Financing a car and the expenses that come with it may not be easy, it can cost quite a lot to even own one at all! But if you absolutely need one, here’s some help on how to keep your costs down…
Refinance your loan
Many people tend to forget that this option is available to them because they are so used to making their monthly payments. But in actual fact, when there is a change in market conditions, re-examining the interest rates that your current financing plan is on can really help you save some big money! Essentially, what will happen is that you will (hopefully) find a cheaper financing plan for your car because of the lower interest rate – that means that you pay a lower monthly amount, and save money in the process.
Cut down on your Car expenses
Owning a car may mean paying a lot for its maintenance – fuel or petrol costs, washing and waxing, insurance or even personalisation with air fresheners and things. Choosing a lower grade petrol, or washing your car on your own can help you cut down on your monthly car expenses immensely and help save you a little more money in the long run! You may want to consider asking a professional financial consultant for advice on insurance savings so that you can get a good range of quotations to choose from!
Cut down on your Other expenses
When push comes to shove and you really need some extra cash, then perhaps it’s time to look at changing some lifestyle habits too. Perhaps going out less during the week and preparing meals at home more or even putting aside your money when you receive your salary instead of being happy-go-lucky with your income… There are many methods to helping your money grow without having to resort to drastic measures. A financial planner might be able to help you better manage your finances on top of helping you look at your car financing issues.
Buy a cheaper car
As a last resort, perhaps it may be a good idea to look for a smaller or cheaper vehicle, if not selling it altogether. A car is without a doubt an expensive thing to own and it’s important to find one that matches your ability to maintain it. A smaller car might be less flashy and less powerful, but it will serve its purpose use – get you around! But using less petrol, at a lower monthly repayment rate and perhaps costing you a lot less in the long run!
It is important to look at your own personal situation when it comes to owning a car. It’s unfortunate if situations change that cause you to have to relook at your options so that you can afford to keep your car in the end. But when push comes to shove, it is better to admit that you need to give up your primary transport in order to go on without a more drastic solution. Perhaps when things start to stabilise in the future, you can relook at car financing and cheaper alternatives to make owning a car less stressful.