Cars are a big part of modern life; we live, breathe, and like to show them off when we’ve got something good, and they’re an incredibly convenient invention that makes day to day living easier to get through. But of course, trying to afford a modern car can be hard, and a lot of us are down at a local dealership every single day.  So, if you’re about to buy a new car, make sure you know all about the best payment plans that are currently on the market.

They could be the difference between you breaking the bank, or even being able to afford a Mercedes-Benz S-Class over that 10 year old Hyundai at the back of the car dealership. 

Using Your Own Savings

One of the safest ways to pay for a new car is via your own savings. If you can pay in cash, it means you own your new car outright, and you don’t have to rely on a financing plan to get you through the payment period. There won’t be any repayments you can’t keep up with, and you won’t have to leverage anything else against your auto loan. 

There’s little to no interest rates to deal with here, and even if you can’t afford a car outright, putting down a big deposit or down payment means there’s far less to pay back on a loan later on. 

Through Your Employer

If you’re employed by someone within the car industry, you may just be able to get a discount on your dream car. A lot of benefits are granted to employees that are salaried, and even with a good line of health insurance and plenty of vacation time, the benefits package doesn’t stop there. 

Indeed, car financing, or a car hire package, could even be available to you. Be sure to ask your employer, or take it up with the HR desk if you’re not sure where to start. To show you just how good a car benefit from your employer could get, here’s a little example: Financing via a program like Ford Privilege exists, and could mean you could get your hands on a Ford Puma Titanium, a Ford Kuga Titanium, or a Ford Focus ST-Line. 

Relying on Your Credit Score

And finally, this is one of the best options for people who have good credit scores, as well as good credit history. If you’re looking to get an auto loan at a low interest rate, or maybe even with 0%, you can only do so when your credit score has been consistently above 500, and hopefully over 650, over the past few years. Of course, once a loan has come through, there’s no guarantee you’ll be able to keep up with payments until you’ve paid the loan off.

In need of a new car? Make sure you’re aware of the best payment plans available to you, and which would be most suitable to your budget arrangements at the moment.