Planning to finally buy that car you’ve been eyeing for so long? Well, it’s not going to be easy. But with the help of your friends and banks who are willing to bend over to provide you affordable financing, your journey to getting your dream car doesn’t have to be as difficult. However, before going on, ask yourself these basic questions first.
Can I Afford My Dream Care?
Do the Math first before saying yes to that sweet automatic SUV you’ve been dying to drive for. Banks only grant loans with utmost monthly mortgage calculated to 30% of the monthly salary. If your monthly mortgage exceeds 30% of your monthly income, you can increase your down payment, look for a better rate, or perhaps, get a cheaper car.
How Do I Pay?
Think of how you’re going to pay for the car – cash or auto loan. Although paying in straight cash is still the best idea, not everybody can afford to purchase their dream car this way. You can try talking to banks you’re currently connected with and ask or negotiate if they can offer you reasonable rates for an auto loan. Many banks give special attention to their existing clients which can help in purchasing the car you love.
Brand New or Second Hand?
If your dream car is just too much for your monthly income to support, don’t lose hope. Check for second hand cars and see if they sell something like your dream car’s functionality. You might find great deals on a mint condition second hand SUV. Also keep in mind that some banks don’t support second hand car purchases, if they do, most probably, they’ll charge you with higher interest rate.