Down payments on a vehicle can help lower the total loan costs, but raising the money can be very difficult. Here are some simple ways to save and where you should be saving money.
Negotiate Your Rent Payment
Almost nobody assumes you can do this, but many people have successfully renegotiated their rent payments with their landlords. Sometimes, it’s just not going to work. You have to pay what you have to pay.
But, sometimes, the landlord will work with you, especially if you offer him something in return. For example, part of your rent includes (implicitly) maintenance and repairs. What if you rewrite the contract with him to include stipulations that you will do all of the maintenance and repairs on the house yourself?
In this way, he is freed up from the responsibility of having to pay for those repairs, you save money on rent, and you both win. Of course, you’ll need to honor your deal, but there are so many ways to save money on repairing things around the house that you shouldn’t have a lot of trouble with this. Plus, it incentivizes you to really take care of the place – something your landlord will appreciate too.
Change Up Your Grocery Habits
You don’t have to sacrifice your good health to save money on groceries. If you eat out a lot, you can save money by preparing meals at home. Most people who are too busy to cook every night prepare a meal at the beginning of the week that will hold them over for the entire week.
You can also make small changes to your diet like including cheaper sources of protein – beans and lentils. And, not the stuff in the can! Dry beans and lentils are so easy to prepare, and they’re cheap too. You can survive (and thrive) on these staples for a month for only a few dollars.
Take Out A Vehicle Equity Loan
A vehicle equity loan is like a home loan, except that it’s against your car. Needless to say, this only works when you have an existing vehicle that you won’t be trading in. Organizing car finance through companies like Car Title Loans in Los Angeles is a good place to start looking for a down payment for your new ride.
Sell Stuff In Your Attic
Ebay can help you clear out your closet. Sell stuff on the web and you can really clean up. Use that money for your down payment.
Refinance Some Debts
Refinance some old debts you have. If you’ve got a lot of small credit card balances, or a lot of loans you’ve whittled down to almost nothing, consolidating them could yield a huge savings. How? Fixed loans are especially expensive when you’re more than half-way through the loan.
That’s because fully amortized loans are based off of the original loan balance, not the current balance. So, when you’ve got $2,000 left on a $10,000 loan, you’re paying monthly payments based on a $10,000 loan.
If you refinance that, your payments drop substantially, because now you’re only financing $2,000. Use the savings for your down payment.
David Griggs knows the importance of having reliable transportation. An avid motoring enthusiast and active writer that lives far from the city, he likes to write about what works for him in order to help others. His articles can be found mainly on finance, money and lifestyle blogs.
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