What’s your dream car? The Nissan GTR? A 1967 Ford Mustang? The Ferrari 488GTB? Don’t sit around sighing, waiting for your rich widowed aunt to bequeath you with her inheritance. Act today to make the car of your dreams reality.
Credit funding
Credit is one of the fastest and most reliable sources of financing a new car — there’s a reason why millions of Americans do it every year. Simply contact a reliable financial partner (bank, insurance firm or even your employer) to finance your car purchase needs. Assess your credit profile and score to know how much you qualify to get as a borrower, and then channel the funds towards purchasing your dream car. It’s not free money, however — you have to pay it all back, plus interest.
Open a savings account
It may not feel like extra cash, but opening an extra savings account can really add up, especially if you rig a percentage of your direct deposit paycheck to go straight into savings. Holding a goal savings account will not only motivate you to reach your fixed target at the end of its maturity time, but can also help you set a consistent financial plan.
Participate in a car lottery
Forget the “no pain, no gain” theory. Your dream car may just be a lottery away. Subscribe to regular promotions within your locality, and maybe that is the only effort required toward owning your dream car.
Crowd-sourcing
However weird it may seem, crowd-sourced funds will help you drive your dream car sooner than you think. But why would people want to donate money toward a car they would never get to drive? They need incentive before they’ll donate to your cause. Start a website or a social media account to post videos and pictures of the vehicle for auto lovers to ogle. Tell a compelling story. The more passion you put forth, the more people you will draw to your cause.
Declutter your assets
A walk around your house is one of the eye-openers that you need for you to realize how endowed you are. Some of the assets therein are those that you bought impulsively whose use is minimal. Sell these items and channel the return towards buying your dream car.
Put your life insurance policy up for sale
Other than indemnifying you against death, an insurance policy also serves as a source of funding. If you’re further along in life and want to check driving your dream car off your bucket list, selling your life insurance policy can make a big difference.
Sale of shares
Annual dividends from the company’s profits are one of the most reliable sources of income. The par value of the shares since purchase increases with a calculated profit margin. Liquidating the shares is an ideal source of finance for your dream car.
Get a side hustle
Maximize your leisure activities by getting a side hustle that will make you more money. What skills do you have that you can earn money for? Channel the resulting income into a special savings account reserved for buying your dream car.
Sell your current car and top up the difference
Your dream car will not get you to your destination but will also add a touch of style and class while at it, unlike your current car. Sell your current car and channel the finances towards the purchase of your dream car.
Find a viable investment with a quick and high return rate
Use your current liquid assets to help you earn more cash to get yourself a dream car. Before investing research adequately and set loss mitigating measures to prevent losses of the entire amount.
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