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This is a sponsored post written by me on behalf of Navy Federal Credit Union. All opinions are 100% mine. Navy Federal Credit Union is federally insured by NCUA
Are you hoping to get a new vehicle in the next few months? Find out how to start saving for your next car purchase. The amount you’ll need to save will depend on a few factors, including which car you’d like to buy and drive off with when leaving the dealership.
Figure Out How Much the Car You Want Will Cost
Look at some of the different cars that you’re interested in and get more information on them. Pay attention to the features that come with these vehicles, including safety features and upgrades that aren’t necessarily available on older makes and models. You can then compare the price of different cars and figure out how much the one you want will cost you. It helps you decide on the amount of money you’ll need to start saving for the car purchase.
Determine Any Down Payment for the Car
You may need to figure out how much to put down as a down payment for the vehicle. The down payment requested depends on several factors, including the make and model of the car you want, whether it’s a used car or a new one, and where you’re getting it from. Some dealerships expect larger down payments, while others don’t. Find out this information as soon as you can.
Set Money Into a Savings Account Each Week
Try to set aside money in your savings account each week. If you get paid bi-weekly, you may want to set the cash aside twice a month instead of every week. Even setting aside $20 per paycheck can help you get to where you’d like to be in the next few months. If you do any overtime at work, you can set that money to the side, saving it for your next car purchase.
Do Side Hustles to Make More Cash
If you want to make some extra money, side hustles are a great idea. You can have garage sales at your home, deliver food with UberEats, or even shop for groceries on Shipt. If you can do anything to make extra cash in your spare time, you can put that money to good use to get your next car.
Let Navy Federal Credit Union Help
When you’re ready to get the car that you’d like to drive, you can depend on Navy Federal Credit Union's Car Buying Center, which has what you need to finance, buy, research, protect and enjoy your next car. It’s a great way to make the car buying process more manageable.
You can also find resources and guidance to help you make a wise car-buying decision. Plus, you can get a great deal of all-around low rates, vehicle history reports, and discounts on insurance and in-car entertainment packages. You can feel more relaxed knowing they've got the options you want — all in one place.