We all know the importance of owning a car. A car comes with a lot of conveniences since you can move from one place to another at anytimeof the day and anywhere without having to worry about the inconvenience experienced in the public transport. Besides convenience, a car comes with a particular class of belonging, and you will also feel good driving across the streets. However, the cost of buying a car is very high, and not all people can afford it. Depending on the vehicle you want, you will have to burn your pockets before you can afford one. So, how do you finance a car buying project?
Like any other project, buying a car is not easy, and you will have to prepare yourself since it’s not a decision you make one day and walk into a car dealer and drive away with a car. Itis far from that. You need to prepare well and decide how to finance the project. This article will look at three main ways through which you can fund your car buying project. We will start with personal savings. If you are one of those people who say they can drive a car under the loan, well, you can decide to start saving as early as possible. Depending on the kind of car you want and your current bills, it can take you from two years and event up to five years before you can finally save enough for a new car. If you’re willing to wait this long, then you can take the deal.
Another way to finance a car project is to seek loans from banks. Many banks are more than willing to lend you money to buy your dream car. However, to use this deal, you must be ready to face high rate and strict guidelines that you need to follow all through your repayment period. Also, to enjoy such a deal, you need to have a good credit score so that you can secure a good loan amount for your car buying project. This deal can work for both self-employed and employed clients.
The last and the best way to finance a car buying project is to consider the novated leasedeals. It is where an employee signs a contract with the employer where they buy a car that is to be paid by the employer by deducting their salary before tax. This way, the employee will save a lot of money, and the employer will enjoy productivity as he/she will be motivating the employees by allowing them to own what they love most.
Also, novated leasing is a flexible option as it doesn’t matter if you transfer to another company because as long as you’re employed, the responsibility can be transferred from one employer to another. It is a deal that you should consider.