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Have you been imagining your dream car for years on end? Have you ever wondered if you’ll ever be able to afford your dream car? The fact is, purchasing a car is a big investment. Many people ahead of you have wondered the same things and the truth is, purchasing your dream car is possible on any budget. With a little planning and goal setting, you can afford your dream car in a short amount of time. Here’s how.
Know Your Budget and Save
As with any big purchase, it’s important to know your budget. It may be time to sit down and make a spreadsheet wherein you analyze your monthly expenses against your income. Figure out how much extra money you have to contribute to savings after all your expenses are paid. Are there ways you can save even more? Perhaps you might consider packing lunch for work instead of eating out every day. If you conservatively spend $20 a day on lunch, that can amount to an extra $400-$500 a month to contribute to saving for a down payment for that beautiful car you’ve been dreaming of for so long. Furthermore, consider saving your money in a place where you can earn interest on your deposits; therefore, your money can earn you money and help you achieve your savings goals sooner.
Set Goals
Speaking of goals, once you’ve done your research and assessed your budget, you’re ready to begin saving which means setting goals for yourself. Pre-determining aggressive but achievable savings goals will bring the process to life. It may help to write out your goals on a calendar to tick off each time you achieve one. This is a nice way to visualize your dreams becoming a reality. By setting realistic goals, you work steadily towards your prize: your dream car.
Do Your Research
Before jumping feet first into the buying process, do some preliminary research. Your research should include digging into package options and cost for the particular car you wish to purchase. Dealer websites can be a great place to start. For instance, Spearfish Ford car dealer lets you research particular car models, package options, and availability in your specific market.
Also plan to look into financing options. Let’s face it, most of us can’t afford to walk into a showroom and pay cash for a car, so knowing your financing options and rates can be informative during the planning process. Although your friendly and knowledgeable car salesman can certainly provide you with financing options through the dealership, know that those aren’t your only options. You may find you qualify for more money and/or better rates if you procure an auto or personal loan through your local bank or credit union.
Improve Your Credit Score
A final way to work towards attaining your dream car is by improving your credit score. Simply, the better your credit score, the better your financing options will be. If you have outstanding credit accounts or unpaid bills, settling them will improve your credit score. If you’re working with a financial institution, they can typically run and assess your credit to let you know which outstanding credit or revolving accounts to pay off or down to quickly improve your credit and in turn your lending options.
Although buying your dream car may seem unattainable with your current credit score or income, that isn’t necessarily the truth. The reality is that with a little hard work and perseverance, you will be driving your dream car off the lot in no time. Remember, do your research so you know roughly what your car will cost and if you’ll qualify for financing; this way you’ll know what to work towards. Then assess your budget, set goals, and begin saving. In a matter of time, your long-awaited dream will manifest.
