Alfa Romeo Finance Options
Discover a range of finance options that’ll help you get on the road in a luxury Alfa Romeo.
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Alfa Romeo has championed its Italian heritage since its birth in Milan in 1910. If you’re worried that an Alfa Romeo might be out of your price range, you’ll be pleased to know though that some models don’t have the price tag that normally matches such luxury – the Giuletta starts from $30,000, whereas the 4C Spider will cost you $107,114 drive-away.
If you don’t have that money on hand, there are a few ways you can finance an Alfa Romeo. This guide will take you through what you need to know.
How can you finance an Alfa Romeo?
Owning your own Alfa Romeo can be an experience in itself. However, if you’re confused about your finance options, read on and learn more about how you can pay for your future car.
- Dealership finance. Alfa Romeo doesn’t offer any dealership finance, unfortunately, but it does allow you to purchase a demo vehicle or a pre-owned vehicle. This is a much more affordable option to consider.
- A novated lease. This is where you, your employer and a finance company agree to bundle the costs of your vehicle and use pre-tax dollars to pay off your car. This gives you a tax break and you are able to choose whatever car you want, including older models, as there are no restrictions as there would be on a secured car loan.
- Chattel mortgage. A chattel mortgage is ideal for business vehicles. If you can convince your manager that an Alfa Romeo is a great work car, more power to you. A chattel mortgage allows you to take ownership of the vehicle at the time of purchase and, once you’ve paid off the chattel, you have clear title to the car.
- Secured car loan. For this loan, which is secured against your new car, there are sometimes restrictions on what kind of car you can purchase. This varies from lender to lender. For example, some lenders only allow a secured loan on cars that are up to 2 years old, but others will let you purchase used cars up to 12 years old. Rates generally range from 5% to 10% p.a. Application and monthly fees may also apply.
- Unsecured personal loan. An unsecured loan is an option to consider if the Alfa Romeo you want to purchase is an older model or you also want to use the funds for a different purpose, such as to cover on-road costs. As there isn’t an asset that’s offered as security on the loan, such as savings, a boat or caravan or a term deposit, the interest rates for this type of loan are higher, ranging between 8% and 17% p.a.
Loan options to finance a Alfa Romeo
How much will an Alfa Romeo cost?
The car’s costs will vary depending on how much care you want to put into your vehicle. For instance, Alfa Romeo recommends its own Selenia oil for top-ups, an expensive motor oil that is said to meet the exacting demands of Alfa Romeo’s engine design. There’s also servicing to consider, and as a luxury brand you’ll more than likely want to go to the dealership for this, which can be more expensive.
The cost of the car loan itself is an important consideration, so make sure you get all the information you need about interest rates and any extra fees and charges. It’s always a good idea to use a car loan repayment calculator to get a complete picture of the total amount of interest you will pay and the ongoing repayments you will have to make.
How to decide on finance for your Alfa Romeo
Some features that will help you decide between lenders include:
- Interest rate. The interest rates vary between lenders and whether or not you’re offering an asset as security. Make sure you compare similar loans to ensure the loan you apply for has a competitive rate.
- Upfront and ongoing fees. Be aware of any upfront and ongoing fees, such as application fees or monthly fees, as these can add to the cost of your loan.
- Repayment flexibility. Some lenders will offer you a choice between weekly, fortnightly or monthly repayments so you can tailor your repayments to your pay schedule.
- Balloon payments. This is an amount that is deducted from your principal, usually $5,000 or more, and must be paid at the end of your loan as a lump sum. While this can lower your ongoing repayments, it can be a large amount to have to pay at once. Balloon payments usually only apply to dealership finance.
Frequently asked questions about financing an Alfa Romeo
Should I get a new or used Alfa Romeo?
This depends on your financial circumstances. If you know you love that new car feeling and have the means, splash out on a new Alfa Romeo. If you’re not too bothered about who has owned the vehicle or know that new is beyond your budget, a used Alfa Romeo might be the right option for you.
How much does an Alfa Romeo cost to service?
Alfa Romeo has a calculator that explains what you’re likely to pay for a service.
What kinds of vehicles does Alfa Romeo offer?
Alfa Romeo offers a range of vehicles, from small cars such as the Giulietta that are made for city living to the much larger Stelvio, an Italian take on the SUV.
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