Jefanie Genilla
Are you planning to buy your dream car soon? Are you still looking for ways to generate money for down payment? If you are, make sure to read this post to know the best ways to secure enough money for the initial payment.
Who doesn’t want to drive home one’s dream car? That shiny, stylish road beast is all we need to secure a safe and convenient mode of transport. One important tip to remember, though, is to ensure you’re ready for the cost of that type of property. For starters, you need to get enough money for the down payment.
Like any other financial goals and milestones you have, the key here is to plan and prepare. Buying your dream car certainly requires you to set aside a considerable amount of money for down payment, but driving home the car of your dreams isn’t really impossible. Here’s how to pool money for the down payment of your dream car:
- Open a savings account with a high-interest rate. It’s best to prepare a couple of years prior to the purchase. You might like to invest in term deposits so that your seed money will grow for a specific period of time. There are also banks – such as Metrobank and BDO – offering savings account for specific purpose. Apart from banks, insurance companies like Sunlife Financials and AXA offer an investment counterpart to their life coverage package that you can withdraw and use as down payment.
- Use a portion of your savings. Of course, savings is the quickest go-to source of money for the down payment. That is, if you have sufficient cash in the bank. Make sure not to withdraw it all, though, so that you still have money left for emergencies and other immediate needs.
- Apply for a quick cash loan. You can also borrow cash from your employer or your banking provider of choice. Just opt for the multi-purpose quick cash option so that you can use the money in whatever way you’re planning to.
- Apply for a salary loan. Ask your employer if you’re eligible to apply for a salary loan or if the company is offering any. If not, you can go to the nearest bank to get an application.
- Borrow from your retirement money. If you have a retirement plan and have been contributing to it for many years, why not consider withdrawing a portion of it for your car’s down payment. Just make sure to pay back the amount as fast as you can to keep your retirement plan’s value.
Why Call an Expert?
See? There are countless ways to pool money for your dream car’s down payment. However, choosing the best option is tricky. Remember, making the wrong move – such as choosing a bad loan deal or car unit – can cost you more. To make the best car purchase, contact Loansolutions PH’s loan consultants to advice you on the best auto financing options today, as well as the best units to choose.
Overall, driving the car of your dreams is actually easier these days with the availability of various auto financing options. All you need to do is prepare sufficient money for the down payment via one of the options above to make your dream car a reality.
