In terms of the car loan vs. personal loan debate, car loans come out on top in a variety of key areas. They generally have lower interest rates and, in some cases, lower fees. They also come with greater borrowing ranges, typically avoiding implementing hard maximum available amounts and instead assessing borrowers on a case-by-case basis and determining whether they can afford the repayments of the loan they’re after.

Unsecured car loans may be useful if the vehicle you're looking to buy doesn't meet your lender's eligibility criteria, such as being too old or not being in good condition. You can speak to your Savvy consultant about whether a secured or unsecured car loan is best for you.

Yes – as long as you can pay your loan out early, you can sell your vehicle under finance. However, as mentioned, there may be fees charged for you to do so (if you take out an ANZ fixed rate personal loan). If not, though, you can simply use the funds obtained from the sale of the car to pay off the remainder of your loan.

Some of the key points to consider when buying a new car are:

• Additional costs: stamp duty, rego, insurance, maintenance and other on-road costs
• Consider what you need it for: is the car largely for driving the kids to and from school or heavy-duty outback adventures?
• Buy within your means: don’t purchase a vehicle you’re not sure you’re capable of supporting the repayments of
• Take it for a test drive: you should always look at taking a demo model for a test drive before you buy to ensure you’re comfortable driving

Yes – guarantors on car loans are less common than they are on home loans, but they can still help you get approved for finance if you may not otherwise be able to be approved. They’re there to provide an added layer of security to your loan and cover you in the event you become unable to make your repayments, at which stage they’d take on your loan. This can help you secure a better interest rate.

Yes – ANZ does offer car loans for business and equipment finance to those running their own company. You may find that one of these options is best for you, particularly if you intend to use your car for business purposes.