In all your excitement about getting a new car, make sure you don’t forget the importance of putting down a large down payment if you plan on financing your new ride. There are all types of loans, including bad credit car loans, but most of them will require the borrower to offer up a down payment to get the ball rolling. Here are a few tips for saving up a larger down payment to reduce the amount you have to borrow, and potentially your monthly payment:
Take Care of Your Credit Cards
If you have any credit card debt, taking care of as much of it as you can means you have more money you can devote to your new car’s down payment. If you can’t fully pay off one or more of your credit cards, look into getting a personal loan so you can consolidate your debt and net a lower monthly payment. You can save the difference between your old monthly payment and your new monthly payment in your down payment fund.
Ask for a Raise
Depending on your employment record and your employer, you might qualify for a raise. Rather than focusing solely on your down payment, base your requested raise amount on your professional accomplishments instead.
If you can’t get a raise, look into doing odd jobs on the side to make some extra cash without looking for a part-time job.
Sell Unwanted Items
You may have unwanted items collecting dust and taking up space in your home, ones that you can sell for some extra cash. It’s never been easier to unload unwanted items either online or within your neighborhood. Just make sure you do yourself a favor and do some research first to see how much your unwanted items are worth so you get a good deal.
With a little ingenuity and patience, you can save up more than you thought possible towards your new car. Best of luck!