Top Tips to Help You Finance Your New Vehicle

Sep 02, 2020 12:20 PM EDT | Staff Reporter

Top Tips to Help You Finance Your New Vehicle

(Photo : Top Tips to Help You Finance Your New Vehicle)

Financing a new vehicle can be easy for some, and feel impossible for others. Vehicles are dream ticket items. They are also essential tools. You need to work with your budget and know the best ways to bring the cost down so that you can drive off in your new vehicle without overdoing it with your budget. Affordability and longevity matter most, especially with your first vehicle, so use these top tips to ensure you get a great deal.  

1. Work With Your Budget 

The budget you have to work with is your monthly budget. You can afford a nicer car than your budget would normally allow if you can manage to save up a substantial down deposit, but no matter what, you never want to stretch your monthly budget too thin. Affordability is paramount when it comes to big-budget purchases, so work backward from what you can afford per month to find out what your budget is for your first car. 

2. New, Used, and Rental 

New, used, and rentals all have their ups and downs. If you can, try to find a barely used car that is one or two years old. This way, you get all the benefits of a new car, at a great discount because its depreciation value has already kicked in. It can be hard to find these kinds of cars, but if you can, don't waste the opportunity.  

3. Tips for Negotiating 

To help you reduce the cost even further, try to go at the end of the day, month, or quarter. This is when sales agents are more willing to make a quick sale just to bump up their portfolio, and if they don't bite, be prepared to walk away and try again later. 

4. Know Where to Get Quality Parts for Your Vehicle 

Perhaps you needed to save when you first got your vehicle by opting for the most basic model, or perhaps you need a replacement part. Knowing where to go to get a quality replacement is essential for your budget and your vehicle. You could easily get a huge variety of STI parts to upgrade your Subaru STI right online, for example, allowing you to update and improve your vehicle from the engine and beyond at your own pace. 

5. Maintain Your Vehicle to Get the Most Value 

It should go without saying that if you can manage to keep your vehicle in working order for its full lifespan, you will get the most value out of it. Vehicles have a terrible resale value, but even if that is your goal in a few years, proper maintenance is still going to help you get the most value back, guaranteed. 

Maintenance keeps repair costs low, keeps the value as high as possible, and prolongs your vehicle's life. Add in the upgrades from the previous tip, and you can keep on enjoying your vehicle for longer, allowing you to pay it off in full and enjoy it for little cost to you. 

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