• How To Get The Car Of Your Dreams Without Breaking The Bank

    Whether you’re a car fanatic or not, pretty much everyone has their ideal car in their minds. To some, a car that meets their needs is simply enough and they’re not too worried about what it looks like or whether it’s got the best engine or not. However, many people around the world like to have a car that not only meets their needs, but also looks good as well. The problem here is that cars do not come cheap, unless you’re willing to take the risk and buy a second hand motor in a private transaction. This is a risk to take because unless you’re super knowledgeable about cars, you could end up with less than you bargained for. So how do you go about getting the car of your dreams without having to be a millionaire? Take a look at these tips on how you can do exactly that without breaking the bank.
    how-to-get-car-of-your-dreams-without-breaking-the-bank

    Image Credit: https://pixabay.com/en/ford-mustang-v8-67-ford-mustang-2705402/

    Financing

    If you’re looking for a fairly new car but don’t have the money to buy it outright, then financing is the first option that
    you should be looking into. A finance car works by putting down a deposit and paying for the car in monthly
    installments. This is a fantastic option because you’re able to work out what your budget is and choose a car
    accordingly.
    One thing you need to make sure that you do before heading down the finance route, is getting out debt.
    Finance companies won’t even look at lending to you if you’ve got current debts owed because it makes
    you look unreliable. It is understandable though that you need a car, and debts cannot simply be wiped
    away at the snap of fingers. In these situations you should turn to companies like National Debt Advice for
    help with your debt problems. Companies like these specialise in working out a plan that will allow you to
    pay off your debts at an affordable rate and in most cases, they can even wipe up to 85% of your debt.
    It might also be a good idea to check out your credit score to keep an eye on where you are financially.
    Lenders are more likely to accept you if your score is higher, and if you can show them that you can handle
    your money sensibly. Sometimes, people are refused credit because they have no credit score at all, so
    even if you’ve not been in debt, getting a credit card or loan will put you on the map for lenders in the future.
    You can check your credit report easily these days with a simple app on your phone, so it’s definitely worth
    keeping an eye on!

    Back to the financing option, here are a few pros and cons for you to consider:

    Pros

    • You can drive away with a car that day.
    • Once you’ve finished paying the installments, the car is yours.
    • You don’t have to worry about repairs as the dealer will arrange this for you.
    • Sometimes insurance is included too.
    Cons

    • You do have to have a deposit, and sometimes this can be hefty.
    • Monthly payments can work out higher if you’re not careful about what car you choose.
    Leasing
    The next option to look into would be leasing a car. This works in a similar way to financing, so take a look at the pros
    and cons in this instance:
    Pros

    • Lower monthly payments than financing, so you will have more money spare each month.
    • Little or no deposit is required, meaning that even if you don’t have cash up front, you can still get the car of your dreams.
    • Once the term of your lease is up, you can choose another car.
    • Low expenses when it comes to repairs and maintenance as this is included in the terms of the lease.
    • You have just as much choice on cars as you do with financing.
    Cons

    • The car is never truly yours
    • You’re unable to make modifications to your car, unlike with finance.
    • Sometimes there is a mileage limit, so make sure you’re checking how far you can drive before leasing a car out.

    As you can see, both options for allowing you to have the car of your dreams have their pros and cons, but if you’re
    looking to truly own your car, financing would be the option for you. However, if you’re not bothered about owning
    a car, leasing could be the perfect option as it’s cheaper, and at the end of each lease you’re able to choose to
    lease another car out - giving you the chance to drive a different car every few years! Consider one of these
    options so that you can have the car of your dreams without breaking the bank!


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