Cars are expensive, and not every household can comfortably afford to buy one.

Unfortunately, even used cars have risen enormously in price recently. But don’t worry – despite all the fiscal challenges ahead of you as a prospective buyer, being able to purchase a vehicle doesn’t have to be a pipe dream. There are lots of different funding options for you to consider; you just need to know what they are.

So, what are your options? Read on to find out how to purchase a new car more affordably.

Sell Your Current Car

If you are one of the millions of people who use their car daily and cannot be without it, then it makes sense to hang onto it before purchasing a new one or trading it in. But if your life runs on a tight schedule, then when are you going to get the chance to do this?

We’re here to tell you that the switch can be orchestrated more diligently. If you sell your car online with BigBuyAnyCar.com, they provide you with a free and fast valuation and a quote that is guaranteed for seven days. The estimate is aligned with fair market prices and, once you accept the offer, they’ll transfer the money straight into your bank account and even collect your car for you. You now have a pot of money to put towards purchasing a new car.

No messing around writing, photographing the car, and placing adverts; no time wasted entertaining tyre kickers; no bartering with difficult negotiators. All you need is your reg number and Big Buy Any Car does the rest.

Another perk of these services is that you can always sell the vehicle in an emergency if your financial situation worsens. It won’t be a painstaking process, and your money can be in your account in minutes.

Get Pre-Approved Lending

Buying a new car can be quite a taxing ordeal. Some dealers may try to impress costly arrangements on you too. However, you’re less likely to be manipulated by their salesmanship patter if you’re suitably equipped.

A key part of being prepared is to get pre-approved for your loan first. This will give you the following advantages:

  • You will have a stronger sense of what you can afford.
  • You’ll be less likely to be charged for higher interest rates.
  • Securing your loan with a mainstream bank instead of a ‘dodgy’ lender can instil you with lots of peace of mind – which can be crucial for making well-reasoned and cost-effective decisions when purchasing a car.

In the end, it’s best to be one step ahead of the game when making a big purchase. No exceptions should be made when attempting to buy a new car. Get pre-approved, and you’ll feel empowered throughout the process instead of anxious or unsure, which can inevitably lead to bad buying decisions.

Use Peer-to-Peer Lending Platforms

A viable alternative to borrowing from banks or building societies would be to use a peer-to-peer lending platform. Despite being very young in the grand scheme of things, it’s a fast-growing market and very promising for prospective buyers. Borrowers are matched to lenders, and repayments are made over time plus interest. Many borrowers have been able to purchase a car this way when traditional banks have been unable to help them.

You will need a strong credit score to get the most out of this arrangement, but this also means that you’ll get access to the very best rates available. In some circumstances, these rates can be superior to those offered by banks – but it isn’t guaranteed – and varies on a case-by-case basis.

Avoiding Add-ons

Finding money can simply mean not wasting it. Pushy car dealers can, unfortunately, bring out the less savvy side of their customers. Much of the expense can come from these scenarios, and it can mislead people into believing that they can’t afford a car when they very much can.

Though the number of overly keen car dealers is declining, those salespeople whose selling techniques are still stuck in the 1980s will undoubtedly try to push a seemingly never-ending list of car add-ons upon you when you’re trying to make a purchase. Unless you can afford these additions and think them wise to have, your only job here is to refuse their offerings flatly.

Even if one offer sounds mildly intriguing, such as the extended warranty, you can always circle back to it later if you decide you need it and can afford it. Until such a time, though, it’s important to buy within your means and not give in to pushy car salesman tactics. After all, you know your financial situation better than they do.

Conclusions

Cars can feel like a luxury commodity today, but there are multiple ways to make a purchase a more realistic endeavour for all. Be patient, explore every avenue and you may be surprised by what car you can afford.