These days buying a new car can be exciting, frustrating, time-consuming and expensive. With the internet, consumers can research, price shop, compare and even purchase a new or used car online. Or, they can take the traditional route and go to a dealer or private seller. Either way, the buyer must be aware of the costs that come with purchasing a vehicle, whether it’s new or used. If I don’t have enough money, should I get a cash advance online for another car?
Cash Advance Online For Car Purchase?
When buying a new car, most people end up with a car payment or “installment” because they can’t afford to buy the vehicle outright. These installments are paid every month and are easily afforded by many. At the same time, the purchaser needs to budget for the registration cost of the vehicle and other documentation processes. There may be a down payment needed at the time the buyer takes ownership. Taxes related to the purchase also need to be considered. There is no doubt it is always fun to buy a new car, but at the same time, it entails a lot of work and forethought. What do you do when all of this adds up, and you are short on cash? A cash advance may be your answer.
Supplement Your Purchase Power
As you balance your checkbook and realize that those fees mentioned add up to more than you expected, a fast and easy cash advance can supplement your purchasing power. It may be that the tax and license fees (typically 10% of the car’s purchase price) are more than you expected or that the dealer is asking for a little bit more in the way of a down payment. That extra cash could come in the form of an online cash advance or payday loan. You will most likely need to get the money quickly. Applying online for a payday loan and getting overnight funding can really be convenient. Although you may have the option to walk into a storefront, working with a lender that can offer a cash advance online can be the faster, easier, and less time-consuming way to go. Ultimately, it’s up to you to do the footwork.
Research Before Purchasing That New Car
Do yourself the favor of researching both new and used cars. Consider not only the cost of the car itself and the tax and license but also think about how much the value of a new car may go down once you drive it off the lot. Also think about what the resale value will be, and how long you are going to keep it. Buying used may be a better option if you don’t want a high car payment or plan to keep the car for the full loan term. Whatever you decide, it must be right for you and your budget. If you decide to take out an online cash advance or payday loan, consider how that will affect your budget. Being aware of your financial situation before you make decisions is the best way to prevent yourself from getting in over your head with monthly payments.
Count the Costs
I had a friend who did not have good credit and had to get into a car loan over 20% for the loan. He had to take out the loan because he had no options and needed to establish his credit. It may not sound wise financially but when you don’t plan, this is the reality. It worked out fine in the end but it did cost him more than he anticipated. Be smart and get your finances in order so you don’t have to pay high interest on an auto, or a payday loan.
Be Tough With Yourself
Create a savings plan now, and you will thank yourself later. Put aside money in an account and don’t think about it so it’s not an option when you need a new pair of shoes. It’s okay to say ‘no’ to yourself. When you have to take out a payday loan, it costs extra money. Think about it. Generally, if you borrow $200, you pay back $240-250 in two weeks. Think about how you could have spent that extra $40-50 that you just paid in interest. Understand that the only reason you should be taking out that low-cost payday loan is when there’s an emergency and you didn’t plan ahead. The key is to plan, plan, plan so you don’t have to pay, pay, pay.