Buying your first car can be a bit of an overwhelming experience. First, you have to align your budget with the myriad choices available. Then there is financing and insurance to consider. Before you get started, take the following into consideration.
Think about your budget and financing
Let your budget be your starting point. Unless you can afford to pay in cash, you will probably consider this from a monthly perspective, i.e. how much you can afford to pay on your car each month. Add up your current expenses and then see how much is left when you subtract them from your monthly income. How much more can you afford to add to your expenses each month. The amount with which you are comfortable will tell you how much you can afford to spend on your new car. There is also your deposit to consider – it isn’t always necessary, but it will help to keep your instalments down and make the car more affordable in the long term. Now, aside from your monthly instalments, you must also consider whether you have sufficient funds to maintain the car and pay for repairs if necessary.
Explore your options
One thing you will find as you start shopping for a car is that you have plenty of options – probably too many! Take your time and look carefully through each car in your price range. Is it worth buying a new car or a pre-owned one? What difference would this make to monthly payments and maintenance costs? Which of the cars that you like will be most suitable for your specific needs? Ask questions, consider all the options, and make a careful and informed choice.
Are there other options?
If the usual route of obtaining vehicle finance is too difficult for you – or not possible – then you do have other options. First-time buyers might struggle to get financing due to their sparse or non-existent credit history. As a result, renting to own might be the best option for you as a first-time buyer. There are no credit checks, the financial commitments are far less onerous, and you can still pick out a beautiful pre-owned car of which you can be proud.
Earn-a-Car offers pre-owned vehicles in top condition, with manageable monthly payments. With our rent-to-buy car finance option, you have the opportunity to get behind the wheel of a car you will eventually own! Instead of considering buying a new vehicle, come to Earn-a-Car for a rent-to-own option. If you are in the market for your first car, simplify the process with Earn-a-Car. Contact us today.