Life without a vehicle has meant a lot of bus rides and cycling, but I wanted to wait until I could comfortably afford the right car for me. Here are four easy ways to afford your dream car sooner than later.
Find Opportunities To Improve Your Credit
The first thing I needed to focus on was my credit. I had watched my friends buy new vehicles with entirely different credit scenarios. One had great credit and the lowest monthly payments she could get, and the other had bad credit and car payments in the $500 range. I can’t say any car, even my dream car, is worth that much of my paycheck! So the first step before taking on any new debt was to build up credit and get ready to show my best side to lenders.
Plan Around Your Loans
I started this process with not-so-great credit, so taking a high-interest car loan was my only option. My previously mentioned friend (with her notoriously perfect credit) got a low-interest personal loan for more than the cost of her car. She then used it to pay for all debts in one fell swoop, saving her money in the long run.
If y’all are trying to afford your dream car sooner than later, focus on the big picture of your finances. The lowest possible interest rate available isn’t always the best option for your total finances.
Use the Vehicle To Pay Off the Vehicle
My backup plan was always to use the car to pay off the car. From delivering food to giving rides, I can earn some cash while loving the ride from point A to B.
However, there are some pitfalls to watch out for that can make rideshares backfire. Running a $30K or more Jeep through muddy terrain isn’t all that scary but keeping it clean after some late-night rideshares is something I wouldn’t wish on my worst enemy. I’m not the only one with reason to fear what passengers do to the backseat of my dream ride.
Wait for the Right Vehicle
When I talk about affording your dream car sooner than later, I don’t mean instantly. One easy thing I recommend is taking the time to read everything about the vehicles you’re looking at, from mileage and repair history to part availability. While this process runs the risk of missing out on a specific vehicle, it’s worth waiting for the next one to come along so that you can avoid wasting money.
Suppose y’all’s dream car is the most recent model of a muscle car. In that case, I can’t guarantee that the “sooner” in “sooner than later” will be tomorrow or the next day, but these methods still do their part in making buying a car easier. As long as you can afford to be patient and work hard, you can eventually afford your dream vehicle!
