It does not matter if it is your first vehicle or the fifth down the line. Going for a new vehicle needs a lot of thinking and pre planning. Why is that so? This is in order to stay out of getting neck deep in debt.
There is a process of researching, comparing and evaluation that you need to go through. Especially if you are going for the best vehicle that you can get for the best value. There are many people out there who have “dream vehicles” in their minds. Because of that they go too deep in the debt pool. This results in them getting suffocated trying to maintain a vehicle that does not match their lifestyle or finances. Let us give you a few tips on optimizing your finances in the best way possible. This will help you to get the most satisfying vehicle to meet your needs.
What you need, what you want and what you can afford?
Deciding which car you are going to buy is one of the most major parts of the financial process. The ideal car will be a good balance. It is between which car your lifestyle demands or what you need. Also which car your heart desires for. And last of all, which car that you can actually afford to buy. If you do not focus on all three aspects, the chances are that you will not be happy by the end. When we speak about which car you can afford, it does not only mean which car you can initially buy. But also which car you can maintain well in the long run.
If you can afford to spend $100 for your vehicle every month, keep in mind that it includes the finance installments + gas + maintenance and other operational expenses. Set your finance budget to match that. Otherwise you will be stuck in the end, leading you to deal with unpleasant experiences with your finance company.
How much of a down payment you can allocate?
The down payment that you can afford to pay for the vehicle is important. Especially since that specifies the monthly installments that you have to pay. The bigger the amount that you can pay the better. Since this will mean that the rest of the amount will be taken into calculation with high interests as you pay it off monthly. This, however, does not mean you have to completely clear all your savings in order to pay the down payment for the vehicle. It means that you have to put your thoughts into it. Then find a good balance as to how much you should allocate.
Good luck with your new vehicle!
Quick Credit Pte Ltd is the leading licensed money lender in Singapore. Looking to get a new vehicle but do not have enough for the downpayment? Look no further for a loan. As the best money lender in Singapore, our friendly loan consultants will able to come up with a comfortable loan plan for your vehicle needs.
We will be glad to assist you and provide you with the necessary cash for your vehicle payment. You can reach us by dropping us a message or calling us at +65 6899 6188 or even visiting our office at 2 Jurong East Street 21 #04-01A/B IMM Building Singapore 609601. Taking a train to Jurong East station, you will then be able to walk over to IMM Building 🙂