There are a variety of different ways you can acquire a car these days. Some of the options result in cars being more expensive than other options. If you are interested in a sporty car, this may be slightly harder and more expensive. Sporty cars usually end up with higher costs than normal city cars.
Do not worry, hope is not lost. There are ways of getting the car of your dreams for a cheaper monthly budget. You just have to know what to look for. Most people now purchase their cars through monthly payments and a deposit either through car finance or leasing. This gives you the opportunity to get these sporty cars on lower budgets by following the helpful advice below.
Pay a deposit
Monthly payments are the predominant way of paying off the value of the car. To lower those payments, it is advisable to pay a deposit at the start. This will remove a large chunk of the value of the car from the very beginning.
A deposit usually comes in one of three forms that you can choose from:
• Deposit worth three months of payments
• Deposit worth six months of payments
• Deposit worth nine months of payments
The higher the deposit you pay, the lower your monthly payments will be. This will be good for those of you with cheap budgets on a monthly basis. However, there is also no deposit car finance for those who do not wish to pay a deposit at all.
Extend the finance period
The shorter the finance period, the more value you have to pay off, therefore, resulting in higher monthly payments. However, if you extend the finance period, the cost of the car is spread out, thereby lowering your monthly payments.
Most average finance agreements are between 24-48 months long. You can extend it should you wish to the maximum of 60 months. This will give you the maximum time to pay off the value of the car through lower, evenly spread monthly payments.
You don’t need a new car
Used and pre-reg cars are cheaper than new cars and still up to the same standard of quality. The difference is that depreciation has lowered the value of used and pre-reg cars. This means the budget required to cover the cost of the car will be lower.
Thanks to used and pre-reg cars, you will be able to buy a perfectly good car for cheaper amounts per month than you would if you purchased a brand new car. It might be something well worth considering as it saves you plenty of money.
Sort out your credit score
The most important factor in getting sporty cars for more affordable budgets is your credit score. This will determine how little you have to pay on the car you desire. It is also the key as to whether you are accepted or rejected for car finance.
Credit scores are broken into five categories. Bad, Poor, Fair, Good and Excellent. If you have a Fair-Excellent credit score, it means you have a healthy history with credit and paying it back. This means you are more likely to be accepted and have lower monthly payments.
However, if you have poor or bad credit, you may not be accepted for car finance. If you are accepted, you will face higher payments due to the higher levels of interest placed on your finance agreement.
You can easily get a sporty car on a cheap budget if you explore all options. Ensure you have the best credit score possible, on the longest lease, after paying a substantial deposit on a used or pre-reg sporty car and you will be happy. If you are interested in getting a sporty car on car finance, enquire with us and our dedicated team will do the rest to find you the best car finance deal.