Planning To Buy Your Dream Car: Prepare Yourself Financially

By April 2, 2019
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After waiting for so many years, you are all set to put your dream car into your own garage that you saw long ago in a TV ad or in the parking lot of a mall. Well, how fascinating it may seem, it is important that you prepare yourself from the very beginning. Actually, it will ensure that your dream doesn’t just stay a dream. Buying a car is one of the biggest investments that you will be making in your life, so you have to take every step carefully and consider all the factors prior.

Whether it’s to add a charm to your personality or make it easy to commute, whatever the reason may be? In order to get the right car at the best price, two things are of the essence and they are- RESEARCH and PREPARATIONS. Get as much information about the vehicle as possible so that you won’t have any difficulty while negotiating the price with the dealer.

Another important thing is how will you pay the price? Have you got enough cash in the account to buy the car all by yourself? If not, then you can go for other options like long term loans for bad credit with no guarantor. This means that you can get the loan even if you have a bad credit score and don’t have a guarantor to present. But, getting such loans is not that easy than it may sound. The lenders will verify other things thoroughly. First, you need to have a steady income source and the lender will ask you to put any of your valuable assets as collateral.

Now coming back to the main topic, buying a car is not just, ‘give cash and take car’ deal. There are plenty of other things included too and you need to be really smart if you want the deal to be in your favour. Well, as you are predetermined with what car you want to ride, you need to check other aspects as well. Here, we have mentioned 5 important things that you really need to consider while buying a new vehicle. So, let us get started.

Things you need to consider while buying a car

  1. Research about the car: The first thing that you definitely need to do is collect as much information about the car as possible. The more you know about the car the better will be the chance for you to get the best offer. Find out the dealership price of the car’s latest model before getting in touch with the dealer. This will help you in the price negotiation and also make sure that you visit other dealers in your city. After that, go with the dealer who is making the best offer. In the end, this could save hundreds of pounds.
  • Car accessories:

Also, you need to do is see what sort of accessories you want in your car. If digital radio is pleasing to you then you can ask the dealer for it. However, going for a simple radio might save a few pounds going out of your pocket. Going for a car installed with all savvy techs can incur an additional cost, so make sure that you can afford that too along with the car.

3. Financing the car

As you are well aware of the price of your dream car, the next big decision is how to finance the car. If you are opting for the loan option, then clarify everything with the lender regarding various things in the first place such as what will be the total amount you will have to pay? What will be the rate of interest? What will be the monthly payments? And most importantly, how long you will have to pay the loan? Don’t get trapped with low instalment scheme as in the end, it will be the loan term that will matter the most. For instance, If you have been offered 72 months loan with £250 monthly instalment and on the other, a 60 months loan with £300 monthly instalment, then it is advised to go for the later. The reason is that- completing your debt early will ultimately help you save lots of money in the long run.  

4.  Used instead of new

It is important for you to know that the resale values of vehicles nowadays are not that happening than it used to be earlier. The moment you drive your car out of the showroom’s lot, the value of the car starts depreciating. Well, going for a used car that is around 2 or 3 years old is not a bad option. In the end, you will get your dream car at a significantly lower price than what you will be offered at the dealer shop. Therefore, if you are going to buy a used one, make sure that you have checked the condition of the vehicle thoroughly. And at last, don’t forget to run a test drive.

5. Get a car insurance

Another important thing often people ignore while buying a vehicle is its insurance. Getting car insurance is very important as it will cover all the expenses if in case; your car gets damaged and of the injuries caused to the driver and other passengers. Imagine you walk out of the movie theatre and head towards the spot where you had parked your car, but you find it empty. Nothing can be more dreadful than this. However, with car insurance, you will likely receive money that can be a life saviour.

Wrapping up, as you can see buying a car is not just a one-way process. There are various other things too that you need to consider while buying it. Hopefully, you must have learned everything that you can do make sure that buying your dream car doesn’t cost your fortune.