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Purchasing your first car is an exciting time but there are certain things that you need to think about to ensure you make the right decisions. A car purchase has to be taken seriously because it is a lot of money and you will want to purchase a car that is reliable, have good resale value and easily affordable during the lifetime. So, what do you need to think about when purchasing your first car?
1- Understand Your Budget
We all want to drive expensive, luxury and fast cars but that is not always a reality, so it is important to ensure that you have a realistic budget in place. If you are using a car loan service to buy your first car, this budget has to take into consideration car loan rates because purchasing a car is a large financial commitment. As well as understanding how much you want to spend, you need to think about how much you spend in other areas of your life and where you might need to spend in the future. This can be difficult, but make sure you do not use up all of your spare cash to pay for the car.
2- Know the Running Costs
This ties in with the previous tip and is one of the reasons why you should not spend all of your remaining cash on a car. Owning a car comes with additional costs known as running costs and this is what it costs to keep the car on the road. You will need to think about car insurance, fuel consumption, maintenance and tyres. These are costs that you will have to cover every year, so plan ahead and consider what you can afford as part of the overall budget.
3- Select a Car that Suits your Needs
If you are going to be covering a lot of miles through traveling between the cities, then you will need a car that is comfortable and has great fuel economy. If you are going to do shorter journeys then you could do with a smaller car that costs less. This will enable you to find the best car financing in Pakistan for your needs.
4- Slow Down on the Car Loan Applications
Of course, to purchase a car you will need to put finance in place but try and hold back from making too many applications. The more applications you make, the more desperate for credit you will look and this can affect your credit report and give you a lower score. Usually people are not aware of this. We suggest to use car loan comparison service such as offered by mawazna.com and make applications for selective offers only.
5- Find Out Your Credit Score
Applying for car finance in Pakistan will require you to submit an application with banks such as Bank Alfalah, HBL, Standard Chartered Bank, Bank Islami, Allied Bank & Meezan Bank but understanding your credit score first will save you time.
The Credit Information Bureau in Pakistan collects all data from partner financial instituions and heps banks and leasing companies to support the decion making about particular customers. There are also few private credit information bureau companies working in Pakistan who might be able to help to understand the credit rating. Such information will make it possible to understand your situation better which will prevent you from applying for loans you are never going to get.
6- Check all Avenues of Finance
It never hurts to look at every single finance offer available to you and where you can get that financing from. Compare with Mawazna.com to evaluate which car financing offers may be avialable to you. Then it is worth speaking to the banks and loan providers and dealerships and see what they can offer you because being armed with this information will only enable you to make a more informed decision. Take a look at promotions and see what discounts you can get because it will help you to get more for your money.
7- Compare Car Financing Options Always Before You Select One
Financing a car, means you will need to find a bank that will provide you the funding what you require. Therefore, running a car loans comparison on Mawazna.com will ensure you have clear loan information from all the major banks in Pakistan. This makes it possible to find the best rates which will make sure that you are spending within your budget.
8- Finally – Take the Car for a Test
Nobody purchases a car without a test drive first. So, test drive as many cars you want because you will spending a lot of money on one and you need to make sure that you make the right decision on a car that is perfect for you. Make sure you are fully comfortable with the drive and the facilities on offer by a specific model of a car.
Mawazna.com is a growing financial services comparison platform in Pakistan that enables consumers to make more informed decisions when choosing financial products and services including car financing, personal loan, home financing, health, car, and travel insurance comparison, selection and buying an insurance policy offered by leading insurance companies of Pakistan. Visit us online to compare banking (all loan products including car loans in Pakistan), insurance (car insurance, travel insurance, and health insurance) and broadband products to make more informed decisions.
originally published at: https://www.mawazna.com/blog/money-savings-ideas-for-millennials-in-pakistan/