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Australia’s Best Cars of 2011 need the Best Financial Advice

Announcement posted by Beyond Bank Australia 06 Jan 2012

7 Tips on getting your dream car without financial pain

The ACT’s Community CPS Australia welcomes the overnight revelation of Australia’s Best Cars of 2011 but urges buyers to match the Best Car with the Best Financial Advice.

With the ACT recording Australia’s third biggest monthly jump in new car sales in October 2011 of two per cent (Aust. Bureau of Statistics, 15

th Nov 2011), Community CPS’ Executive Manager Property and Credit, Ross Norgate says consumers should consider the top seven tips in getting a car loan to avoid a financial hangover.

1. “Get a pre-approved car loan. Knowing your spend limit helps you bargain.”

2. “Car loans are all different. Check the features, interest rate and fees to match your needs.”

3. “The Internet can help you compare new and used market values – great for trade-ins.”

4. “If you are buying a car through a dealer go for the “drive-away” price over a weekly payment plan. It could save you hundreds if not thousands of dollars.”

5. “Get a checklist of features you want so you don’t miss a thing.”

6. “Don’t forget to factor in other expenses like stamp duty and insurance to protect your asset.”

7. “And finally, the total cost of car ownership is considerably higher than simply paying off the loan – remember to budget for ongoing costs such as insurance, petrol, servicing, new tyres and registration, which may amount to $5,000 or more per year.”

Community CPS recognises people need a car to get around, and we’re here to help them find the best financial solution for their needs – particularly with today’s financial pressures, making things harder,” Ross Norgate says.


ABOUT THE COMMUNITY CPS AUSTRALIA GROUP

Community CPS Australia is a two-time winner of Money Magazine’s Australian Credit Union of the Year Award. With more than 185,000 members, Community CPS employs 585 staff across branches in South Australia, the Australian Capital Territory and operates as Wagga Mutual Credit Union in Wagga Wagga, Companion Credit Union in the Hunter Valley and United Community in Western Australia. Community CPS Australia is now one of the country’s leading credit unions with $3.5 billion worth of assets under management. For more information visit

http://www.communitycps.com.au/aspx/home.aspx