How Can I Get Funds To Finance My New Car Purchase?

How Can I Get Funds To Finance My New Car Purchase?

When a new car is needed, funds are needed, whether for the down payment or the entire purchase of the car. The most popular options for financing a car is taking a car loan, personal loan, borrowing from a lender or borrowing from friends and family.

Here are the pros and cons of each option

Car Loan & Personal Loan

If you have money for the down payment and have good credit, then a car loan is a great option for financing your car. The only thing you need to look out for is your ability to make the monthly payments. Also, choose a loan with a fixed interest rate, although it might seem slightly higher than a flexible loan with low-interest rate, at least you don’t face the risk of having the interest shoot up half-way through the loan, putting you in a tight financial position.

Borrowing from A Lender

If your credit history is bad and you can’t take a loan, you have another option to consider – borrowing money from a lender. Proceed with caution though, as lenders typically charge high interest (higher than bank loans) and defaulting on the repayments could lead to unpleasant situations in some instances. If your only avenue for finance is to borrow from a lender, make sure you choose a lender that is reputable.

Borrowing from Friends & Family

This is a good option as there are no interests involved. But, there’s a catch. If you are unable to pay them back on the specified time, it could damage the relationships. If you’re borrowing from friends or family, be very clear about the time frame in which you can pay them back, so there’s no miscommunication over it. Also, ask them to lend you only any surplus or spare cash that they have, so they don’t feel like they’ve been put in a financial crunch because they lent you money.

Sell Your Car for Cash

One of the fastest and easiest ways to get the funds you need to purchase a new car is to sell your current car. Perhaps, it is broken down, and that’s why you need a new car? No problem. With the service of QLD Car Removal, you can get your car sold in a jiffy. We are a car buyer that buys all makes and conditions of cars and trucks, so there is never a problem getting any make or shape of vehicle sold.

Selling your existing car is the best way to get money fast. You could advertise the car in the paper which is one way to sell a car, or you could contact QLD Car Removal to get it sold. We are a car buyer that will put fast cash in your hand for the sale of your car to us. The process is quick and could mean cash in your hand in about an hour’s time today.

Call us for a top cash offer for your car at 07 3172 2366.

Get a Quote