While the New Year is hardly the right time to buy a car, the three months leading up to it are anything but. Timing is an important factor when it comes to car purchase, especially if one is considering dealership rates, rather than those provided by the bank. However, you ultimately do require a lump sum to fund it. Here is what you can do to finance your dream car.


Securing an auto loan is ridiculously easy, so much so that it will make you want to read the fine print—something you must do because the catch lies in your:

  • Credit Score – The lower it is, the higher the interest and the longer the loan term.
  • Loan Term – A longer term carries lower installments, but high interest, while a shorter one comes with a lower interest rate.
  • Down payment – If you pay more of this, rest assured both your monthly payments and rate will remain low.

Most dealerships, in order to make their offers look attractive, conceal these details within the Terms and Conditions, which no one reads. It is important that you look into this tedious bit to avoid getting the short end of the stick.


On first glance, entering a two or three-year contract to rent—not buy—a car may look like a terrible option, however, it does have its perks. What if we told you the lease covered maintenance and repairs, came with a negligible down payment, and gave you the options of switching to a newer model or buying the car you have been using at the end of your lease term? Because that is exactly what you get.


The best option is always one where there is no interest to begin with. In other words, where you save enough to not only be able to afford your car, but the expenses associated with it. Whether you rent or buy, the following should cover whatever it is that you need to look out for in auto finance.

  • Loan Instalments
  • Lease Instalments
  • Maintenance
  • Repairs
  • Insurance
  • Fuel
  • Toll tax
  • Paid Parking
  • Any add-ons
  • Service and Wash
  • Towing and other forms of assistance
  • Registration

You need to be on the same page with the very real expenses that go behind getting and maintaining a car. Putting it down as a new year resolution entails so much more than getting a chunk of metal; you have to come to terms with the utilities that it adds to your life. Once you do, the dream may not seem so far-fetched after all.

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