How to Fund Your Car When Your Job Isn’t Paying Enough?
In 2015, the annual median income of US citizens was pegged at around $55,000. That rose to over $83,000 in 2019. The numbers merely mean that half of the labour force earned below that figure and the other half earned more than the median income. If you fall in the lower half, you probably feel the heat of your income already. Combined with your student loan and mortgage/rent, the pay check might not be enough to afford a car next. So, what should you do? Appraisals are not coming anytime soon given the condition in 2020. And work is not available either that you will add an extra source. How are you to fund your car?
Buy used cars
The market for used cars has inflated due to the comparatively low prices of the vehicles. Typically, a 5-year-old used car will cost you 50% cheaper than its current model without any substantial compromise on the vehicle’s overall quality. In the top used car dealerships on White Horse Road, Greenville, SC, you will get warranties to prove that claim along with clean service histories and genuine titles. The lower overall price also clears your credit channels as well. And you can settle for low-down payments without burning your savings.
Consider buy here pay here dealers in Greenville, SC
If you are already carrying a student loan, a high mortgage, and other fixed personal costs, the insufficient income can bring down your credit score. This will make obtaining financing from banks or other conventional institutions difficult as they do not hand out risky credits anymore. Here, a dealer with buy here pay here on White Horse Road, SC can be your savior. Your poor credit score does not matter to these dealers and they approve you a loan amount depending on your net income. Even the down payment can be low and the credit can be offered over a long period so that your monthly payments remain in the manageable zone, usually no more than 20% of your net income.
Lease a car for the time being
However, if your cash crunch is real and the income is just enough to pay your regular bills, you can always lease a car. The average cost of leasing per month was $450 in 2019. This should take care of your transportation needs until your financial situation improves a bit. But do keep in mind that you will not have ownership of the car at the end of the lease period and you can buy a used car from BHPH car lots on White Horse Road for similar monthly credit payments. The latter option is financially sound as the dollar value of the car will belong to you.
This is personal blog for Family Auto of White Horse Road. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner is not be liable for any errors or omissions in this information nor for the availability of this information. The owner is not liable for any losses, injuries, or damages from the display or use of this information. Reader’s discretion is advised.