AutomobileGator
You don’t have to be car crazy to know what your dream motor would be. Many of us aspire to one day own a luxurious sport car or purchase an exotic car. But how can you make that dream a reality? There are a number of ways in which you can help get the car you want! With a little careful budget and planning, your dream car could be within reach! The article below outlines the top 5 tips to buying your dream car.
Budget everything
For many people, their dream car will be expensive. If you’re serious about saving up for your perfect car, you should always start with your budget. Firstly, know how much your dream car would be, then look at your current income and expenditure. Set a budget aside each month to reach your goal. Take a look at the things you’re already spending money on and ask yourself if you really need it? Could you cancel that gym membership you don’t use or sign up for a family Netflix account instead? Little savings like this can add up and help you reach your saving goal.
Improve your credit score
If you want to get your dream car by using car finance, you may want to check your credit score first. Car finance bad credit is possible but having a better credit score can give you access to better finance rates and also improve your chances of getting accepted. A lower finance interest rate means you don’t have to pay as much overall and helps you save money. If you’re dream car is quite expensive, you may want to improve your credit score before you apply for finance. You should make sure you don’t miss any current payments to show finance lenders you can be trusted to pay on time and in full. You could also consider reducing any current debt you have before you start applying for more finance.
Part exchange your current vehicle
Having a vehicle to trade-in for your dream car can be really beneficial. You can use your current car as a deposit for finance or get the money off your dream car. There are even options to sell a car with existing finance if you’re looking to get your dream car quickly! Part exchanging is really straightforward, you can drop your current car off at the dealer when collecting your next car, this way you don’t need to spend time selling your car privately.
Use your savings as a deposit
If you’re looking to spread the cost of your new car into affordable monthly repayments, you could use your savings as a deposit for your vehicle. Having a deposit to put down for finance can help to save you money in the long run. For many luxury or expensive cars, it can also be a requirement that you have a deposit to hand. A deposit can help to lower your monthly payments and also the interest rate offered. Putting more in means you don’t have to borrow as much from the lender.
Buy at the right time
If you try to buy your dream car too early, you could end up under financial stress. You don’t want to be driving around in the car you want, but struggling to make ends meet each month. If your perfect car is a large investment, it’s best to wait until you can comfortably afford to pay for it. If you’re ready to hit the dealerships, you could also consider at what time of the year you buy. The new registration cars are released in March and September each year, and many dealers have targets to meet each month and each quarter. You could bag a great deal the month after the new registrations, as most consumers will flock to get their new cars in March or September. Alternatively, if your next car is going to be a used one. You can get a good deal in these months by taking advantage of other people’s part exchanges.
