When You Can’t Afford A Car Outright

    Posted by Ben Davidson about 2 months ago

    Are you looking to buy a new car? Very few people can afford to purchase vehicles outright today. There are then those who do not even want to buy their vehicle outright because they do not want to tie all of their money up into it. If you fall into either of these categories, there is no need to panic, as there are so many different ways you can purchase a car today. With that being said, read on to discover more about all of the options that are available to you.



    The first option is to take out a loan. There are many different loans available, so you do need to explore all options carefully. For example, you could take out a bank loan, or you could look for a loan designed for vehicle purchases. Car title loans fall into this category. They are beneficial because they have been designed with people like you in mind. No matter what sort of loan you decide on in the end, it is of huge importance that you take the time to read the terms and conditions and to make sure the agreement is right for you. The last thing you want to do is end up taking out a loan that you cannot afford.


    Another option is to put the purchase of your vehicle on a credit card with an interest-free period on purchases. In order to buy a car in this manner, you are going to need to have a good credit rating. This is the only way you will get a card with a long interest-free period and a large amount of credit. If you do go down this route, make sure you set up a monthly direct debit so you pay off the vehicle before the interest starts coming.


    Are you someone that likes to change vehicle every few years? If so, a personal contract purchase may be the right option for you. This is an agreement whereby you pay a deposit, followed by payments on a monthly basis. Once your contract comes to an end, there are two options. You could decide to pay a lump sum so that you own the car, or you could give the car back. A lot of people prefer to do the former and then sell the car so that their deposit and monthly payments do not go to waste so to speak.


    The final option is a hire purchase. With this, you will also pay a deposit. You will then re-pay the balance in full over the loan period. You do not own the vehicle until you have made the final payment. Therefore, if you miss a payment, the company may simply take the vehicle from you.


    Hopefully, you now have a better understanding regarding the different options that are available to you when financing a car. Most people today do not purchase cars outright, especially new vehicles, as they depreciate in value from the moment you drive out of the showroom.


    Tags:

    Latest Articles

    See All
    • Why Do So Many Drivers Give Up?
      Why Do So Many Drivers Give Up?

      September 14, 2018 - You might think this is strange as driving is so essential to some people, but there are actually quite a few really good reasons why some car owners might simply never get behind the wheel again. Read on to find out more!

    • No License, No Problem: Off-Road adventure at the Calabogie Boogie
      No License, No Problem: Off-Road adventure at the ...

      September 13, 2018 - Off-road riding is an interesting area of motorcycling, as, in many cases, you don’t actually need a license to do it. You’ll certainly find your share of licensed riders – both new and seasoned – partaking. But you’ll also find riders of all skill l

    • 4 Essential Things To Do After Buying A Used Car
      4 Essential Things To Do After Buying A Used Car

      September 10, 2018 - There’s nothing wrong with dipping into the used car market. In fact, you will often find some absolute bargains when you purchase a second-hand car. Regardless of whether you’ve bought a vintage vehicle or a modern machine that’s only a year old; he

    • Titanium Gleams in the Automobile Industry
      Titanium Gleams in the Automobile Industry

      September 10, 2018 - Titanium’s strength, light weight, and high survival rate is making it a top choice for cutting edge cars and in this post, we will highlight just a few of its most cutting edge uses.

    • Off-Roading: How To Choose The Perfect Vehicle
      Off-Roading: How To Choose The Perfect Vehicle

      September 3, 2018 - If you’ve given off-roading a try and have decided that you really enjoy getting out and about and cruising across country instead of on the roads, then you might be thinking about treating yourself to your own off-road vehicle

    • 2019 Hyundai Veloster Turbo: Putting the Fun in Funky
      2019 Hyundai Veloster Turbo: Putting the Fun in Fu...

      September 3, 2018 - Two doors or four doors? When you’re buying a sporty car, it’s a choice many buyers are faced with. But Hyundai did things a little differently, giving you a sweet spot in the middle with three doors in the Veloster. When it first launched in 2011,

    • What Should You Do After a Minor Car Collision?
      What Should You Do After a Minor Car Collision?

      August 30, 2018 - It’s worth knowing what you should do and how you should conduct yourself if you’re ever in this situation yourself. So you should read on now and learn more about what you should do after a minor car collision.

    • Drivers, Are You Taking Advantage Of The Support That’s Available
      Drivers, Are You Taking Advantage Of The Support T...

      August 30, 2018 - They say that many hands make light work, and this is certainly true when it comes to driving. While only you can take control of the vehicle whilst being behind the wheel, plenty of support is out there. However, it’s impossible to reap those reward

    • 2018 BMW X2 28i xDrive: Bold and beautiful, at a cost
      2018 BMW X2 28i xDrive: Bold and beautiful, at a c...

      August 28, 2018 - Automotive enthusiasts – the persnickety bunch who demand rear-drive, manual transmissions and naturally aspirated, finely tuned engines – have long decried BMW’s X-line of vehicles. But there’s no denying how much money it brings in for the brand wh

    • When You Can’t Afford A Car Outright
      When You Can’t Afford A Car Outright

      August 24, 2018 - Are you looking to buy a new car? Very few people can afford to purchase vehicles outright today. There are then those who do not even want to buy their vehicle outright because they do not want to tie all of their money up into it.

    Share This!

    or