Buying a New Car? Take Our Financing Advice

New car

Buying a car is a major financial step for many of us. It’s often a reality for buyers at some stage in their lives, whether it’s their first purchase or they’re looking to trade in their old model.

As you begin to fantasize about the car you see yourself driving, there are some important factors you need to consider. This is a purchase that requires careful consideration and strategic planning, so you can get the most out of your new car.

First, Do Your Research

You may have your dream car in your head, but before you make any major purchases, you’ll want to ensure you’ve done the research. There are factors to consider no matter the condition of the vehicle. If you’re looking to purchase a new car, you’ll want to look for the invoice price of the car, not the MSRP. The invoice price is what the dealer paid the manufacturer, and this will work in your favour when it’s time to negotiate. On the other hand, if you’re looking to purchase a used car, you’ll want to look for resale prices for that model. This also gives you power when bargaining.

Know When to Buy

Just as you would shop the sales at the mall or online, there are often ideal times to purchase a car. According to Autotrader, the best times to purchase a car fall at the end of the month, around holiday weekend sales, and during the end of each quarter. Like any end of summer sale, dealerships often slash their prices to make room for next season’s models. If you have the time to spare, waiting patiently for in-store or online deals will save you a ton of money in the long run.

Don’t Rule Out Alternative Lending

Alternative loans are not uncommon, especially when it comes to making monthly car payments. If you find yourself fluctuating financially and want to ensure you have some short-term stability, you may want to consider payday loans as alternative avenue meant to provide a faster, more efficient borrowing option to traditional lending.

Instead of dealing with the red tape you’ll often find through traditional means, the right lender such as GoDay will help eliminate these obstacles. Instead of filling out a mountain of paperwork, payday loans only require your basic financials like employment history and banking information. Alternative borrowing can help you pay your monthly car payments so you can get back to your daily responsibilities.

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Gather Insurance Quotes

Finding a car within your budget is just one piece of the puzzle — you also want to ensure you can afford the insurance. Car insurance is often an overlooked expense and can account for 15 to 25 percent of your monthly payment. You may want to shop around insurance companies before you make any purchases, as some may offer more incentives or discounts than others.

There are a variety of factors that can affect your insurance quote — the make and model of the car often carry the most weight. We recommend comparing two or three cars across insurance companies to gage where the best deals lie.

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