Many people are struggling to pay all their bills at the moment. If you were hoping to get a new car, you might wonder how you’ll be able to pay for it. Fortunately, there are several ways of reducing your expenses. To get started, call your Silver Spring, MD dealership and ask about your options. You can pre-qualify for a car loan, which allows you to spread out the cost of your new Lexus.
Get a Car Loan at the Silver Spring, MD Dealership
Buying your car on finance could be a great way of spreading out the cost and making your purchase affordable. When you get a loan, you can slowly pay off your Lexus so you don’t have to save up for it in advance. This also makes it much easier for you to budget because your car payment will be the same every month.
Sell Your Old Car
Most lenders will ask you for a down payment of 10-20% of the value of your new Lexus. If you don’t have that much money available, why not sell your old car and use the proceeds to buy a new one? If you’ve taken good care of the vehicle and had it serviced regularly, it’s likely that it has retained a lot of its value. Even after eight years, a well-maintained Lexus might still be worth 50% of what you paid for it. This can make a new car much more affordable.
Pay Yourself Each Month
People who don’t already have a car might need to save up for their down payment. There are several tricks that can help you save more money. Start by paying yourself first each month. As soon as your paycheck arrives, transfer some of your cash to a savings account. Resist the temptation to use this during the month, even if your budget is tight.
You can also use tools to help you save even more. There are apps that round up your purchases to the nearest dollar and transfer the extra money to a savings account for you. While you only save a few pennies that way, you’ll be surprised at how quickly it adds up.
Budgeting for a new car can be hard, especially in the current market environment. But don’t get discouraged. There are many ways of saving money and spreading out the cost of your vehicle. Reach out to us at DARCARS Lexus of Silver Spring and speak to one of our finance managers about your situation. We can help you find cars that suit your budget, and we can show you our excellent financing options.
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