How to Save Money when Getting a New Car
Image by Maciej Lewandowski
Buying a new car will probably be one of the biggest financial commitments you will make in your life. But there are many things you can do to lessen the financial impact and get the car you want at a price that will make you smile.
1) Before you start taking cars for test drives, give some thought to how you will finance your new vehicle. Car dealers will try to temp you with their financing plans but these are often not the best value for money. Shop around for the best financing deal.
2) Provide as much as possible as a down payment. The more you provide as a down payment the less you will need to borrow. The more you can pay up front the less you will need to borrow and the lower your monthly repayments will be.
3) Find a co-signer if you have a bad credit score. A bad credit rating will give you problems when applying for car finance. You may find a source of cost effective bad credit car loans but another option is to get someone with a good credit rating to act as a co-signer in your application.
4) Get as much as you can for your old car. Trade ins can give you a good deal on your car and save you the headache of advertising and selling your car. Whatever you do, make certain you get the most you can for your old vehicle by thoroughly cleaning it, gathering together the service records and making certain that it is running reliably.
5) Shop around, haggle and consider alternative financing options. The economic downturn has meant that there are some incredible bargains in the automobile industry. The car showrooms want your business so this can be used to your advantage. And it’s worth looking at other financing options. Car leasing is a great way to get the car that you want for a reasonable down payment and affordable monthly repayments. If you are looking for a commercial vehicle you might want to consider van contract hire to provide your business with what the transport you need.
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