Do you have a little bit of an obsession with cars? It’s ok if you do – you’re among friends here. However, one thing that often plagues the mind of a car fanatic, is how they’re going to fund such an obsession. It doesn’t matter if you’re not planning on having a 12 car garage full of different sports cars; simply modifying your vehicle can cost an arm and a leg.
Here are a few different ways to fund your car obsession so that you can live the life you love:
Budgeting – The Key To Living Your Car Dreams
Budgeting really is the key to living your dreams when it comes to your car obsession. Of course, the amount you budget will depend on which vehicles you want to drive and how much you can commit to spending. Many people say that you shouldn’t be spending more than 15% of your income on a car. However, if you want to drive a luxury car, you can safely assume you’re going to be spending 50% of your income. It’s also worth looking at cars that are just one or two years old before you splash out on something new, as you could get them for 70% of the original price and in great condition.
You can use many budget planners online to help you figure out what steps you should take next. You can even use a quick cash finder to find places where you can begin saving money almost immediately. This step is essential whether you plan on buying, leasing, financing, or simply modifying an existing car.
Financing Your Car
Ok, so you don’t have the money upfront. Your only real option now is to look for the best places to get a personal loan and see if you can do it that way. You could take out a personal loan with your bank, or even see if you can get a specific auto loan to cover your needs. Bear in mind you must make sure that you have the means to pay this loan back, or you could end up in hot water and struggle to get out. If you’re just looking at modifications, then it’s best to budget rather than take out a loan.
Leasing a car is also an option, but you’re basically renting it for a little while and will never own it. This suits some people though, as they like upgrading their car every few years or so. The terms will be different depending on where you go, but you need to make sure that the term of the finance/lease suits you, that you will be able to pay, know what will happen if you can’t pay, and any more information that will help you to make a sensible decision.
There are some car enthusiasts who fund their car obsession by meeting with other car enthusiasts and photographing their vehicles for them, creating high quality images and then charging for them. There are lots of car related side gigs you could consider incorporating your passion and a way to earn money!