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Wednesday, January 8, 2020

How to Finance Your New Vehicle

Buying a vehicle brand new has never been the cheapest way to purchase one. Buying new is by far the plushest, most pleasant way to enjoy a vehicle in all its luxury, but this inevitably comes at a staggering cost. However, that doesn’t mean that a new car is completely out of your reach. There are a number of ways that you can put money aside to help you make that all-important purchase. 

Research What You Are After

In order to start saving the right amount every month, you will need to find a budget to work with. The only way to get an accurate estimate of what to save for is to do your research:

  • What style of vehicle are you after?
  • What is the maximum you are prepared to spend?
  • What features must it have?

Once you have established these features and the price, you can finally break down how long it will take to cover the cost.

Opt for Finance 

For many people, the most realistic way to cover the cost of a new car is to opt for finance. You can either go straight to a brand’s showroom to discuss finance possibilities, or you can use a service such as Auto Finance Online for large investments, such as motorhomes. With financing options, you are better off starting with a healthy deposit. They are an easy way to finance a new vehicle, but they are much more wallet-friendly if you manage to save up beforehand. 

Create a Savings Account

If you want to save for any type of vehicle, the first thing you should do is open a separate savings account. This gives you somewhere to stockpile money and gives you a concrete means of starting to put money away regularly. If you can, go for a savings account that will offer a decent return through interest. Often, the accounts with the best interest deals are not easy-access (they will require you not to access your savings for a year or two), but the incentive to look after your stockpile might be worth it. 

Be Scrupulous with Spending 

If you have a large investment to start funding, then you will need to ensure that you can absolutely cover those costs every month. The best way to do this is to be incredibly thorough with what you are spending every month. Print our your monthly transactions and have a good look at what you spend on a weekly basis: are there many wants rather than needs that could potentially be ruled out to make way for your vehicle investment? 

Financing your vehicle may not always be as straightforward as proving you can make the payments and driving off the forecourt. Sometimes, you will need to save in advance in order to get the best possible deal. This will benefit you in the long-run, however, as it will make for far lower direct debit payments. It will also help you to get much closer to owning the vehicle outright.
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