Personal asset finance: a practical total-cost checklist
Start with the money you want to keep available
Decide what cash buffer you need after the purchase. Budget for ownership costs as well as repayments, and avoid treating an editable calculator example as a finance quote.
Compare like with like
Compare the rate, fees, term, repayments, total amount payable and any final payment. Use the same purchase price and deposit where possible so the trade-offs are visible.
Consider the alternatives
Saving longer, buying a less expensive asset or hiring for occasional use may change the commitment considerably. Choose a budget around how the asset fits your life, not just the amount a provider may consider.
Questions to ask
Ask about early repayment costs, security, what happens if you sell the asset, and how a balloon would be settled. Keep the quote and agreement so you can check that the final terms match your expectations.
Further reading: ASIC Moneysmart: car loans.