Are you in the market for a vehicle upgrade? Purchasing a car is a big financial and life investment. One has to factor in saving for the car, laying down the money at the actual purchase, making loan payments and maintaining the life of your vehicle. Today we discuss some tips on boosting your budget to help with your used vehicle purchase, as well as some Phoenix buy here pay here options as well.
Start Saving for a New Car Now
Buying a car is an investment, and most people have to start saving ahead of the time of the actual purchase. One simple way to start saving is to carve out a portion of each paycheck you receive. Putting aside $50 or $100 each month will slowly add up, and help you when it comes time to make a downpayment on your vehicle. Most financial institutions make it easy for you to automatically transfer a portion of your funds each paycheck to a designated savings account. After a while, you wonāt even notice the money taken out of your wages. This is a super efficient way to save up for your vehicle.
Consider Upping Your Down Payment
A good way to lower your monthly vehicle payment is to pay a larger down payment at the time of purchase. The more your down payment is, the less your monthly payment will be. Cars come with outside expenses such as gas and routine maintenance like oil changes and tire rotation. The less your monthly payment is, the more money you will have on hand to take care of those expenses. This is a great time of year to purchase a vehicle because tax return payments come in during late winter and early spring. This tax season, use your return as means for your vehicle downpayment, and reduce your monthly payments moving forward.
Know the Score
Knowing your credit score ahead of time is key information to have. You will be able to take advantage of better loan opportunities with a favorable credit history. Having good credit will afford you lower interest rates and better terms, which in turn will lower your monthly payment and save you money. Not everyone has the benefit of a favorable credit history. Auto Action still has you covered, offering reasonable vehicle loans to consumers with poor or no credit history.
These tips will all help with your vehicle purchase at Auto Action. If you don’t have much money saved up to buy a used car out right or to put towards a big downpayment, you can still get a loan at one of our Phoenix buy here pay here locations. Visit one of our many locations, or purchase your next car from the convenience of your home or office with our easy to use website.