Everyone knows that cars are expensive, both to buy and maintain, but that doesn't mean that you can't drive the latest model without spending a fortune.
All you have to do is be creative and explore wide the range of alternative ownership and financing models on the market today.
Here's a list of some of the various ways you can fund your dream car without having to dip into your rainy-day fund or sell a kidney!
Personal Loan
Personal loans are quite possibly the most common alternative way to pay for a new car. You can take out a loan for all, or part, of the car's value, then pay it back across an agreed amount of time.
It's important that you shop around when taking out a personal loan for a car so that you get the best interest rate possible. If you go with the first provider you notice, you may find yourself paying over the odds for the car in the long run. Check if your bank or car dealership offers loans, as sometimes you can get a good deal because you're an existing customer.
Leasing
Leasing a car means that, whilst you don't actually own it, you're allowed to drive it for a set period of time, or the number of miles, before returning it to the leasing provider. Essentially, it's like renting a car. You're not only able to spread the cost, but also save on maintenance and drive a top-of-the-line model without paying a fortune.
You'll even be able to get the latest technologies on your new car, such as the Range Rover Evoque Infotainment System, which is available for lease from Vantage Leasing. This fashionable vehicle comes with the latest infotainment tech, so you'll love every moment driving it, without having to spend every last penny you have on it.
Hire Purchase
If you're keen to spread the cost of your new car, but want to own it when you've paid off its value, then hire purchase could be the ideal alternative to a personal loan.
Many dealerships offer this payment solution for both new and used cars. A combination of a loan and leasing, hire purchase means that, while you're paying off the cost of the vehicle, the dealership still owns it. However, once you've paid everything you owe, the car is now yours to do with as you want. This can be a great solution for drivers who aren't sure if they want to buy the model they've chosen but might want to own it further down the line.
Credit Card
It might seem outlandish, but using a credit card could be the cheapest way to spread the cost of your new car, particularly if the amount you're putting on the card isn't too high. Choose a card with 0% interest or a lower interest rate than the loan options you have available so that you know you're getting the best deal. You can then pay the balance off over a period of time, without incurring any interest, as you would with a personal loan.
