Tips for First-Time Car Buyers in Perth: Finance, Deposits & More

Set a Realistic Budget

• Consider total running costs like insurance, maintenance, and fuel, not just repayments.
• Keep car payments under 20% of net income where possible.

Decide on Deposit vs Trade-In

• Deposits reduce your loan amount, saving on interest. Selling your old car privately often nets more than a trade-in.
• Hanna Lending can help structure your deposit or find a refinance solution.

Understand Loan Types & Terms

• Secured loans: Lower interest, easier approval.
• Unsecured loans: More flexible, better for grey imports or classic cars.
• Loan terms usually range from 1 to 7 years. Always check for early repayment fees.

Credit Score & Pre-Approval

• Check your credit score early. Pre-approval isn't essential, but it helps guide your budget. A broker can provide tailored quotes based on your circumstances.

Document Checklist

• Most lenders need 100 point ID, proof of income, and for private sales, proof of vehicle ownership.

Insurance Is Essential

• Full comprehensive cover is required on financed vehicles, with the lender listed as an interested party.

Use a Broker Advantage

• Hanna Lending Services works with over 30 lenders to find competitive rates and loan options, even if your credit isn't perfect.

Final Tips

• Avoid stretching your budget. Calculate monthly repayments with care.
• Ask about balloon payments, total interest, and early payoff terms.
• Use Hanna Lending's repayment calculator to plan confidently.

Getting into your first car doesn’t have to be overwhelming. With a solid plan, the right loan advice, and an understanding of what to expect, you’ll be better prepared to make a smart financial move that suits your lifestyle and budget. Contact our team today to learn more.