily the car shifts through gears. If possible, get on a highway to drive at a higher speed as well as driving slower around a neighbourhood. Drive up a hill to see how it handles going up a steep incline. Driving on a different surface such as gravel can also indicate how well the car handles off-road. Going over speed humps will help you test the suspension. Organise Insurance Cover A Compulsory Third Party Green Slip will need to be purchased when you buy your car. Take note of when the current CTP Green Slip policy ends, as you may need to factor this into your costs sooner if it is due for renewal. When shopping around for insurance policies, there is a wide range of cover options and inclusions that you can choose from to suit your needs and circumstances. Have your insurance begin from the date that ownership is transferred to your name. At Horizon Bank, we’re proud to offer our members a range of motor vehicle insurance cover through CGU insurance. We also offer CTP Green Slips through QBE. If you choose to take out a used car loan with us, we can organize the insurance cover for you during the loan process. There are lots of options to choose from when it comes to selecting and buying a used car. By doing your research and being prepared, you’ll be driving away happy in no time. For more helpful tips and info, check out our blog on when is the best time to buy a car. If you still have a few questions, we can help! Horizon Bank is here to assist with your car loan and insurance needs. Get in touch with our friendly team today and let’s talk about your used car plans. We have bank branches throughout the Illawarra and South Coast with convenient locations. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.The advice on this web page is general advice only and does not take into account your individual objectives, financial situation or needs ('your personal circumstances'). Before using this advice to decide whether to purchase or hold this insurance policy, you should consider the appropriateness of it having regard to your personal circumstances. Horizon Bank ABN 66 087 650 173 acts under its own Australian Financial Services Licence (no. 240573) and under an agreement with the insurer, Insurance Australia Limited ABN 11 000 016 722 trading as CGU Insurance (CGU). Backed by IAG. Insurance is issued by CGU. You can get a Product Disclosure Statement (PDS) for the products from any branch of Horizon Bank or CGU. You should consider the PDS in deciding whether to buy or hold the product.CTP Green Slip insurance (CTP) is issued by QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFSL 239545) (QBE). Horizon Bank (ABN 66 087 650, AFSL 240573) is authorised to distribute CTP as an agent of QBE and is remunerated by QBE. Please read your CTP policy for further information before purchasing CTP. Horizon Bank does not provide any advice based on any consideration of your objectives, financial situation or needs. Terms, conditions, limits and exclusions apply. Before making a decision please consider the Product Disclosure Statement.

If you are looking at purchasing a new or used car, it will pay off to do your research on what your car payments will be and when is the best time to buy. There are four key times in the year to seriously consider buying a car from a dealership. That is during the end of the financial year, at the beginning of the calendar year and at the end in December. These times will be better to buy due to a variety of reasons. We’ll explore these further in our latest post. End of Financial Year New car sales season typically hits in June with heavy advertising on TV and radio. This is driven by car brands and dealers keen to hit their targets and boost financial year sales figures. You might find that there will be a push to take out auto finance. Get all the information then compare their offer with a car loan from your bank first. The end of financial year is an opportune time to buy a car at a great price or negotiate for bonus additions such as an extended warranty, extra window tinting, alloy wheels or roof racks. This time of year also often works well for buyers wanting to buy a vehicle for business use, as they can then claim the tax advantage soon after making the purchase. At The End Of The Year Cars can spend up to three months out at sea before arriving in Australia. This can lead to an excess of cars towards the end of the year, with supply being difficult to manage; making December a good time to buy a new car. The end of the calendar year means that car dealers are trying to clear out current model-year stock. Dealerships become keen to sell cars built that year, because they become the previous year’s model, which becomes harder to sell and they want to make room for new car stock. Beginning Of A New Year Before the New Year begins take the time to look at your finances and use a car loan calculator to estimate your repayments on a car loan. This will help you decide if the repayments will fit in with your budget for the New Year. A car with the previous year’s build plate is traditionally much harder to shift the longer it remains at the dealership into the New Year. If you find out the build date of the vehicle you’re interested in you could apply a bit more pressure to have the price lowered. It is worth finding out to be sure you are not buying a ‘brand new’ car that has been in the showroom for a year, if nothing else. Unfortunately, buyers can’t realistically expect a current-year build in the initial weeks of the year. As a result, the plate clearance deals can get even better early in the year. This is why it can pay off to ride out the End of Year sales and buy your new car during the early-year plate clearance sales. When Car Loan Rates Drop Keeping an eye on interest rates is a great way to save yourself money in the long term. When you apply for a loan With Horizon Bank, you can take advantage of a low variable rate car loan or a five year fixed rate car loan. We also offer flexible loan features such as no penalty for early repayments and free redraw with no minimum amount required. At Horizon bank, we can help you with your car finance for new or used cars. Get in touch with us today to learn more about our products and services. Need more convincing? Check out our 5 star reviews on Google. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

