It can be difficult to figure out how to save up for a car especially when you find personal financing a challenging topic altogether. Well, here at TFC Title Loans, we would like to lend you a helping hand. We love to help our customers out by giving them financial advice so they can make proper and informed decisions that will lead to their long-term financial security. We have been working hard to expand our website to include many of these brand-new resource pages so you can get your questions answered on topics regarding vehicles, financial planning, and, our specialty, title loans.
This particular resource page will try to help you through the process of saving up the down payment and first few monthly payments for that new car you have been needing to purchase for quite some time. We are the oldest car title loan lender in California and wish to use those 25 years of experience to improve consumer education. Ever since we first opened in 1994, we have been extremely passionate about customer service and lender transparency.
It’s always a good idea to seriously weigh your options before making a huge purchase like buying a car. That is not a decision that ought to be made spontaneously or on a whim. The best way to go about a financial move like this is to make a plan and stick to that plan so you don’t face any unnecessary consequences in the future. If you are planning to purchase a new car sometime soon then follow the tips that we give in this informational article and you will have one of the best purchasing experiences of your life.
However, if you happened upon this page because you were interested in receiving a title loan on your current vehicle then you should consider taking one out with TFC Title Loans. All you need to do to get started is fill out our online application. Or if you prefer you can give us a call right away and apply over the phone.
How to Prep Your Finances to Buy Your New Car
- First of all, decide how much you can actually spend each month on your monthly car payment. Analyze your situation carefully so you ensure you can afford it. Once you have identified an affordable monthly payment, you can figure out what cars will fit into your budget.
- Next, you will need to determine an approximate projected date for when you would like to purchase your new car. Having a time selected will motivate you to manage your money well so you can save up a down payment quickly so you can meet that projected purchase date. Having that time designated to save up for the car will, also, give you time to make sure that your budget can handle the monthly payment that you are considering.
- After you have determined your plan of action, you can start saving up for the down payment and your projected first monthly payment. If you are feeling ambitious, perhaps even save up for your first few monthly payments so you are ahead of the game. The down payment is important. Any money down is better than none but having a substantial down payment can give you buying power and every penny you save for the down payment will be automatically deducted from the total cost of the vehicle. So, the bigger the down payment, the better for you in the long run.
- When you are saving up for the down payment and the first couple monthly payments, open up a separate savings account and allot a specific amount to that new savings account every week. By opening another account, you won’t be in danger of withdrawing too much since you won’t be withdrawing anything at all from that account until you purchase your new car. You can easily set up automatic withdrawals from your personal checking account every time you get a paycheck so you don’t forget to put money away. Additionally, this process will prep you for what it will be like to make the monthly payments.
- Stay focused on your goal even if that means you need to be a little stricter with your budget for a few months. Make little changes so you can make it happen. Sometimes just stopping eating out for a month can mean you’ll have enough money for the down payment. Little moves like that when you are saving can actually make a big difference. Having a plan is important and if you are able to stick to your plan then it will make the process much easier.
Are you feeling motivated to start saving for your brand-new car? Why are you waiting? Get to it. That car you’ve always wanted could be yours sooner than you know. Let us know how the process goes and if you ever need to get a title loan on that new car of yours then know you can always rely on TFC Title Loans. We can get you the most competitive rates, all you need to do is fill out our quick and easy online application to be approved in seconds.