Hi, I am Andrew. A few days back, my wife and I were blessed with a baby, and it is nothing short of the great happiness in our life. We seem to be living in another world and cannot ask for more than that.
It is looking like that the whole world is now too short in front of this happiness. My wife and I are feeling great to become proud parents. Joy is something making our life more memorable than ever before.
But please wait!
There is another side of the story as well. The joy has brought a huge responsibility for us. At the same time, I have more responsibilities and more tasks to perform. After all, I have become the guardian.
I have to take care of my wife and baby so that they can relax and back me in my struggle. It is why I am now planning to BUY A NEW CAR because a new member has arrived in our family. I cannot wait to take them on a long drive or to enjoy a picnic with them.
Isn’t it a great idea?
Does Andrew have enough money to implement his car plan?
As the continuation of the story, Andrew is feeling awesome here.
When I (Andrew) held my baby in my hands, I was entirely in the new world. I want to add more joy by purchasing a brand new car.
Well, there is one constraint in front of me, i.e. limited finance. I have savings, but I want to use them for my baby’s care. At the same time, I have to purchase a new car too as it is not my desire but a need for my family.
I don’t want to approach my relatives for having some money because I don’t want to spoil my relations with them. I hope you have the same understanding as well.
- Now, what should I do?
- Should I use my savings?
- How much risk do I have to obtain?
- Should I wait for a few more days?
- Whom to contact to have extra funding and fulfil my dream?
Such questions are not only in Andrew’s mind, but many people also have the same if they go through this scenario. Therefore, my focus of discussion in this blog remains the same. It is nothing but the tricks to implement the car plan as you have wished for your family.
Tips on How to Implement your Car Plan as Per Your Wish
In this section of the blog, we will discuss various tips that can be useful when planning to purchase a new car.
1. Planning is crucial, but implementation is more vital
It is the hard rule of any task. You may be wise in your planning and seem everything in order. Subsequently, when you are going to implement all the steps, nothing looks in your favour.
This situation happens in many individuals’ life. Some of them face the situation bravely, while some are shattered in front of them. Buying a car looks very easy these days, but people with limited cash often struggle to have this charm.
Therefore, your concentration should not only be on the planning, but equal efforts on its practicality are paramount.
2. Why not opt for Car Finance?
Here we are going to give the best suggestion that many people have adopted while planning to buy the new car of their dreams.
Car finance options are plenty in the marketplace in various deals and terms. However, you need to understand first is that not all financial institutions are ready to lend on a complete assurance. On the other hand, they require more formalities to follow from the borrowers.
Any single mistake can cause their applications, and thus, their dream of purchasing the car remains as it is.
Alternatively, it will be best if you are more active in your car purchasing planning. What you can do is to find out reliable loan providers in the UK when you are looking for guaranteed car finance. Yes, it is possible if you put more effort into the research.
Here are some points to follow:-
- You can do online research to search out the ideal car finance company where the interest rates are manageable to your pocket.
- If you can find out the lender, then share your circumstances and financial capacity with it. Such practice helps you to have better communication with the finance provider.
- You make sure that you ask for that amount of money, which is not 100% of the total car value. There are not many lenders providing the full amount. Instead, it will be best if you use the finance option either for the down payment or to register the vehicle in advance.
- Repayments are the vital aspect of borrowing. Try to balance your monthly income as such, where you can easily cut out the monthly instalment of the borrowed car finance. It will not put an extra burden on your finances.
- Purchase the dream car for your family and drive safe by following all the traffic measures. We are telling you this because the lender also wants sincerity from its borrowers.
3. You should have your credit score in mind
You are going to look for the car finance option, and the lender promises you guaranteed acceptance. Your credit score may become a crucial part of this process.
You should regularly update your credit score, and for that, you can approach credit reference agencies. If your credit score is good, then it will be fine for your chances. Otherwise, it may get tricky. However, the direct lenders are flexible in their approach and may allow car finance with bad credit too.
Furthermore, if you follow the repayments quickly, then it will be a wise chance of making necessary improvements in your credit scores.
At the same time, you should not feel too careless to see that loans are available despite poor credit. You should be selective in your approach and research. Follow these given below tips:-
- Do not apply for the large amount as this may become tough to repay later;
- You should avail only affordable loans which are under your income capacity;
- Show the lender your repayment capacity by earning a sufficient full-time income.
4. If not the car finance, then look for other borrowing options
There may be a chance when you cannot get car finance options. It may be your inability to make the car down payment or unable to come across the guidelines related to credit score. Losing the job in between can be the reason.
You should not in dual thoughts a lot at this stage. If you are unable to get the right car finance, then many other options are still available. You can have personal loans or any other quick loans in the UK.
If you opt for personal loans, you may have to agree upon higher loan interest rate. It is because these loans are unsecured, and you have a lower credit score.
In these circumstances, you should target quick loans as they are easier to get. Most online lenders in the UK provide these loans. It means you need only a few minutes to complete the process without much documentation to follow. However, you cannot opt for a large amount.
5. Purchasing a used car is not a bad option, either
If the above options do not seem practical, then we will suggest you opt for used cars. Many manufacturers are selling old cars, which are also in good condition.
It will keep your dream happening since you will have your car, and subsequently, you do not use the entire savings to have a vehicle. You may not require applying for loans, which will give you more balance in your financial life.
You will be amazed to know that since the pandemic, the percentage of used car purchasing has increased a lot compared to the new ones.
In the Nutshell
Purchasing a new car needs proper planning. Not only the new one but also the used car demands quite a few types of research. What sort of car model do you favour? Will it be a hatchback car or a sedan one, or any other? What accessories do you want to include in your car?
Many more questions are in your mind, but you should equally focus on the money aspect. If you use all your savings to purchase a vehicle, then it may not be a wise decision. Most financial experts are against this view.
It would be better if you paid a significant amount as the car down payment. After that, you are applying for an online car loan is the right decision. You do not have to pay the entire loan amount, and at the same time, you can improve your credit score by making all the loan instalments on time.
In the end, we can suggest that both planning and its implementation are crucial while thinking of purchasing a new car. It will be suitable for your family, and your dream can deserve to be in reality just as now Andrew is going to do.
