Learn more about your financing options when looking to get on the road in your dream Suzuki.
Suzuki has been around for over 100 years, starting from humble beginnings in Japan and now built up into an instantly-recognisable brand worldwide. It's for this reason that you might be looking at purchasing a Suzuki, and what financing options you have to do it.
Suzuki models start in price from $15,990 and go as high as $33,990, so if you don't have these funds on hand, this guide will take you through what loan options you can consider.
How can you finance a Suzuki?
You are able to benefit from a range of finance options to get your Suzuki. Finance options include:
- Secured car loan. Opting for a car loan will give you a competitive rate in return for securing your Suzuki to the loan. The amount you can borrow is generally tied to the cost of the vehicle and is usually between $2,000 and $80,000. Rates vary but are generally between 5-10% p.a.
- Unsecured personal loan. If you want to purchase a used Suzuki or you want to use the funds for another purpose, you may want to consider an unsecured personal loan. You can generally borrow between $1,000 and $50,000. Interest rates vary widely depending on the lender, but generally you will find rates between 8% p.a. and 16% p.a. The rates are higher with these loans as there is more of a risk to the lender because there is no collateral to secure the loan.
- Suzuki dealership finance. Suzuki offers financing optiongs as you're buying your vehicle. There is a range of options to choose from tailored specifically to the car you wish to buy. Regardless if your car is for personal or business use, there is finance available for both options.
- Novated lease. A novated lease is a three-way agreement between you as an employee, a financier and your employer who leases a car on your behalf. This is ideal for those who want their car paid for using pre-tax income. If you change jobs, your novated lease follows you.
- Chattel mortgage. This financing is ideal for businesses, as you take ownership of the vehicle at purchasing, but a mortgage is taken over the vehicle until you pay off what you owe. Once you've paid off the loan, the vehicle title is transferred to you.
Compare car loans to purchase a Suzuki
How much will a Suzuki loan cost?
All cars have running costs that need to be factored into the amount you wish to borrow. Some of these costs include registration, insurance, fuel, servicing and repairs. If you get a Suzuki Swift, fuel might not be such a problem since its mileage is 4.6L per 100km. However, a bigger car such as the Suzuki SUV S-Cross uses 5.9L per 100km. Looking into the fuel economy before making a final decision is wise.
With Suzuki vehicles ranging in price from $15,990 and as high as $33,990, it's important to keep your budget in mind when considering which vehicle is right for you.
If you're worried about the amount of interest you'll owe on your loan, a car repayment calculator is one way to check it out. You enter the amount you want to borrow over the loan term. You enter the percentage rate that's been given (which is dependant on the lender) and you see how much interest is generated over the loan duration.
How do you decide how to finance your Suzuki?
Deciding on the best financing for you can be difficult if you're unfamiliar with available features. Some common features are:
- Interest rates. If the interest rate is variable, this means that it fluctuates with the market and usually includes a redraw feature. If the rate is fixed, you have a certainty of knowing what your repayments will be each month.
- Repayment flexibility. Lenders offer weekly, fortnightly or monthly repayments, and the option to choose which one works best for you is ideal.
- Balloon repayments. A balloon repayment is where you're expected to pay off the rest of your loan amount in full at the end of the loan term.
- Fees (upfront and ongoing). Some lenders charge an application fee up-front for applying for their car loan. Other costs tied into your loan that you should look out for include monthly charges, transaction fees and late repayment surcharges.
Have more questions about financing a Suzuki?
Should I get a new or used Suzuki?
This depends on what you want from a car. If you want a car where you'll be the first in the driver's seat and it's within your budget, go with new. If that doesn't bother you so much and you're looking for a cheaper car, used is your best bet.
Which car is better for me in the Suzuki range?
If you're looking for a small car that can zoom around the city, look at the Suzuki Swift range. If you're after a people mover, look at their range of SUVs and vans available. However, this is a personal choice.
Am I able to customise the car to my needs?
You can customise your vehicle to meet your needs (such as a change in colour, window tinting, extra features etc.) at an extra cost.