Buying A New Car When You Cannot Afford One: Five Tips To Help You
It can be hard to get to work, school or wherever else you need to go if you don't have reliable transportation. If you need a car, you can't worry about whether or not your can afford it. You simply have to do whatever it takes to get yourself a new car. Here are five tips that can help you afford your car even if you think you cannot.
Ask Friends Or Family For Money
There is no shame in asking family members for at least part of the cost of buying the car. If you truly are in need, there should be at least one person who is willing to help you out. Make sure you can repay that loan in a timely fashion.
You don't want to risk straining a relationship with a family member over money, especially if you're buying something fairly diminutive like a Honda Civic! If you're going to fall out, it might as well be over something altogether more interesting, like, for example, a new Ferrari.
Stretch The Loan Over A Longer Period Of Time
This will make your monthly payment lower. It is a good idea to refinance the loan when you are back on your feet. Remember that stretching out the loan results in more interest being paid over the life of the loan. However, it will be your best shot at getting into a brand new car right now. Most lenders will allow you up to eight years to pay off a loan for a new car.
Make Your Car Available For Rent
You can always let people borrow your car when you are not using it. Car sharing is actually a popular service that allows people to rent cars for as much as $30 an hour or more. This will help you pay off your car while also helping to give yourself a decent stream of income if you are desperate for cash. The good news is that you are not liable for anything that happens while your car is being rented out.
Go With A Base Model Car
Base model cars are generally more affordable even when they are brand new. It isn't difficult to find lower end cars that are worth no more than $12,000. That may seem like a lot of money, but you are still going to get a new car that is safe and reliable for yourself and your family.
Cut Spending In Other Areas
Now is the perfect time to create a budget for yourself. Figure out what you can cut back on in order to afford your new car. You may find that it is much easier than you imagined to find money for your car. Things like cable television, your weekly coffee money and even shopping for food in bulk can save money. Savvy spenders can make this happen.
Purchasing a new car is not always an easy thing to do. Brand new cars cost more on average than a used car. This means that you have to cough up more money in order to get what you want or need. However, there are many options available to you to get that car even if you think you cannot afford it.