You want to buy the car of your dream? Auto finance will make it very easy. But as with all good things, a lot of folks still find a way to hurt themselves with them. This article will look at one grievous mistake many people make that lands them in big trouble. You’ll do well to avoid it…
People buy cars for different reasons: Some buy theirs purely to move from one point to another (quite a small percentage). Others buy a car to impress their friends and peers. A car for many, is also a status symbol. Yes, a car has a lot to do with a person’s position and personality (It will make some news if you see the CEO of a top multi-national driving a Kia Picanto!).
However, care must be taken as we fulfill our desires…
You can buy a car of your dreams and set yourself up for financial difficulties. A good advice is to never allow the sum of your auto finance payment be more than 33% of your disposal monthly income. You can use a more affordable car: You can have your dream car – fairly used. You can have a brand new car of a less expensive make and model.
Life is in phases and men are in sizes. Cut your coat according to your size. You’ll grow bigger with time and so will what you can handle without dire consequences.
It’s fine to impress your friends with that flashy car. But, they certainly won’t be impressed if your home is foreclosed!
Before you take an auto loan, check what you can afford to pay in addition to your current bills. If you must have that expensive car, you can cut down on your other expenses. It’s a matter of re-organizing your priorities. That’s the way to finance your next car without messing up your life.
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Chimezirim Odimba is a finance expert.