Organising Finances for Your Car Loan
Getting a car loan is exciting - you’re hoping to get the vehicle that you want and to get on the road faster. There’s also a lot to think about. Being organised with your finances is one of the best things you can do help ensure that you pay back your car loan efficiently and in full.
With Positive Lending Solutions, you won’t be on your own. We have teams of experts who will not only find the right car loan for your financial situation but will also help you to manage your car loan and remind you to make repayments when they’re due.
Find out how we can help with organising finances for your car loan.
Why organising finances is important when you get a car loan?
Car loans are a big deal. You’ll be borrowing a significant amount of money from a lender and you’ll need to make sure the full amount is paid back over the course of the agreed loan term.
Organising finances is important, as failing to make your repayments or missing payments could damage your credit score, and this could seriously affect your credit rating. You need to have a strong credit rating to be able to borrow money again in the future.
What can you do to get organised?
Take a bit of time at the start of your car loan to get organised. It will really help in the long-term to get yourself properly set up with a good system that you can use going forward.
Many people just assume that everything will be fine and don’t properly plan for how they will make repayments for their car loans each month. Organising finances for your car loan will save all sorts of last-minute stress.
This is really important to do from the very beginning of the car loan process. You’ll need to work out exactly how much you can afford to spend on your car loan.
If you’re not sure how to do this, you can use our loans calculator which helps you understand how much you’re able to borrow and what your likely repayments will be.
Once you’ve got your car loan and you start to pay your monthly repayments, budget carefully to make sure that you always have enough each month to make the payments in full. Getting caught short at the end of the month will cause unnecessary stress, so always budget properly and make sure you’re not spending more than you can afford.
2. Remembering repayments
There’s a lot to remember in everyday life. That’s why we want to help to ensure that you never forget to make your monthly repayments. We can send you reminders or set up a monthly reminder that will tell you when your car loan repayment is due.
Most car loans will be due for repayment on the same date each month so it’ll be easy to plan when the money needs to leave your account and be with your lender.
3. Set up a direct debit
Take any stress out of remembering repayments by setting up a direct debit. If you have a fixed rate with your car loan and know exactly how much is due each month, you can set up a direct debit so your repayment will go directly to the lender on the date it’s due.
Speak to your bank to find out how to set up a direct debit if you’re unsure.
4. Keep track of the amount paid
Part of organising finances when you get a car loan involves keeping track of the amount that you have repaid. Try to keep all the details about your car loan in a spreadsheet so that you’ll always know exactly where you stand.
It’s useful to know how much you have left to pay on your car loan and it’s always satisfying to see exactly how much you have paid off.
5. Be aware of early repayment fees
Early repayment fees can be pretty hefty, so it’s always best to avoid them if at all possible. Get organised and find out exactly how much you may need to pay if you do decide to make early repayments. It could be worth doing some calculations to figure out whether it’s a financially viable option for you.
6. Ask for expert help
At Positive Lending Solutions, we have decades of experience working with people to help them find the right car loans. We want to help you to have a positive and stress-free experience from start to finish. We can help you with organising finances for your car loan.
We can help you with getting organised and finding the right car loan.