Buying a Car? Use This Checklist

Looking to make a new car purchase? It’s a big decision and a big purchase, so here is a checklist to help you make the smartest choice possible.

Figure Out How Much You’ll Need

Do some research to find out exactly what car you want to purchase so that you know the exact cost of the car. Finding one within your budget can be tough, so take the time to find a bargain and the best value for your money.

Get a PPSR Check

This stands for Personal Property Securitues Register, and you need to get one before purchasing that car to reveal if it is debt-free and safe from repossession.

Chat to an Expert

Know nothing about cars? Find someone who does, and if you can bring them along with you. You can also get a vehicle inspection done by RACQ or a recognised inspection station to provide a comprehensive report of the condition of the vehicle you are considering buying. This will let you know if there are any repairs that may be required on the car.

Test Drive

Ensuring that the car drives and feels right prior to purchase is important too. If a private seller refuses to let you test drive the vehicle, it is probably a good indication to walk away from that sale.

Check for Modifications

Some modifications to certain vehicles are illegal, and you need to identify these before you purchase. If you buy and it has some illegal modifications you could be liable for major fines, or it could affect your car insurance, or it could even mean that the car will be impounded.

Get Insurance

Get insure, before you drive away with your new vehicle! Researching insurance companies to find the best offer is just as important as researching the best finance option for your car loan.

Fill out the Paperwork

If you are buying from a private seller, double check that all of the correct paperwork has been filled out and submitted to the correct people within 14 days of your purchase.

If you are looking for finance options for a car loan or vehicle loan, iCREDIT has a team of dedicated finance consultants who can help you find, compare and choose a car finance option suitable to your budget and requirements.

What Is a Soft Quote?

A soft quote is a simple, no-obligation way to explore your loan options without affecting your credit score.
When you request a soft quote, we assess your financial profile and give you an estimated rate, repayment amount, and loan term based on current lender options.

✔️ No credit file impact
✔️ No commitment required
✔️ Instant comparisons across multiple lenders

It’s ideal if you’re still shopping around or just want to understand what your repayments might look like.

 

What Is a Full Application?

A full application is the next step once you’re ready to proceed.
This involves submitting your information to the lender for a formal assessment. The lender then completes a credit check, verifies your documents, and provides a confirmed interest rate and loan offer.

✔️ Required for formal approval
✔️ Involves a credit check
✔️ Can lead to same-day approvals (depending on the lender)

What Affects Your Loan Rate?

Lenders consider several key factors when determining your personalised rate and terms. These include:

1. Your Profile

Credit history, employment stability, and income all play a major role in the rate offered. A clean credit file and steady employment can often lead to lower rates.

2. The Asset

The type, age, and condition of the asset (car, caravan, horse float, etc.) can influence risk and therefore the rate. Newer or higher-value assets often attract better rates.

3. Loan Term

Shorter terms generally mean less total interest paid, while longer terms may offer lower weekly repayments but higher total cost.

4. Fees

Every lender has their own structure for establishment, monthly, and exit fees. iCREDIT helps you compare these upfront so there are no surprises.

Why Compare with iCREDIT

At iCREDIT, we make finance simple and transparent. Our team compares a wide range of lenders, explaining your options clearly and helping you choose the best fit — without pressure or hidden costs.

  • Compare rates and lenders side-by-side

  • Understand your total loan cost upfront

  • Avoid unnecessary credit checks until you’re ready

Get Your Soft Quote Today

Take the first step with a soft quote and see what’s possible — all without impacting your credit score.

👉 Start your soft quote today