Buying a car The amount charged by a lawyer for legal work. Lawyers can only charge the amount agreed with the client in a costs agreement or the amount stated by a court in its rules. The party who loses a case usually has to pay all their own costs plus most of the costs reasonably incurred by the other side. See also indemnity costs. more than the purchase price. When calculating how much you can afford to spend, you should consider additional costs, such as:
- stamp duty or transfer fees;
- registration costs (including a compulsory TAC premium, which insures you and others for death or injury if your car is involved in an accident);
- a Royal Automobile Club of Victoria (RACV) or Victorian Automobile Chamber of Commerce (VACC) inspection of the car to test its mechanical soundness;
- any optional extras you might want;
- costs associated with borrowing money to buy a car;
- insurance premiums;
- fuel, spare parts and repairs;
- RACV membership.
If you need to borrow money to buy a car, you should shop around because different lenders The first step in agreeing to make a legally binding agreement. An offer must be accepted before there can be a legally enforceable contract. For example, a person can offer to sell their car for $5000 and a buyer can accept the offer and pay that purchase price. different products. Always check the fees and charges payable, plus the interest rate and whether it is fixed or variable.
Many car traders offer finance or recommend a particular lender. You do not have to borrow money from the car trader or their recommended lender. The finance offered by car traders often has a higher interest rate than bank personal loans. Also, most forms of insurance offered in relation to finance contracts are optional, and you should only sign up for such insurance if you understand what it covers, and you definitely want it.
For more information on finance contracts and related insurance, see Chapter 5.7: Understanding A debt that does not have to be paid until some future time. Being allowed to pay later, in the future, for something you are getting now. and finance.