A vehicle is a necessity for many people, especially those individuals who do not live near public transportation. However, your need for a car does not necessarily mean you have the money for one. When you’re in need of funds for a vehicle, consider some alternate routes.
Lease the Car
While a lease agreement generally requires you to have decent credit scores and while you do need to have money to pay for the monthly sums, you don’t necessarily need funds right now. Some dealerships will allow you to lease a car without putting any money down. You may want to look for specials that are offered at certain times of the year. Also, keep in mind that leases don’t generally require a large down payment, so you might be able to save up in the near future.
Apply for a Personal Loan
When you at least need money to put down on the vehicle, you can look into a personal loan. You may choose to apply for a loan, like those from MainSource Bank, that will cover only the down payment for the car though you want to ensure that you can get approved for a lease or finance agreement. Another option is to take out a loan for the entire amount of the car. If you choose to consider that path, compare the interest rates of getting a full loan from a lending entity as opposed to getting a loan from the car dealership.
Investigate Old Cars
If you just need a vehicle to get you a short distance to work, you may want to look into used cars at the current time. You can generally purchase a used vehicle for a low sum of money. When the sum is low, you may be able to convince a relative or friend to lend you the funds, or you may find a generous individual who is willing to buy the car for you. You should make sure you buy from a reputable entity. Also, understand that the car may last you only a short period of time. At the least, you can save up for a better vehicle during that time period.
Share a Car
You and one of your parents might be in need of a new car at the same time. When your schedules don’t conflict with one another, you may want to consider buying a car together. The other person might be willing to put down the money to purchase the vehicle as long as your name is also on the agreement and you are going to make future payments. Sharing a car with someone who has the money to buy it is an option.
When you don’t have money, you may feel as though getting a new car is impossible. While it may be difficult, it can be done.