Tips to Save for Your Car Down Payment

Tips to Save for Your Car Down Payment

Time for a new car? Having a down payment to finance your next vehicle can help you boost your buying power and save on your monthly payments. Here are a few tips to build your car down payment:

Budget:

Budgeting and understanding where each dollar will go is extremely beneficial to the savings process. Knowing how much you have going toward each expense can help you determine where you can move your money around or cut back on spending. Budgeting sets a certain amount for each life expense; rent/mortgage, food expenses, utility bills, entertainment and more. Cutting down on entertainment spending and unnecessary items is a great first step to take when saving. Find your limits with each expense, and add your extra cash to your New Car fund.

Cancel Monthly Subscriptions:

Even if just for a few months, cancelling those monthly subscriptions is a great way to give your down payment a boost. Monthly subscription services include streaming tv services, streaming music, subscription boxes and more. Take the money you would normally spend on these services and put that in your down payment savings!

Match Your Spending:

Before you consider buying that extra coffee or a trip to the movies, ask yourself if you can match that amount. If you can, go ahead and see that new movie – but add what you spent to your new car down payment. Whether it’s adding just $5 at a time* and $20 here and there, this can add up.

*A great way to keep track of your money on-the-go and make transfers to your down payment savings is to sign up for digital banking. Ask your personal bank or credit union how you can access your account through your mobile device.

To learn more about what kind of down payment you’ll need and where you stand financially, talk to our team here at Speck Hyundai of Tri-Cities! You can also apply for financial pre-qualification online here.

The information provided is for general informational purposes only and does not constitute legal, financial, or professional advice. While we strive to provide accurate and up-to-date information, we make no guarantees regarding the completeness, accuracy, or reliability of the information presented. Any action you take based on the context of this blog is strictly at your own risk. Always consult a qualified professional or specialist for advice specific to your situation. We are not responsible for any losses or damages arising from the use of this blog or its content.

Posted in Uncategorized | No Comments »