The purchase of a vehicle is a significant expense for a home. In addition, other fees are then added from gasoline to auto insurance, through the technical control. Fortunately, there are many ways to finance the purchase of your new or used car painlessly for your wallet.
What precautions to take before buying a car?
Before embarking on a major expense such as buying a car , you will have to make sure that it does not endanger you financially . This goes through:
- evaluate your debt capacity by looking at the weight of monthly payments on your income and the financial margin that this investment leaves you …
- estimate the cost that the vehicle will represent once purchased (maintenance, gasoline, compulsory auto insurance)
How to finance the purchase of a car?
To buy a vehicle , 3 options are available:
- cash purchase (which implies having significant savings available)
- the subscription of a loan with a bank (personal credit, credit affected …)
- Lease with option to purchase (LOA) or long-term lease (LLD) or leasing that allows to rent a vehicle while retaining the opportunity to become owner at lower cost at the end of the contract.
If you want to know the amount of your monthly payments, you can use our simulation tool .
How to buy a vehicle if you have not sold the old one yet?
If you want to buy a new car but you already have one , you should ideally start by selling the first one before anything else. It happens nevertheless that the purchase and sale are not simultaneous. In this case you will be able to:
- contact a dealer or garage owner to pick up your car and sell one at a more attractive price
- rent one if you find a buyer for your car before buying a new vehicle
- you can take out a car loan for your new car and ask to shift the payment of the first monthly payment in the month you sell your old vehicle
Hervé’s advice! Since January 1, 2018, the scrappage premium has become the conversion premium. It allows motorists to replace their old diesel or gasoline with a less polluting vehicle subject to certain conditions.
To find the best financing for your car, you can compare auto credit deals via Wise Daddy. This is the ideal tool that allows you to compete with different players in the field.
Finance your vehicle with a car loan
I buy my vehicle with a car loan at the best rate I compare I easily cancel my current car insurance I cancel I save 335 dollars when changing car insurance I take advantage.