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Your dream car doesn’t have to remain a dream. By exploring your financial options, you may be able to afford the car of your dreams. Here are just several tips for making that ultimate car more affordable.
Take out a loan
Buying your dream car outright may be too much of a financial stretch, but you may be able to buy it on finance, allowing you to spread out the cost over several years. There are lots of companies that offer finance schemes on luxury cars. Make sure that you can reasonable afford the monthly repayments.
Start saving
Even if you take out a loan, you’ll likely have to pay a deposit, which you may still have to save up for when buying a high value car. Using a high interest savings account could help you to save up more quickly – the likes of Wellesley offer fixed rate bonds with very high interest rates. Saving money requires self-discipline – make sure that you don’t dip into your savings for any other reason. You could even get someone else to set up the saver in their name so that you have to go through them to access your funds.
Keep a clean driving record/credit score
Having points on your license and a bad credit score could narrow your finance options. Some lenders may refuse to offer loans if this is the case, whilst others may simply charge high interest rates and may ask for a higher deposit. Your credit score and driving record can also make a difference when getting insured. Your dream car could be expensive to insure, but having a clean credit score and a clean driving record could help to lower the costs.
Buy used
A new car is going to cost you a lot more money upfront. A used car can cost as much as half the price of a new car. Check out sites like Trade Cars And Commercials to shop for used cars. Buying online may be cheaper than buying directly from a dealership, however it’s still beneficial to inspect the vehicle in person before buying so that you can get a good idea of the condition.
If you have the required knowledge and expertise, consider purchasing a fixer-upper to get an even better deal. A Lexus that’s being auctioned off still has a lot of life left in it. Look for companies that sell new and used Lexus parts to get it back on the road for a fraction of its sale price.
Time it right
The time at which you choose to make your purchase can often affect the cost. Some vehicle are more popular during certain times of the year and therefore more expensive during these months (e.g. convertibles tend to be more expensive to buy in the summer) – by buying out of season, you could save money. As for negotiating a better price from a dealership, you may find that you’re able to get a better price on a week day when sales are slower or at the end of the month when dealerships may be trying to meet targets and more eager to offer a discount.
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