Buying a car can either make or break your finances. The decision to buy a car is not one made on a whim; it is normally planned or at least carefully considered, writes Mapalo Makhu.
How much it really cost you to buy a car
This brings me to what you should look out for when buying a car. Even if like me, it might not be your first car, I believe the principles still apply.How do you know if you can afford a big purchase such as a car? Live three to six months like you own it already! What do I mean by this? Having a deposit is important because it lowers your overall debt as you don’t have to finance the entire transaction. Another advantage is that by putting down a deposit, you also lower your monthly repayments.Your credit score is a history of your past behaviour with credit. It determines whether or not you qualify for financing and what kind of interest rate you get. The better your credit score is the more likely your interest rate will be lower.
People get caught off guard – knowingly and unknowingly so – by the shinier options available. Take me for example. Last year when I was serious about buying my next car, I went to a dealership with numbers in my head. I was “certain” of the type of car and price range I was looking for. I almost bought a car that I had no intention nor business buying!
Buying a car can either make or break your finances. The decision to buy a car is not one made on a whim; it is normally planned or at least carefully considered
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