Nigeria Female Celebrities with the most expensive cars

Get your dream car without debt

When picking a “dream car,” be realistic with yourself in terms of deciding if it is a good choice economically speaking.

What is the fuel economy on the car in respect of how much you’ll need to drive it each day?

Will it cost you a fortune in gas, or require a lot of maintenance?

Does it cost more than a small house?

You really can have a dream car that you love, but be smart about how expensive it really is.

You might want to rethink things before you spend two years having to save for a car that’s out of your price range anyway.

What is your dream car? Is it something with lots of grunt or super sleek and sexy? Is your current car on its last legs? Or maybe you’re looking to get into your first car and gain true independence? Whatever the reason, your dream car isn’t likely to appear overnight in your driveway. You’re most likely going to have to get a car loan and in order to do this, you’ll need a deposit. Here are some tips on how you can start saving that deposit and finally make your dream a reality.

Though you should always strive to buy your car in cash, sometimes that is just not feasible, or you can get a loan and pay very little interest. No matter why you choose to go with a car loan, make sure you calculate all of the costs accordingly.

 

1. Make a budget and stick to it

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The first thing you really need to know is how much disposable income you have out of every paycheck. In other words, what do you absolutely need money for (eg. rent, food, bills) and what can you go without (eg. coffee, entertainment, shopping trips, etc).

This will help you determine what percentage of your income you can afford as car loan repayments. All money lenders, whether it’s a car loan or mortgage, base the amount they’ll lend you (the ‘principle’) on an affordability test. If you don’t have enough disposable income to make the necessary minimum repayment amounts each month, then it’s thumbs down for your loan application.

 

2. Get Extra Income

Take up A second job or basically anything thing that will provide extra cash,

do odd jobs if you can, or ask for more hours at your current job to save money faster.

Anything you can do to make extra money, do it!

This will help you get to buying a car faster and keep you busy so you’re not focused on not being able to spend your money.

 

3. Set up a dedicated savings account

When I saved up for my first car I opened an extra savings account purely for my car loan deposit. I’d been knocked back on my first loan application and didn’t want it happening again and affecting my credit rating. Each time you apply for finance your credit gets checked, so for each unsuccessful application you make, the worse your credit rating starts to look. Within six months, I had a healthy deposit, got my loan and picked up my shiny new car a week later!

 

4. Cut down on your spending

When I saved money to pay cash for my first car, I cut my budget big time.

I cut all my groceries down to the bare minimum, stopped shopping for clothes and jewelry altogether and only went out once a week anywhere I would have to spend money, like movies, restaurants, etc.

I found free things to do like going to the library, watching movies online through Netflix and even cut back on beauty items.

 Trust me it won’t be easy.

5. Get the right finance

When looking for a car loan, shop around. Think of it as a product, exactly like buying a new television or computer. You’re the customer and you want value for your money and great customer service. If you’ve had problems in the past with money and/or finance applications, you’ll need a specialist lender who can draw from a group of lenders who may be more flexible and whose products are better suited to your needs. Even if you haven’t got bad credit, a car finance broker can do all the leg work for you and save you a bundle by negotiating better loans rates and terms. Check out a broker such as Jautos in the US, Nigeria and in the UK, to see how they can help you make your dream a reality sooner than you think.

At Jautos we provide the best prices in the market, for a wide range of exotic and economy cars in Nigeria, The UK and USA.

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