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Buying an additional car
Budget
Your budget will have an impact on how much you can borrow to buy an additional car. A solid record of employment and a history of regular savings can make it easier for you to get a car loan. Once you have your budget looking and working the best it can, you can look at how an additional car and associated costs could fit into your budget.
How much can I borrow?
How much money you can borrow will depend on a number of things, including your financial situation, income and expenses, credit history, and the cost of the additional car you want to purchase. The pre-approval loan process will help you determine how much you are able to borrow. Read more in our article How much money can I borrow to buy a car.
To do’s
- Review your current budget and research
- Use our car loan calculator
- Work out a budget
- Apply or a loan pre-approval
- Go shopping
- Apply for personal loan and insurances
- Get moving
Which product: New vs. used
Our Car Loan product can be used for either new or used vehicles. However, if you are purchasing a vehicle over 5 years old, you will have to apply for a Standard Fixed or Standard Variable Personal Loan.