#Collaborative post
With the cost of living at an all-time high, more people than ever are looking for ways to save money in different aspects of their life. For many people, having a car is a lifeline that they couldn’t do without. However, how do you know if you’re getting the best deal when getting a car on finance or if you are spending more than you need to when running a car. The guide below has been designed to help you save money when getting a car on finance and also how to reduce your costs when running a car too.
Choose low finance rates
When it comes to getting car finance, your interest rate and APR offered are really important. Your interest rate reflects the cost of borrowing, and the APR includes any other additional fees you may need to pay on top. A higher interest rate means you will pay back more overall and makes your car finance deal more expensive. If you’re considering getting a car, you should compare APR rates and look for low interest car finance deals from different providers. Finding the lowest APR possible can help to make your car finance payments cheaper each month.
Drive safely
Buying a car will no doubt cost you, but you will also need to factor in on going costs that are associated with running a car too. One of the best things you can do for your car and your pocket is to drive as safely as possible. Driving efficiently as possible can not only save you fuel but also keeps your car in good condition. Things like sticking to the speed limit, braking gently, anticipating the road ahead and accelerating smoothly can help you become a better driver and also makes your vehicle more efficient.
Find cheap fuel
In 2022, petrol and diesel prices are at the highest they have been for years. More people than ever are looking for the cheapest fuel costs around. By using comparisons sites to compare petrol and diesel prices and find the cheapest prices in your area. Alternatively, switching to an electric car or hybrid car could make your running costs cheaper as it cost much less to charge an electric car or hybrid vehicle than it does to fuel your car with petrol or diesel and it’s also much better for the environment.
Keep the car in good condition
Each year, your car will need a MOT if it is over 3 years old and an annual service (or at 10,000 miles) and if you don’t keep your car in good condition, it can cost you. Looking after your vehicle and doing regular checks can help to reduce the risk of accidents or repair work in the future. Simple checks such as tyre pressure, changing oil and air filters and keeping your fluids topped up can help to reduce the need for costly servicing and MOT’s.
Shop around for car insurance
Car insurance rates can differ massively and there are a few factors that can affect your car insurance rates. The car you drive can affect your insurance premiums as more expensive cars usually cost more to repair so need a higher level of cover. If you’re in the process of buying a car, you could consider one that has a lower purchase price. The amount of driving experience you have also determines your car finance rates. As a brand-new driver, you are more likely you have an accident in the first year of being on the road so rates can be much higher. It’s important that you should around for the lowest car insurance rates possible to help keep costs down.