See how easy it is to finally take control of your finances without having to explain your situation to countless banks that love to turn people down!
Many dealers saw a hike in auto sales when the government passed the cash for clunkers offer. Many buyers made the decision to trade in their old vehicles for better fuel efficient cars in exchange for a rebate. The amount of the credit was $3,500 or $4,500 and it depended on the type of vehicle that was purchased as well as the difference in fuel economy between the purchased vehicle and the trade-in vehicle.
The main push for this program was to save consumers money and stimulate the purchases of vehicles, to reduce greenhouse gas emissions, to improve energy security and reduce oil dependence costs, and to increase energy sustainability. Yet this program ends today at 8PM EST and if you did not get a chance to purchase a car, here are some ways to determine if you still can afford a one.
Make a Budget – You need to figure out the amount of money you will be able to spare each month in order to put towards a car payment or car lease. Make a list of your expenses and how much you are bringing in income and conclude an amount you would be comfortable with. You don’t want to be spending more than you can afford and should always have extra money available each month for unexpected emergencies or expenses.
Choose the right car. Once you know how much you can afford each month you want to choose a car within your budget. Also consider fuel efficient cars to decrease fuel expenses. There are specialty websites that will allow you to compare cars side by side so you can visually see the pros and cons of each.
Get the right plan. There are several options in financing your new car purchase or lease term. One way is to do your financing directly with the car dealer. Before you do this though, make sure to go online and check all the current promotions. Some dealers may be running very low interest rates. Another option may be to try and get a loan through a Credit Union Bank. They sometimes may offer better financing than the car dealers.
Deposit Money or Down Payment. Regardless of purchasing or leasing a car, you should have some money saved up in order to place down for a deposit and or pay for the dealer fees and taxes. Some dealers may be running a special and you may need as little as $500-700. Others may request a bigger amount depending on your credit score and the deal agreement. The best option is to save up, sell products online to gain more money or if you need the money in a short amount of time consider a cash advance which will deposit cash into your bank account. You’ll need to pay the short term loan off within 14 days, so make sure you are able to do so before applying.