Most of us dream of one day being the proud owners of our dream car. You can travel anywhere you want at your convenience. You can put as much luggage you want, go for a long drive, or make it a moving home for yourself. There are multiple ways to finance yourself for car purchase. Ideally, individuals decide to save a certain amount of money for such a big-ticket purchase. But spending all your savings is not a prudent decision because a financial emergency can arise at any point in life. Signing up for an instant personal loan via an online personal loan app is a smarter decision to finance the purchase of your car. However, there are multiple ways you can save money and finance your dream car. Read below a few ways to save money for a car purchase.

 

  • Maintain a budget 

 

If you are planning for any big-ticket purchase, it is imperative for you to chalk out the budget you are looking at to spend in the car. Do thorough research on the models of the car. Make a note of the cost, features, maintenance and if the spare parts are easily available when required. Now that you have a fair idea about your estimated expense for the new car, you can plan your daily lifestyle accordingly. This will be helpful for you to plan your savings. Also, don’t forget to keep an eye on different festive offers as they will add to your financial savings.

 

  • Understand your needs and wants

 

Keep some amount of money aside for your basic daily expenses such as bills, rent, subscriptions, etc., as you won’t be able to survive without these. But try to control expenses such as international vacation, eating out in five-star restaurants or buying unnecessary expensive jewellery as these are something which you want to maintain your social standards. You can definitely do without them to survive. Therefore, be thoughtful of where and what you want to spend, and this should not be the thought only when you are planning any big-ticket purchase as emergencies can arise anytime.

 

  • Apply for an instant personal loan through the online personal loan app

 

Apply for an instant personal loan and use it to purchase your car. With PaySense’s online personal loan app, you can apply for a loan up to Rs. 5 Lakh. This particular online personal loan app also provides you with flexible tenure of 3 months to 60 months. Calculate the EMI with the help of PaySense’s EMI calculator and plan your loan amount accordingly.

Do you want to know the pros of financing your car purchase with a personal loan? Read below to know more:

It completely depends on the circumstance that if taking an instant personal loan is the best option left for you to purchase the vehicle. Below listed are a few benefits of taking a personal loan:

Instant access to cash – The best part of the PaySense app is it instantly disburses the sum to your bank account within a few minutes. Prior to sanctioning the loan, your documents have to be verified and approved by the app. This is how you can get the loan sitting at home.

No requirement of collateral – As personal loans are unsecured loans, you don’t have to put any collateral. All you need to have is a good credit score, identity proof, address proof, income proof to be eligible for the loan. As a salaried individual, you need to have a monthly income of Rs. 12,000 per month, and as a self-employed individual, you need to earn Rs. 15,000 per month.

Use funds as per your convenience – You are not answerable to anyone (lender or the financial institution) about the purpose of using the loan. Instant personal loans can be used for any purpose you choose except for illegal reasons. For instance, if you don’t want to use the money for buying a car, instead you want to use it for sponsoring your wedding, you are free to do that. Or, if you decide not to use the amount at all for anything, you can repay the loan immediately.

Conclusion

Youngsters are very much inclined to taking instant personal loans to fulfill their dreams. Whether it’s their dream vacation, or purchasing a car, or further studies, they prefer not to compromise on their choices and wishes due to lack of money because they want to live their lives every moment and cannot let the time fly due to lack of money.