Average reading time: 4 minutes
Do you want or need a new car but don’t have any extra money? Maybe you have bad credit and think you won’t qualify for car loan or that the interest rate on your car financing will be too high. Car dealerships can also be intimidating and quick to turn a person away if they have bad credit. Let’s face it, not everyone is lucky enough to have a disposable income or great credit. Life happens, but don’t stress!
Here are 7 easy things you can do to save up for a down payment for the car of your dreams. You’ll be driving away in your new car, or “new to you” car, in no time!
Stop Going Out To Eat!
Did you forget your lunch again? Eating out all the time is really going to add up and put a strain on your finances. It’s easy to change though. Give meal planning and food prep a try. Your bank account will thank you, and you’ll be saving extra money that can go toward the car loan you want. It’s amazing how quickly all that money adds up when you’re not eating out several times a week or buying all those extra coffees. With a few minor adjustments, not only will you be eating well, you’ll be saving money and turning your bad credit around.
Skip The Gym
Why pay for an expensive gym membership when you can work out at home or head outside and do your workout for free. Take a walk, go for a run, take a hike, or if you’re not into the great outdoors, take a look online. The internet has lots of great workouts that require little to no equipment, all that’s needed is your time and dedication. Now that $50 to $100+ that you’ll be saving every month can stay in your bank account or go toward paying down debt and turning around bad credit. You’ll have an excellent down payment and that car loan will be yours in no time!
No More Extras
That new shirt, those must-have cosmetics, tickets to see your favourite band, the book that just launched, that sale on pots and pans that you don’t really need but can’t pass up, or all the extra money you’re spending on your cable package or phone plan—pass them up or tone them down, for now anyway. Not only will you be saving money, but you’ll also be building your credit because you’ll be better able to manage your bills. Suddenly that car loan or financing you need won’t be as out of reach because your credit will turn from bad to good.
Instead of spending thousands on a trip to the Caribbean, Hawaii, Europe, or Thailand, stay home. You can always save up for a vacation in a year or two. Right now, think about that car you want and how much that money will help in your efforts to save for that down payment that you need. Besides, there are plenty of things to do around the home that can still be exciting and not break the bank. Be a tourist in your own town or city, find inexpensive activities to do or places to visit, go camping or visit friends and family. Put your feet up in your own backyard or on your balcony and enjoy the view. If you’re still jonesing for a tropical locale, well, there’s an app for that. You still won’t actually be there, but you can pretend and save your money!
Host A Garage Sale Or Sell Online
We all have things we don’t need. Why not go through all your belongings and set aside anything that you no longer want or use. Instead of putting it out with the garbage or in the donation bin, sell it. If you have lots of items, you could try advertising a garage or yard sale or post them online in your favourite social media marketplace. You just might make more money than you were expecting to put towards a down payment on a car loan.
A Bit Of Something Extra On The Side
Work that is! Up your cash flow by taking on extra hours, either at your current job or by taking on some additional part-time work on the side. Depending on your area of expertise, you could freelance or consult. Maybe you have a hobby that can help make you some extra cash, like baking cakes or doing handy work. Post or advertise on your favourite social media site or spread the word through friends and family. There are even websites that cater to freelance jobs or odd jobs. Check them out now and see if there’s something in your area that suits you. Did you know that people will pay you to stand in line? Seriously!
Refinance Your Car Loan
Maybe the perfect solution for you is to refinance your current car loan. LendingArch is a one-stop-shop for comparing refinancing options and car loans in Canada. Pre-approval will happen in a matter of minutes with LendingArch, regardless of bad credit or no credit at all. You’ll be able to see exactly what’s available to you from the comfort of your own home, plus access the tools and expertise of the LendingArch team to ensure that you choose the option that’s right for you. Getting a car loan or refinancing with LendingArch is as simple as 1, 2, 3! Fill out one simple application online, then click to search through the market for the best offers and deals on car loan interest rates. Now all you need to do is choose the perfect option for your budget and lifestyle.
Don’t stress about having to head over to the car dealership with your bad credit! For the best car loan in Canada, trust Lending Arch!