Buying a car is a big decision. Not only are there a lot of car types to choose from (one day I’ll have a DB9. One day), but there several options of payment options to choose from. It can be the second most expensive thing that you’ll ever buy, second only to buying a house, so it is a big decision. Making the best choice for your situation is vital.
You might think about buying brand new or looking for one at a used car supermarket. Whatever you choose, there is a lot to consider, so here are some tips and help for when it comes to financing it.
Here are some of your options:
Buying a Car Outright
Interest rates aren’t the best so you might be better putting your money towards car instead of having it sat in the bank. You might not have enough to buy a car completely with cash, but it could go towards a hefty chunk of a deposit, meaning you will have low monthly repayments. Just make sure you have looked at reviews and pricing before signing on the dotted line; you could read more here. It is a good idea to still have a little left over in your bank, for emergencies, though.
Buying a Car on Finance
If you don’t have the money to buy a car outright, and as said above, you want to use a little cash for a deposit, then the remainder of the car will be bought on finance. This is in basic terms, a loan from the car dealership, where you pay back a monthly amount. Buying a car on finance means that the loan is held against the car, so it isn’t yours completely until the last payment has been made.
A lot of people might be in a situation where they think they can’t afford to get a car. They might have a history of bad credit and think that the would just get declined. There is help available inĀ getting car finance if you have bad credit. Have a look online for some companies that amy be able to help you.
Getting a car on finance is quick and easy to arrange, and often, you don’t need to put down too much of a deposit (though what you put as a deposit will relate to how much your monthly payments are). You should make sure that you can afford all of the repayments before you sign anything though. Check the APR rate and work out the complete cost of borrowing once it has all been paid. If it is realistic and what you can afford, then this is a viable option.
Personal Loan
Depending on what loan rates you are able to get for a car, it could be worth getting a personal loan to pay for it. This will depend on your circumstances and how much you can repay each month. It is worth checking out a finance option first, though, as it might be a lower interest rate than a personal loan.
This is usually quick to arrange and can even be done through your bank online. I would advise never using a pay day loans company in general, but particularly not for buying a car!
Have you any experience in buying a car one f these ways? I’d love to hear what worked for you.
*collaboration
my eldest has just turned 17 so it will be her who I need to buy a car for next so this has come at a great time for me thankfully there are a few options
The last time I bought a car it was a personal loan. I am not fussed about brand new cars though as they lose their value so quickly!
Erin – Yorkshire Tots recently posted…5 fabulous places to celebrate Mother’s Day around West Yorkshire
When I bought my car I bought it on finance, I could have paid for it outright but the smaller payments and balloon payment at the end were much more friendly on the purse as an immediate cash flow issue. It worked well for me. I bought the car outright by the end and I’m happy knowing I’m the only driver of that car.
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I’ve never bought a car on finance but this was interesting to read, so thanks for sharing. I’m hoping to get a new car in the next year or so – maybe finance would be a good option for me then…
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I don’t drive yet so don’t have to think about any of this at the mo!
Hubby usually buys second (probably more like fifth!) hand cars so we don’t have to stress out too much about the cost.
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some great tips, can you believe neither Tom or I drive? I need to learn this year! x
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It’s really great and very helpful tips. I like your tips. Thank you for shear a great and helpful tip.
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Your tip is really helpful for buying a car. This is a very helpful tip. I want to buy a car but I have no money. Your tip must help buying a car. Thank you for share a helpful tip for me. I like your tip.
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Your tip is extremely useful for purchasing an auto. This is an extremely supportive tip. At the point when any individual needs to purchase an auto however he has no cash. This tip must help purchasing an auto.
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There are a lot of ways to get finance car let i tell you something 1st Bank, If you have a bank account then you can easily get the luxury car in low rate interests through the bank. If you take a car through the bank then every month you liable to pay its installments. If you no have a bank account and you have a small collection of finance then don’t worry š You meet the dealer and write the terms and conditions about the car and interest rates. Through a small check, you can get a good car.
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Hey, Great post! I agree with you Itās clear that owning a car is very expensive, and all the stuff mentioned above doesnāt even take into account the cost of buying a car.
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Hello, But this is my first time diving a car so Iām thinking of buying second-hand cars. Do you think itād be good to buy a second-hand car or itād be more worth it if I buy a new one? Anyways, thanks for the tips
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According to my last experience the best option is Buying a Car on Finance. One month back, I tried it.
You can get some great deals!
Your post is awesome! Wish you success in life!
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If you are going to purchase the new car you should consider these points before making any final decision this article will help you a lot.
Thanks for your nice post really this post is very helpful .Please keep it up your writing .everybody can easily check this kinds of topic .Thanks Hope that we will get something new and best
thanks for sharing… i was thinking of financing a car in couple of months and this article somehow helped me by linking to useful sites…
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i am thinking to finance a new car. which car financier you recommend?
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This is incredibly useful and informative articles .worth reading .Thanks yo so much for tips
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My sister doesn’t quite have the money that she needs to buy a car but she needs one in order for her to travel for work. Getting some financing or a loan from a professional for a car could be really useful and allow her to keep her job. I’ll be sure to tell her about how she won’t need to put down too much of a deposit and she should check the APR rate.
great article about finance car. we learned way how to buy a best finance car
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With the right financing plans it’s easy to buy a car.