Have you got your eyes on a new car? While you might feel excited to get behind the wheel you also know the stresses of owning a great car.
One of those stresses includes the challenge to buy a car. When it comes to buying a new vehicle, you know that it’s a challenge to find a way to pay for it.
So what’s the best way to buy a car without putting a massive strain on your wallet?
Here’s our King Cash guide on how to buy a new car:
Clear Your Debts
The first step before you even consider buying a new car is to first clear as much debt as possible. If you’re ever in a situation where you can’t pay off your debt, the collections agencies will come after you, and often, a new car is one of the first things they’ll want to seize.
As you clear your debts, you’ll find it less stressful to buy a car. In many cases, you’ll have to buy a car making monthly payments. As a result, you don’t want your new car to be a debt on top of any other debts you owe.
When you clear your debts you’ll have greater peace of mind as you make payments toward your new vehicle.
Once you’ve found your new dream car you want to research different car dealerships online to see where you can get the best deal.
Many car buyers will avoid buying directly from the brand itself. But often, car brands will give you great deals on your desired car at a reasonable price. Even if the price is a bit higher, they might still offer flexible payment options or leasing options.
If you buy from a third-party dealership you can also speak directly to a car salesperson and also negotiate a better deal with them. Take your time finding the best dealership that’ll give you the best offer for your new car.
Now, let’s look into getting the cash needed to pay for your new car.
How to Get Cash
Now let’s look at ways that you can get the cash needed to buy a car. You want to first look at how you can budget your life accordingly to save up the funds for the new car.
Lowering Your Expenses
The first step is to reduce your cost of living as much as possible. You want to look for areas that you don’t need for your daily living. Don’t worry you can always resume these payments after you buy your new vehicle.
For example, you can unsubscribe to any subscription services that aren’t needed for your daily living. By canceling your Netflix subscription or subscriptions to magazines, you’ll be surprised at how much you can save.
Those monthly payments can go toward your new car rather than on Netflix or magazines that you can always easily resume later.
Reduce Restaurant and Food Delivery Services
If you’re dependent on buying food from restaurants and paying for food delivery services, you’re losing lots of money that can go toward your new car.
Spend time cooking at home and if possible, consider buying groceries in bulk or from a wholesale market. This often lowers the overall cost and saves you from having to shop for groceries regularly.
Stay In While You Save Up
This is often the hardest thing for most of us as we always have a social obligation waiting around the corner.
But as you save up for your car you’ll need to spend less on social activities that involve you going out. But this doesn’t mean that you can’t socialize at all.
Instead of going out to the cinema, look at your DVD collection to watch an old favorite. Rather than going to a restaurant with friends, invite them over for a chat.
For a date, you can go for a walk in the park which is enjoyable and doesn’t involve spending lots of money. You should let your friends and family know that you’re saving up to buy a car so that no one feels that you’re flaking on them!
Increase Your Cash Flow
The most important financial advice that’s often not mentioned is that you need to increase your cash flow whenever possible.
Saving your money and spending less is important but it’s a much slower way to buy a car. You must remember that prices can go up and in our inflationary times, your money is losing value much faster.
As you save up you want to find another way to make money in addition to your main source of income. You can consider the following options:
- Getting a second part-time job
- Selling your stuff online
- Promoting digital products through affiliate marketing
- Offering a freelance service that you’re already skilled in
Whatever you do, make sure you find ways to earn extra cash as you’re preparing to buy a car.
Get a Loan
Of course, whether you need extra money or can’t cover your car payment at all with your income, you want to consider an instant loan.
An instant loan has few criteria needed for approval and is a game changer for anyone trying to buy a car. You can get approved for the loan without having to wait several months.
Let the loan provider know that you wish to buy a car and they’ll see if you’re qualified for a loan that can cover the cost in its entirety or partially.
Let King Cash Help You
If you want to buy a new car, make sure you first clear your debts. Afterward, do your research on the best places to buy your car at a great deal.
You want to follow our best practices to save your money, cut down on expenses, and increase your cash flow.
Of course, if you can’t wait to buy a car and are eager to show off your new vehicle then you might need help getting a loan.
Visit the King Cash website to see if you can claim your cash!