Month: April 2019

Getting a car if you have money and good credit score is one thing, but buying one if you’re broke or in debt is quite another. Still, even if your financial status is currently on the rocks, that doesn’t mean you can’t get a brand new or used car. By following the tips laid out below, you can do just that!

Get a Loan Through the Dealership
Seeking a loan though dealerships is quite common. In fact, a lot of auto dealerships specialize in selling affordable used cars to customers with slightly critical financial status. Most refer to them as “buy here pay here" programs. Basically, the dealer gives you a car loan to help you buy a vehicle with little to no money down. Afterwards, you need to settle your debt with the dealer an interest rate they will set. Before applying for this type of loan, you should know the good chance your application would be approved.

Keep Your Employment Status Steady
You can also increase your chances of buying a car is by improving your current financial standing first. And the best way you can do this is by having a stable employment with a steady income. Many lenders and dealers look at an applicant’s employment status and pay slip when deciding to approve their loan. Most base their decisions on the person’s ability to settle their loans as soon as possible. So if you want to buy a new car and you’re currently unemployed, best get a job first.

Optimize Your Credit Score
Another way you can improve your current financial standing is by optimizing your credit score. Stat by learning what your credit score first to help you know where you stand financially. Then proceed with evaluating your score to know if you can still qualify for a car loan or not, as well as determine the amount of money you can get from the loan. While you’re at it, you should make sure there are no discrepancies in your credit report (notify the authorities immediately in case there are). And you can also do a few things to gradually improve your financial standing, including paying off small balances and getting a credit card.

Improve Your Financial Status First

By following the tips above, you’ll be able to buy your own car despite having little money and a previous undesirable credit score. Still, it would be better if you improve your financial standing first. That way, you can better enjoy your ride.

If you’re ready to purchase a second hand car now, then let’s #GoDrive!

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How to Afford a Car If You Don’t have Enough Money

Buying a brand new car should be given a great deal of thought. Aside from the fact that a vehicle never appreciates in value, you should also be aware of the other factors (most of them financial-related) that come with buying a ride, be it a new one or a pre-owned car. Read on below to find out what these factors are.

Automobile Brand
Gone are the days when Americans can claim dominance when it comes to SUVs, as well as the period when South Korean cars were considered inferior to Japanese ones. By choosing the right brand for you, you’ll be able to get a vehicle that would suit your needs best. Plus, some brands have greater after-sales service and higher resale value compared to others.

Vehicle Type
You also need to know what vehicle to buy; otherwise, you might end up with a ride you don’t like. A few things to keep in mind when considering vehicle type are the number of seats, parking space in your home, and the vehicle’s purpose (business, family, etc.).

Transmission
Choosing between manual and automatic transmission when buying a car is very important. With the traffic in Metro Manila getting worse, most motorists opt for AT vehicles instead of MT because they’re easier to handle. Still, MT rides tend to come at a more affordable price, and there’s a certain level of excitement with driving a car with a stick shift.

Car Dealer
Finding car dealers today may not be that hard, but looking for good ones is quite another matter. Aside from better lounge areas, service bays, and parking space, good car dealers must also be very professional and knowledgeable about the car you’re planning to buy. And the car dealer’s place must be near the area where you live. That way, both of you won’t be hassled by today’s worsening traffic.

Maintenance Costs
Always remember that your car spending won’t end with buying your ride. It comes with maintenance costs that will manifest itself the longer you have your car. Knowing the cost of maintenance involving a new vehicle should also be one of your top considerations. By doing so, you’ll be able to prepare yourself in case better a component of your car becomes damaged or worn out.

Think Things Through Before Buying

Aside from the factors above, you also need to think about other things before buying an automobile, including your buying budget, the car’s color, and better deals from car stores. This also applies to used cars. By considering them thoroughly, you’ll be able to afford your dream car.

You may also want to check out pre-owned car units first, as you might see more benefits in having one than a brand new unit. Go to GoDrive’s shop here.

