HOW TO AFFORD THE CAR OF YOUR DREAMS
For many men, one of their biggest aspirations is to own their dream car. But you may be wondering how you can turn that dream into a reality sooner rather than later. A strong savings fund may seem like the most obvious answer, but there are more ways in which you can afford your dream car.
Budget your spending
If you don’t already have a budget, then it’s time to make one. If you are wanting to gradually save up for your dream car or put down a deposit on a finance deal, then you should work out an affordable monthly budget. A monthly budget helps you plan for when you can expect to afford your car and also how long it will take to save up your required amount.
Reduce unnecessary expenditure
If you’re working out your budget and find there are a few expenses that you could do without, then you should cancel them or find cheaper alternatives. It could be the gym membership you never use, buying all the branded products at the supermarket, or a streaming subscription you never watch. This will free up more money to go towards your monthly budget!
Open a savings account
If you’re serious about putting your dream car savings to one side, then a savings account is a great idea! Send your savings over via a direct debit and you won’t ever forgot. You can also earn interest on many savings accounts with most banks and building societies, meaning you can accelerate your savings further! Have a savings deadline in mind? Many banking apps also allow you to set up savings pots which you can only access at a certain date that you set.
Consider car finance
Car finance and leasing has become more popular over the last 10 years as it enables drivers to spread the cost of owning the car they want into affordable monthly repayments. If you’ve already been refused car finance, then you may think cash is the only option. However, this isn’t strictly true anymore. There are many options for people with bad credit who are looking to get car finance.
Increase your credit score
If financing your dream car is the path you want to take but you’re worried about having a low credit score, then you could consider increasing your score before you start applying. There are a few quick and easy ways in which you can increase your score: Make all your payments on time and in full, register on the UK electoral roll at Gov.uk, check your credit file for any mistakes, financially ‘de-link’ yourself from anyone with bad credit, avoid making multiple hard search applications in a short space of time, and close any unused bank accounts, credit cards or store cards.
Consider a second income
Many people think that a second income means getting a second job. However, there are many ways you can increase your income to save up for your dream car. You could consider selling your unwanted stuff, becoming a mystery shopper, starting your own blog, sign up for cashback sites, become a delivery driver, and much more
Wait for the right buying time
Getting your dream car can be so exciting. However, if you are buying an expensive car then this process should not be rushed. With your finance budget you should make sure that you don’t cause yourself any financial stress or put yourself into debt. You could also consider the physical time of year. Some motoring experts recommend buying a car at the end of the month when salesmen could give you a good deal to reach their monthly target. Alternatively, you could grab a great deal just after the new car registrations (March and September) every year.