When faced with frequent car problems, getting a replacement or a much-needed upgrade is the only way to solve it. After all, a car can only last for so long after years of use.
However, getting a car alongside your financial obligations can be challenging. Whether it’s the price tag, or your credit history, getting your next vehicle regardless of your situation is possible through car finance. The question is, what can you do to get it?
Finding the perfect deal
The convenience of having a car is undisputable. You can drive yourself to work, drop your kids to school and go places for the holidays. However, if yours is almost bidding goodbye, getting your next car is a priority.
Most people in Australia get car finance to help them get a vehicle for their family because it offers greater flexibility. Some companies even bundle registration, insurance, scheduled service and at times, new tyres, in their leasing contract which attracts more customers because of the convenience.
1.Know your budget
The first thing to know is how much you can afford. It can help you decide which model to get and what car finance option is best suited for your current financial status.
While others may have the time to save up for a car, it is not recommended for those who need the replacement the soonest.
You might want to increase your budget too if you’re aiming for a newer model. Find ways you can generate another source of income and put that money towards your next car’s budget.
2. Have realistic expectations
Now that you know your budget, it’s time to plan for a calculated risk. Consider your current financial situation and your projected capacity to pay. Ask yourself, can I pay for this car even if my financial obligation becomes more demanding in the future?
Being realistic with your finances and affordability will allow you to make the best decision. By doing it, you can choose a car that you can afford.
Your car should match your current lifestyle and needs, too. If you’re single and typically drive around the city for work and errands, you might want to get a compact car instead of an SUV. For families with one or two children, a sedan would be a perfect fit. Strike a balance between your budget and lifestyle.
3. Consider getting a car lease
A brand-new car rolling off the showroom floor is shiny, clean, and is ready to go on its first adventure. However, it also comes with a price. If you’re working with a set budget or have a bad credit history, getting a car lease is a popular option to consider.
Trusted car leasing companies offer good quality vehicles with flexible payment plans that already includes rego and insurance. That way, you don’t have to worry about other things aside from choosing what model to drive.
Apart from returning the car, you have the option to lease a newer model or buy it outright at the end of your contract. It’s perfect for people who want to drive a newer model every couple of years.
4. Ask about payment options
Car finance providers offer different terms and methods to make payments easier. Whether through credit or debit, choose the payment method that is most convenient for you.
You can ask about the payment schemes available. There are car finance providers around Australia that accept weekly or fortnightly payments. Most people choose to pay weekly, but the decision is yours to make.
By asking further, it will allow you to have enough time to prepare and ensure that you always make payments on time and probably score promos and additional discounts.
Take care of the car when you get it
Look after your car with regular maintenance. A regular car tune-up will go a long way in terms of how long you can use your car.
Doing regular maintenance can help save you money on more extensive repairs. Fix the problem no matter how small it is and spare yourself from the stress later.
Lastly, be smart in choosing the car finance company to deal with. For sure there’s one that can give you flexible terms so you can drive your next car home right away.