5 Tips for Affording the Dream Car from the Movies

by Kevin Faber

Have you always longed for a certain vehicle? Is there a car or truck that you saw on the road and decided you had to have? Thankfully, by following the below suggestions, you can turn your dream car into a reality.

1. Set Specific Goals

Just setting aside a few bucks here or there is not sufficient. You need to determine exactly how much money you will need to purchase your vehicle. That means deciding exactly what kind of car you want. Just knowing the make and model is not enough. You should also decide ahead of time what special features you want in your vehicle. When calculating the cost of your dream car, do not forget to consider the prices of gas, insurance and regular maintenance.

2. Consider a Loan

If you do not think you can afford your dream car, you should research a personal auto loan. Various lenders offer discounts and financing plans that let you pay off the loan over time.

3. Boost Your Credit Score

As long as you make your payments on time, taking out a loan should also boost your credit score. This is important since most dealerships are unwilling to sell new cars to individuals with poor credit.

Paying all your bills on or before their due dates should help your credit, as well. You should also avoid closing any credit card accounts. Canceling one of your accounts will reduce your total credit limit, which could actually hurt your credit score.

4. Invest and Save

Affording your dream car does not happen overnight. You will need to be patient and disciplined with your funds. Invest smartly and save money whenever possible. Aim to have at least 20 percent of the car’s cost in your bank account before you purchase the vehicle. You can then give the dealership a down payment, which could lead to lower interest rates.

There are several ways to increase your savings.  You could have your bank automatically put some money into your savings account each month. You could also examine your weekly and monthly budgets and see where you can cut your expenses. One easy solution is to skip your morning coffee shop trip. Many larger stores charge more than four dollars for a single cup of joe. If you eliminate this daily purchase, you could save over $100 per month.

Many restaurant and take-out dishes are expensive, as well. Making your own meals is cheaper and typically healthier.

5. Find Additional Sources of Income

If you are still struggling to find enough money for your dream car, you may want to find new sources of income. A side hustle is one option. Consider what skills you have and how you could apply those to a freelance job. Make sure the side job you pick does not interfere with your full-time gig. You could also ask your boss for extra shifts.

Of course, you may not have time to work additional hours. If so, you can still increase your earnings by selling things around your house. Your used cars in tucson is a great place to start. Once you are close to reaching your savings goal, selling your prior vehicle can put you over the top. Just take some pictures of the car and put them on AutoTrader or Craigslist.

If you still need your old vehicle for the time being, you should search your home for unused items that may be valuable. Perhaps you have outfits that you never wore or unopened electronics. Even your slightly used belongings could still bring in some cash, as long as they are in decent condition.

Before you post any sales advertisements online, be sure to read the terms and conditions of the website you are using. You should also research the general value of each good. This way, you will not get ripped off.

Purchasing your ideal car does not have to be a pipe dream. By making a plan, saving or borrowing money, and earning extra income, you can afford the vehicle that you always wanted.