We recently had a car nightmare. Our clutch entirely went and we were quoted over £1000 to get it fixed, without knowing if there were going to be any aftermath problems once it was corrected. It never seems to happen at a time when life is stress-free, so it always feels like a huge weight on my shoulders when something goes wrong with the car. So, we made the decision to scrap the car completely and get a new one. It’s hard to find the finance for a car out of thin air, usually unexpectedly and in a hurry. We rely heavily on our car for getting the kids to school, looking after my elderly parents and occasionally for work. Plus, it’s just part of our life now, we drive almost everywhere! So, we needed a new car pronto. If you find yourself needing car finance and are in a pickle, here are three easy tips to help you finance a new car when you don’t have the savings ready in the bank.
Don’t part exchange
It seems like part-exchanging an old car is the normal thing to do when it’s time for a new vehicle. It might seem logical, but it means the new garage has all the power while you’re in a desperate situation, it’s pretty unbalanced don’t you think? But if your car is totally dead or needs a big repair it can be difficult to get a decent price, plus, it can take up a lot of time, without knowing if there’s going to be any real benefit. Also, dealers know you’re in a tight spot so can negotiate down! So, instead of part exchanging, we sold our car to a scrap and second-hand vehicle dealer. We got a very decent quote after sending some pictures, plus they came to pick it up so we literally had nothing to do. On top of that, having cash in your hand can make help you get a better deal when buying a new car.
Vehicle Loan
Most of the time, a car loan is the only way to finance a new car. People don’t always have thousands sitting in the bank for a new car! But I know it can be tricky at times to get finance, especially if your credit isn’t great. But there are short-term financial solutions out there for people who struggle with bad credit. By using online vehicle load providers you can shop around and get the best deal for your credit, without being under pressure to make a decision straight away at the car garage. It means, no matter what your circumstances, you can get the best deal for you. It’s worth doing a bit of research beforehand to see what kind of finance you’ll have available before choosing a new car.
Car Renting
Take a deep breath and hear me out. Sometimes renting a car can actually be more affordable than buying one! It means you don’t usually have to pay for tax, MOT or services and you can rent it for whatever duration you need. You might even surprise yourself that it works out more affordable than having your own car. It can take some getting used to but if you think you could live without having your own car, it’s def worth consideration. You’ll be surprised at how much money you save, and it can be a lot less stressful.
However, if you decide to finance your new car, make sure you look into all the options and get a good budget in place. Good luck!