Are you in the market for a used car? There is a lot to consider just as with any major purchase, such as where to buy your used car from and how much you want to spend. In this post we look at the considerations you need to make before deciding on applying for a used car loan. We’ll also discuss how to go about applying for a used car loan and the benefits of having one. Let’s begin with the following considerations before buying Your budget. Working out how much you can afford to spend is the first step before you go looking. Using valuation sites like Red Book will guide you on the value of any cars you’re interested in. Your needs. What will you use the car for? A growing family may mean a bigger car, or a smaller first car might be more useful for someone to practice driving. Safety & Security. What safety and security features do you want your car to have? Newer used cars may have better safety ratings so it is important to do your research. Insurance and green slip costs. We require car loan customers to have their vehicle comprehensively insured. You can visit our page on car insurance for more information. We also offer CTP Green Slips. Environmental impact. You can check the car's fuel consumption and emissions rating by using the Australian Government Green Vehicle Guide. Dealer, auction or private sale? Decide where and how you want to buy a used car. Regulations. There are a number of checks and reports you can access when buying and selling used cars. More information on the Service NSW website.  Money owed: It’s a good idea to check if there is money owing on the car. See the PPSR website for more information. Applying for a used Car Loan - Get pre-approval It is important to ensure you know how much you can afford. Use our car loan repayment calculator to estimate how much repayments will cost you. Securing pre-approval before buying a car is a great way to know how much you can borrow. Our used car loans have a loan period of up to five years. Speak with one of our lenders about extra loan features such as paying off your loan early and redraw facilities. They’ll also talk to you about taking advantage of our competitive rate. You can view our used car loan rate here. We also have a guide on frequently asked questions for our car loans. Secured or Unsecured? To put simply, when you take out a secured loan, you are offering up something as collateral should you be unable to repay your loan. You can secure your used car loan with a vehicle, savings or even your mortgage, subject to eligibility criteria. You may have the option to take out an unsecured loan for your used car, but you may be repaying it at a higher interest rate than a secured loan. Benefits of a used car loan Flexible repayment options Having a used car loan will allow you to make repayments to suit your budget and income. Having the flexibility to pay weekly, fortnightly or monthly will help you manage your expenses. You can use our budget pay calculator to see how your used car loan repayments will fit in with your expenses and affect your savings ability. Instill money management habits If a used car loan is your first experience with repaying a loan, it will require disciplined saving and money management. You must make regular repayments to avoid falling behind, which will force you to prioritise your spending. Building your credit report Getting a used car loan helps you build a credit report. This can be very helpful when applying for other loans in the future. You can read more about credit reports on our website. Speak to one of our lenders before applying to determine eligibility, as applications for credit that are denied are recorded on your credit profile. If you’re looking for a Used Car Loan, get in touch with us today. We’re here to make the process easy and provide a great experience. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.

In this blog we’ll go through exactly what you need to apply for a car loan with us. Whether you are after something previously loved or a new shiny set of wheels, applying for a car loan is easy and we can have you pre-approved before you start looking. Below is all the information you need to start the process. What's required to apply? Before applying, you might like to check out our car loan repayment calculator tool to get an idea as to how much your loan repayments are likely to be. When you’re good to go, and if you’re not an existing Horizon customer, you'll need to provide two forms of ID. We can verify you when you apply online, making the process even quicker. To assess your ability to repay a loan your lender will need pay slips or bank statements as proof of income. We may also call your employer for verification. You'll also need to disclose what you currently own - assets (e.g. existing vehicles, savings, house) and what your expenses are - liabilities. These include but are not limited to existing loan repayments, credit cards, HECS debt and rent. How do I know if I qualify? Your lender at your local branch will respond to your application after assessing your income and completing a credit check. The request for recent payslips, as proof of income is a key factor to qualify for a car loan, as you'll need to prove you have a steady source of revenue coming in to meet your repayments. After you’re approved Before we release the funds the car must be comprehensively insured with motor vehicle insurance. You can choose between market and an agreed value. Ask your lender about car insurance during your loan application. We can set you up with regular automatic future payments or payroll split so you never have to worry about manually making your repayments. Next steps Transfer of registration if it is a second hand car. When a used car changes hands, the registration has to be transferred from the seller to the buyer. It's the buyer's responsibility to transfer the registration. Contact Service NSW for further information. Need some extra help with planning and saving? Get in touch with the friendly team at Horizon Bank today and let us help you on your journey. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank. * Credit criteria applies.

Car buying advice made easy Car buying is often made easier if you can take someone with you who is experienced in the matter. Trusted persons such as parents, friends or relatives are a good example. The internet is full of car buying advice, good and bad! We’ve made a simple car buying checklist you can follow when looking for a new set of wheels. Buying a used Car Buying a used car in NSW? Check out car buying sites online where you can select different makes, models, prices and set the location you’re looking to buy in. Set yourself an amount and stick to it! Be prepared to negotiate on price Don’t be afraid to ask the owner for a test drive You may be thinking, what do I need to take to buy a car? Consider the following; Your driver’s license A small cash deposit to assure the seller you’re serious and to prevent them from selling the car to anyone else A reference or credit check from your financial institution to say you have good credit history. (This is only if you plan to get finance from the car dealer) Buying a new Car The lists are much the same, however if you have the time, visit a few dealerships and ask if any extras and upgrades will be included in your car purchase price. Car salesmen will straight up ask you how you’ll be paying for your new car. ‘Cash is King’ still reigns true and paying by cash will give you higher bargaining power. However if you’re needing a new car loan do your home-work and look around for the best car loan rates. Horizon’s car loans are competitive and have a low establishment fee. Do a car loan comparison and enquire about Horizon's car loans.  After you’ve bought your car Motor vehicle insurance and a Green slip are the next things to purchase before you get your car on the road. You don’t have to purchase comprehensive car insurance, but it is the best option for peace of mind that all parties will be covered in the event of an accident. Check out the different levels of motor vehicle cover.  Getting rid of your old car Now, what to do with your old car? Trading-in may ease the hassle of trying to sell your car privately but you'll normally get more for your car that way. Unfortunately, if you’re buying a new car, dealerships do not usually offer you a great deal for trade-ins. Finally, don’t forget to submit a notice of disposal for your old car so the Road’s and Maritime service know you’re no longer the owner. Let us help you on your journey. Get in touch with us today to discuss our car loans available to you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.