Your biggest enemy, when you decide to finance a car, is delayed payments. Even being a day late might lead to charges and interests. You don’t want to face this problem in the future. Therefore, you have to ensure that you don’t delay any payments, especially if the monthly bills start to come in.
You are lucky if you took out no deposit car finance. It means that you didn’t need to spend anything initially to start driving a brand-new car. It doesn’t get you off the hook for the monthly payments though. The amount might be even higher since you didn’t pay anything upfront. These are tips to help you avoid delayed payments.
Remind yourself of the due date
Given all the utility bills you pay each month and the recurring expenses that you have to remember, it’s easy to forget things. All of them have due dates, and you might have a hard time getting everything right. Therefore, you need to remind yourself when the due date is coming up soon. Use an app that will remind you of all your regular expenses and due dates. There are times when you have the money to pay, but you always forget to pay.
Automate the payment
You can request your bank to deduct the payment from your monthly salary automatically. In doing so, you won’t have to worry about delayed payments. As long as you have a job, the money will keep flowing. It also prevents you from using your money for other things before you think about the payment of your loan. It hurts not to get your salary in full, but it’s better than delaying the payments and incurring lots of charges.
Change your lifestyle
Before, you could shop as much as you wanted and not worry about the consequences. You always had money to spare. After signing a car finance contract, you have to change your old lifestyle. You can’t afford to shop all the time. You also shouldn’t buy things not within your budget. You can eventually get back to that lifestyle once you have paid off your car in full.
Stop travelling for a while
Travelling is good, and it allows you to explore many places. However, it also makes you spend a lot. There are instances when you spend more than what you intended. Therefore, you need to suspend any travel plans until you’re close to finishing your car loan. You can also change your destination if you really want to go on vacation. A staycation is also an option since you won’t spend a lot. You can still enjoy the holidays and bond with your family.
With these tips, you should easily avoid any delayed payments. You have to be a bit patient now that things have changed. You’re driving a new car, which you purchased for practical reasons. You won’t regret signing up for a car loan. Take care of your vehicle and ensure that it lasts a long time.
Leave a Reply