If your old car is one more bad gear shift away from giving up, you are a tricky position. Of course, you would love to buy a brand new car, but it isn’t so easy in reality. New cars cost money, and you are going to need a lot of cash before you can scrap your old banger. If you don’t have the cash, however, how are you going to finance the purchase? Don’t worry because there are still a lot of options available.
The majority of times the car looks like it is on its last legs, but it still has plenty of life left. It is important to remember that because it gives you a lot more options. If you don’t need to buy a car straight away, for example, you can always finance it the old fashioned way and save up over a period. It isn’t easy and it isn’t a quick solution, but it won’t leave you in piles of debt.
Take out a loan
If you need a car quickly, you need a loan because that is the only source of income that will inject the amount of cash you need promptly. There are some companies like Revolution Finance that specialise in low cost and affordable loans for cars and vehicles. Or, you can go to the bank and ask for a loan. There are some pros and cons to each that are worth noting before you make a decision. Whatever avenue you choose, a loan is a possible alternative.
Ask family and friends
Asking family and friends isn’t easy. First and foremost, you have to swallow your pride and pluck up the courage to ask. It is understandable that you want to look independent and fend for yourself. But, if they have the money, it is better than lending from external sources. There is no interest and a lot of flexibility with the repayments.
Finance is a bit of a modern option that has increased in popularity over the past five years. It amounts to renting the car for a period until you can pay it off. Once you have paid the total amount, the car is yours. So, instead of paying a lump sum upfront, you can stagger the payments over a couple of years to make it more affordable. Plus, you can always sell it back to the lender at the end of the contract to break even.
If you do have a bit of cash but not much, shop around for the best deal. It might not be the car you want, and it might not be in great condition, but it will get you from one point to another. If you are desperate, shopping around for the cheapest option could be a lifesaving alternative, metaphorically speaking.
Trade in your old car to take away from the price of the new one. Get it valued and then start the negotiations with the dealer. It could save you a fortune.
With these options, you can have the new car that you fully deserve.