Fiat finance options
In the market for a Fiat? Here's our guide to the Fiat finance options currently available.
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Fiat Automobiles is the largest Italian car manufacturer in the world, with a history dating back to the production of first Fiat 4 HP in 1899. It produces over 1.5 million vehicles per year and has won nine European Car of the Year awards, more than any other manufacturer.
Fiat models available in Australia
There are currently seven new Fiat models available to buy in Australia, including a range of small cars, an SUV, a sports car and commercial vans. These are:
- Fiat 500
- Fiat 500C
- Fiat 500X
- Fiat 595
- Fiat 124 Spider
- Fiat Ducato
- Fiat Doblo
How much does it cost to buy and run a Fiat?
According to Redbook, the purchase prices of popular 2018 Fiat models are as follows:
- 2018 Fiat 500 Collezione Manual: $21,990
- 2018 Fiat 500C Collezione Auto: $27,490
- 2018 Fiat 500X Pop Manual: $24,990
- 2018 Fiat Doblo SWB Manual: $22,000
- 2018 Fiat Ducato SWB Manual: $38,990
According to Redbook, the Fiat 500 Collezione has a fuel efficiency of 4.9L/100km, or 6L/100km for the Fiat 500X Pop. In terms of commercial vehicles, the Fiat Ducato is 6.1L/100km and the Doblo SWB has an efficiency of 7.3L/100km.
The ATO classifies a fuel-efficient car as one with a fuel consumption of less than 7L/100km, which means that all Fiat models, apart from the Doblo, fall into this category.
Other costs to consider
- Maintenance and repairs. Your vehicle will require ongoing servicing and may also require unexpected repairs, which may be quite expensive depending on the issue. It is recommended that you keep your vehicle in good condition to help minimise the need for repairs.
- Insurance. You are legally required to purchase compulsory third party (CTP) insurance in Australia, but there are several other optional insurance products available that can cover theft, fire or any accidental damage to your car or the cars of others. The cost of your insurance will vary depending on the policy you choose and your risk profile, which is determined by factors such as your age, gender and driving history.
- Stamp duty. You will generally have to pay stamp duty when purchasing a new or used car. The duty you'll pay will differ by state and territory, but you can estimate what you'll have to pay using this vehicle stamp duty calculator.
- New car extras. While the listed price of a vehicle might seem like an attractive deal, it generally excludes any optional add-ons, such as automatic transmission or leather seats. You should always factor in the cost of any extras that you want and add them to the overall cost before deciding on a vehicle.
- Cost of finance. If you're looking to use a loan to fund your Fiat, you will have to factor in the cost of the loan to determine the true cost of your purchase. See below for more information on your financing options.
What types of Fiat financing options are available?
- Secured car loan. A personal loan that uses your new vehicle as security against the loan. The lender can take ownership of the vehicle if you fail to repay the loan.
- Unsecured car loan. A straightforward loan that does not require the vehicle or another asset to be used as security. You will generally receive a higher rate than on a secured loan.
- Dealer finance. You can choose to get your purchase funded directly by the car dealer, but you should always compare the terms of the loan with those offered by other lenders.
- Chattel mortgage. A finance option that lets businesses take ownership of the vehicle from the start of the loan period, which is then paid off over the term of the loan.
- Commercial hire. Another business finance option that allows you to lease a vehicle for a set term and make regular repayments to cover the cost of the lease.
- Novated lease. A form of car lease that allows you to make payments directly from your pre-tax income, meaning you can reduce the amount of tax you pay.
Factors to consider when financing your Fiat
There are a number of factors that you should take into account before deciding on a finance option. These include:
- Interest rate. You should confirm the rate that you're being charged. This is what determines how much you will have to make in repayments. However, what makes a rate competitive will vary depending on the type of finance option that you require.
- Loan term. Car loans will generally have a term of one to seven years, but other types of finance such as a novated lease or commercial hire may only offer shorter terms.
- Fees and charges. These will vary depending on the finance option that you choose, but may include application and set-up fees, as well as ongoing service fees. You may also have to pay a fee if you fail to make your repayments on time or otherwise break the terms of your loan.
- Repayments. Most finance options will require you to make fixed regular repayments. However, this will not always be the case and different products may have repayment schedules that are more suitable for your personal situation.
- Loan amount. Some finance options will have minimum and maximum loan amounts, so you want to make sure a certain loan will meet your financial needs.
- Vehicle ownership. Some finance options will give you immediate ownership of the vehicle, but you will generally only get full ownership once you have finished your repayments. There are also lease options that require you to make a final lump sum payment, called a balloon payment, in order to take ownership of the vehicle.
What you will need to apply for a Fiat loan
This will depend on the type of finance option you choose to purchase your Fiat. However, you will generally need to meet the following criteria to be eligible for a loan:
- You're at least 18 years old
- You're an Australian citizen or permanent resident
- You're currently employed or earning a reliable income
As part of your application process, you will generally also be asked to provide the following:
- Proof of residence
- Proof of employment
- Financial information, including any debts, assets and other liabilities
- For a novated lease, you will need to be employed by an employer who supports novated leases
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You'll receive a fixed rate of 4.69% p.a.
Take advantage of a competitive rate, pre-approval and no early repayment fees when you finance a car under two years old.
You'll receive a fixed rate from 5.99% p.a.
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