5 Tips to Help You Afford Your Dream Car

If you’re like most people, you have a dream car that you’d love to see in your driveway. Ford Mustangs, Cadillac SRXs, Lexus RX 350s…all beautiful cars that are high-end but not outrageously priced considering the level of luxury that these cars provide. The problem with most luxury cars is that, for most people, it’s impossible to pay for them in the short-term. If you’re looking for ways to make your dream come true and drive the car you’ve always wanted, the following tips might help improve your chances of getting what you want.

Take Out A Personal Loan

You can take advantage of the benefits of taking out a personal loan and you may put yourself in a better position financially. A personal loan is a great option if you need access to quick cash. The funds can be in your account in a matter of days and, depending on the lender you choose, you can enjoy low interest rates.

Be Financially Aware

Take a look at your finances and determine what figure you need to buy your dream car. Explore your monthly income and expenses and see if there are any areas where you can save a considerable amount of money. Can you get cheaper insurance? Are you paying for subscriptions that you no longer need? Do you have loan repayments that could be consolidated into one monthly repayment? Are you paying more than you need to on your energy bills? These are all questions to ask when getting to the bottom of where you stand financially.

Invest Your Savings

Do you have savings that are sitting in a dormant account? Why not put some of those funds to work for you by making profitable investments? You could potentially, with the right investments, double your money in a short amount of time. Some short-term investment options include short-term corporate bond funds, money market accounts, Treasury’s, and certificates of deposit.

Improve Your Credit Score

Investments and savings are not enough for those that have a poor credit score. If you have a spotty credit score, your savings and the money you make from your investments will be eaten up by the high interest rates you’re paying. Explore the options that are available to you when it comes to improving your score. Paying your bills on time is essential and try to keep the balances on your credit cards low. Financing your dream car will only be possible if you take all measures necessary to raise your score.

Get A Second Income

When most people think of getting a second income, they think of getting a second job. The good news is that making more money and having another source of income does not have to mean slaving away for 60+ hours per week. In fact, you may only need to do a few hours per week to increase your monthly income. Driving for Uber, starting a blog, becoming a freelance writer and creating a home-based business are all viable options that won’t be a massive drain on your time.