Would you like a brand new car? Most people would, but there is one thing getting in the way – money. To be more precise, it is a lack of money that is getting in the way. Cars are an expensive purchase and one that requires a lot of cash before you can even consider signing on the dotted line. Or do they? The truth is that you don’t always need the money in your bank before you splash out on a new motor. You can easily and safely buy a brand spanker even if you don’t have the cash to walk the walk. All you need to do is find an alternative source of finance that suits your needs.
Get A Personal Loan
The great thing about a personal loan is that it is not as expensive or as strict as a private loan. Mainly, the come from sources that you can trust, and that don’t demand the money back next week. Plus, they also don’t tend to charge interest on the loan, which saves you a fortune. To get one, you want to talk to a friend or a family member. If they have the money to spare, it is far better than lending from the bank. When they come through with the money, you can use it to buy the car that you need. Just make sure they know what you are going to spend the money on. Otherwise, you may find yourself in the middle or an argument.
Or A Private Loan
Asking the bank for a loan to buy a car sounds like madness, and it is to a degree. Unless you can’t live your life without one, you shouldn’t get tangled in that web or repayments and interest. The important thing to remember is that there are more options than the bank. Banks are just one option that has a monopoly on the industry, but there are plenty more. Take a credit union as an example. Credit unions specialize in small loans at a small rate of interest. They also don’t discriminate against people that have a poor credit rating or are in financial difficulty. Because a new car doesn’t have to cost $25,000, they are a viable alternative.
Consider Car Loan Specialists
Instead of going to generic suppliers for a loan, go to a specialist instead. Yes, they both seem like a viable option, but the specialist is better for your needs. Because they only deal with car loans, they will be able to offer incentives that make the loan more appealing. One incentive that they like to use is logbook loans. Very much like car title loans in America, logbook loans are secured against your car through your V5 document. The document is also called a logbook, hence the term. Once they take possession of the document, they will release the funds. And, just like a normal loan, you pay off the debt until it’s cleared. The money is yours to use as you please, like buying a new car.
Buy On Finance
The problem with cars is that they cost a lot, and the dealers demand the payment in full. Well, some clever dealers have spotted the problem with this and are changing the rulebook. Instead of making buyers like your good self pay a lump sum upfront, they let you pay in monthly installments. This method is called paying on finance, and it is perfect for those of you that don’t have the money in your accounts. When you set up the deal, the money comes out of your bank on a monthly basis. Over the course of the agreement, you gradually pay off the debt and the car is yours. Or, you can sell the car back to the dealer if you still owe them money. Then, you break even and can start the process over again!
Lease, Don’t Buy
Did you see a problem with the finance option? One issue that people have with buying on finance is the risk. Why potentially put yourself in debt when you can lease? It is a good question because there is nothing wrong with leasing a car. Indeed, it might suit you down to the ground if you don’t have money lying around the house. Some people live paycheck to paycheck, which means they can account for every penny. As long as you have the money to pay the lease every month, you might as well rent the car. Okay, you might never own it outright. But, you don’t have the money to own it outright anyway. Instead, concentrate on the positives – you get a new car, and you can have a new car every couple of years.
Obviously, you need some money to buy a new car. The term ‘no money’ means that you don’t have all the cash at this moment. But, the cash you have may be enough if you can find a cheaper option. Treat a car purchase like any other purchase – shop around for the best deal. There may be a dealer in your area that sells the same car for half the price. Granted, the odds of that happening are low. Still, that doesn’t mean it is impossible. You never know how far your money will stretch until you take a look at all the options.
Saving is something that you don’t want to hear, but it is the best option. Saving your money for a car in the future is the only way to make sure you don’t get into financial difficulty. When you finally pay for the car, you know it is your money. And, you know that you don’t owe anyone else a penny. There is nothing wrong with borrowing money because everyone needs help from time to time. Still, that doesn’t mean that you shouldn’t do it alone if it is possible.
Everyone wants a new car because a new car makes you look and feel good. Now, you don’t have to wait forever to make it happen.