For some, cars are fun, and others must solve their transportation needs. Regardless, cars cost money, and it is important to act smart to finance your car ownership. This guide will provide valuable tips that can save you many thousands yearly!
- Calculate carefully – many players want to make money on your car loan. Do not take the first best offer.
- Private leasing – you do not have to own your car; instead, you can “rent” it.
- Save first – your parents were right; it is better to save than borrow.
- Economical insurance – our experienced experts at Nya Försäkringar will help you find the right insurance at the best price.
Finance your Next car in the best Possible way
Once you have found your new dream car, it may be worthwhile to consider how you should pay for it. There are several ways to finance your new vehicle – each with its benefits. In the end, the question is most important – which financing method is suitable for you and your finances?
Saving first (and thus avoiding interest) reduces your car ownership cost. Saving money also means an opportunity to earn extra cash by investing these in, for example, funds or shares. If you choose to keep it in an investment savings account, taxation is very favorable.
The most considerable cost in car ownership is depreciation. It is a deceptive expense as it is not visible until the car is to be replaced.
You get a customized financial solution as a private customer with a smart loan. Obtaining security means owning a new car and quickly changing cars. For example, you could do a smart loan every three years, a simple and flexible arrangement for you to drive a new car and plan your future car ownership.
Car loans with Installment
A car or installment is an advantageous and easy way to borrow money to buy a car. For private individuals, at least 20% of the car’s price is paid down payment, either as a cash contribution or through a replacement car. The remaining amount is paid off monthly.
Private Leasing – For a free Life with the car
When you lease a car, you subscribe to it and, in other words, pay for the use of the vehicle without putting in any cash investment. The monthly cost often includes insurance, service, and sometimes also roadside assistance. Private leasing is a flexible alternative for you who do not want to loan and buy your car.
Borrow on the Home
If you go to your bank and want to borrow money for a car, you can count on a relatively high-interest rate. The bank sees no security and probably has requirements for both permanent employees and that you have no payment remarks.
If you do not have a permanent job or have payment remarks, there are several alternatives to the bank, some of which are not serious. These lending institutions generally want even higher interest rates and are, therefore, not something we recommend.
Choose the right Insurance
When you want to improve your car economy, keeping several balls in the air simultaneously is essential. Here are the four most crucial expense items:
- Operating costs
- Vehicle tax
The reduction in value differs between car models, but it is always important to take good care of your car. A worn, dirty, dented car loses a lot of value and is valued low when exchanged.
Operating costs can be kept down by choosing a fuel-efficient model. You can significantly reduce service costs.About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.