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Things to Consider Before Buying a Brand New Car

A lot of people still scoff at the idea of buying a secondhand car ― much to their loss! Believe it or not, getting a used vehicle instead of a brand new one can actually be the better choice. Aside from the fact that there are reputable dealerships that offer quality and affordable bargains, here are a couple of other reasons why a secondhand car is a smart investment.

Recent Cars Live Longer and Are More Reliable
Many secondhand cars in the past made risky investment indeed. Luckily, the same cannot be said of today’s modern cars. Where past vehicle models are designed to last only up to 7 years, today’s line of automobiles can last at least 10 years. Moreover, today’s cars are built with features that made it much more reliable than their predecessors. Thus, it will cost you significantly less to get a used but well-maintained car than a brand new one.

Better Financing Terms are Also Available Now
Secondhand car dealerships don’t have to sell their cars as hard as those offering new ones; they don’t need to lure you in with installment schemes, impressive sales talk, and what-not. Thus, interest rates for used vehicles tend to be higher than on brand new ones. Still, these interest rates are very competitive! Plus, you can negotiate with the dealer to get lower down payments and long repayment terms, grabbing a fantastic financing assistance deal in the process.

Insurance Costs Also Tend to Be Less
Buying a used car and getting it insured will cost you much less in the long run than buying a new one. Car insurance is based on a variety of factors like age, previous accidents, and value. However, vehicle value plays a bigger role than most of these factors. A brand new car’s value plunges during the first years of ownership, no matter how well-maintained it is. Thus, its insurance cost tends to be less.

And You Can Minimize Depreciation
The value of a brand new car starts going down by 20% as soon as you drive it off the lot, and it will gradually decrease in value by 10% during the first year of ownership. This is something not faced with second hand car owners. Not only does a used vehicle enable you to better take that depreciation hit, but it also allows you to get a great deal for a fair price.

Go for Secondhand Cars

As you can see, pre-owned cars does make a smart investment for those looking for great car deals at affordable costs. So instead of shelling out thousands of pesos for a brand new ride, you would do better to get a used car and save your hard-earned bucks.

Check out GoDrive’s quality second hand car units here.

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Buying A Secondhand Car, A Smart Investment Move

Having your own car is awesome. Not only can it help you go places better, but it can also improve your lifestyle as a whole. This doesn't just apply to brand new cars, mind you; a second hand car can also make your life just as easier. Read on below to learn more about the importance of cars in your life.

It Makes Traveling More Comfortable
Public transportation might be cheaper, but they’re not as comfortable as driving your own car. Plus, you can’t always rely on commuting. Not only does doing so leave you in the mercy of harsh elements (many public transportation vehicles are air-conditioned, but they may still be not as maintained as private vehicles), but it can also leave you more vulnerable to theft and harassment.

It Gets You Places Faster
Another perfect reason why you shouldn’t always rely on public transportation is that it can eat a lot of your time. Most public vehicles tend to move more slowly and sluggishly than private vehicles, especially since they need to load and unload passengers at different points along roads and highways. Sure, you can try P2P rides, but they can also be slowed down by unforeseen factors like accidents, roadblocks, and what-not.

It Lets You Bring More Stuff
It’s always good advice to travel light. There are moments, though, when you need to bring large and heavy baggage during your adventures, especially if you’re going to spend a long time away from home. Getting these luggages from point A to B can be very cumbersome, particularly if you’re traveling on your own. By having your own car, however, you’ll be able to carry your stuff easier. Just place it in the baggage compartment of your vehicle, and you’re good to go.

It Helps Your Family Grow Closer
One last benefit (albeit underappreciated) a car can offer, is that it gives you an opportunity to grow closer with your family. Believe it or not, people spend a significant amount of time inside vehicles. So if you’re travelling with family and friends, you might as well make the most of it and spend quality time with them while you’re driving. That way, you’ll not only strengthen your bond with each other, but you’ll also make the journey smoother.

Invest in a Car Now
Buying a vehicle, whether it’s a brand new one or a pre-owned car, is one of the largest investments you will ever make in your lifetime. Rest assured, however, that a car is worth every penny you earn.

Check out GoDrive’s best used cars here.

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How Cars Make Life Easier