10 Things You Can Do To Come Up With A Car Deposit Before You Know It

Saving up for a car deposit doesn't have to be difficult - here several things you can do to achieve it before you even realise it!

Perhaps the pandemic hit you with some unexpected expenses, or maybe it even allowed you to put some money aside for those deep pocket items that you truly need!

When financing a car, the higher the deposit you pay, the lower your monthly instalments will be - putting less pressure on you and your monthly outgoings.

Saving up for a car deposit can be difficult, but there are several things you can do to come up with the amount you need before you even realise it! Read this article to find out 10 ways to reach your car deposit target.

    1. Calculate How Much You Need To Pay

    The first thing you need to do is calculate how much you actually want to put down as a deposit. Whether it’s 10% or 20%, think about your overall expenses and how long you’re actually willing to put money aside to continue paying for the car.

    When financing a car, paying more upfront will significantly reduce any stress about paying back the car loan every month, and will have less impact on your overall living expenses.

    2. Get A Side Hustle

    One positive thing to come out of the pandemic is that a whole world of opportunities has opened up. Have you noticed the people around you becoming more entrepreneurial?

    Think about your hobbies, and try to make a second job out of it - it’ll feel more like sharing your passion than work, and is a great way to boost your income and contribute to your car deposit!

    Whether you bake and sell cakes, take your friends’ dogs for walks or teach kids how to play the guitar online, you can easily earn money while doing something you love!

      3. Use Cash

      It’s the 21st century and it feels like we’re living in the future; being able to pay for anything with just a tap of your card or phone is truly a great technological revelation. However, such an abstract concept of money makes it difficult to keep track of how much you’re actually spending!

      Using real-life, paper money is a great shock to the system how much you actually spend each day. Go without cashless payments for a month and see just how much your spending habits change!

      4. Sell Or Trade-In Your Car

      If you already have a vehicle but you’re looking for a new car, selling your old car is a great way to secure the funds you need for your car deposit and you can sometimes part exchange your current car instead of putting down a deposit at all!

        5. Ask Around

        If your family is willing to help out, why not ask them if they can help you finance your car? Whether they lend or gift you some money, they’re sure to be happy that they are no longer your personal chauffeur service!

        If your birthday or another special occasion is coming up, you can ask for money towards your car deposit instead of a material present. Your friends will love to pitch in for a useful gift that won’t just benefit you, but also them - they’re bound to ask for a lift at some point!

          6. Sell Your Belongings