5 Practical Tips to Help You Save For Your Dream Car

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5 Practical Tips to Help You Save For Your Dream Car

  • Highlights

  • Build a substantial corpus for monthly requirements

  • Have adequate health insurance coverage

  • Create alternate source of income

  • Keep a tight lease on extra expenses

Auto-enthusiasts would agree – Cars have a magical effect on you. Right from sedans, SUVs or hatch-backs, the moment you see your dream car pass by, your heart beat a little bit faster, doesn’t it? However, the dream of making that beautiful purchase by walking into the dealership, handing over the cash and driving off into the sunset often remains unfulfilled!

The usual reasons are – better judgment, and financial responsibilities!

With proper planning, you can attain your dream soon. Here’s a brief lowdown on attaining your dream in no time. Check out these 5 simple steps:

Making a budget

Buying a car does not end with getting the automobile home. It is also about planning and providing for its maintenance like insurance, petrol price, registration, decor and taxes. Thus, after zeroing in on the car of your choice, you need to draw a financial sheet of how much money would you exactly need to afford and maintain the asset.
Additional Read : How to maximize your returns with Bajaj Finance Fixed Deposits?

After the budget is finalised, you have to evaluate your income and expenditure for the month, to understand how much to set aside every month as your savings and how much to keep in your hands as disposable income.

However, you should ensure taking care of the following two points:

I) Time required for saving the required amount of money for the car

II) National economic trends, in terms of inflation or deflation

Both these aspects will help you set the right budget, and plan effectively.

Intelligent investment

You can set aside some funds for investing in high-return investment options like fixed deposits, where your money multiplies. It is best to not make a premature withdrawal, as it can make you lose a strong interest amount.

Instead opt for a loan against fixed deposits, so that your savings are not disturbed. Make sure your ROI is higher than the interest you are paying against the loan. In this way the money multiplies, smoothening your liabilities, at the same time helping you realise your goal of buying the car easily.

Additional Read : A simple guide to using a Fixed Deposit Calculator

Why should you take a loan against your FDs?

For handling emergencies, you need not break your fixed deposits prematurely. Instead, you can opt for a loan against fixed deposits to cater to your immediate requirements. Taking a loan against fixed deposits can be a hassle-free process, which helps you take care of your financial needs, ranging from holidays, weddings, sudden large purchases, to emergencies.

With loan against FDs, you can benefit from the following:

High loan value
Minimal documentation
Quick processing
Flexible repayment options
No additional charges

Getting a loan against FD is hence, a hassle-free process! Here are some simple steps to take a loan against fixed deposits:

Bajaj Finance helps you fulfil your financial needs easily, so you can keep enjoying high returns from your fixed deposits.

Planning the expenditure

Here are some ideas for planning your expenses:

I) Categorise the items of expenditure, as per your needs, wants and desires. This will help you understand what is important to buy now, and what can be deferred.

II) Comparative buying can also help, by letting you know the relative market prices of the same good across different brands and then take the economic call.

You can also wait for discount offers or sales on special occasions.

Planning your expenditure prudently, can take forward the personal savings scheme. It is important to know how much money to save, so that you can ensure a smooth purchase.

Opt for alternative financing

Apart from personal savings an effective option for accelerating your financial plan is alternative self-financing like the different types of loans available in the market from various financial institutions like NBFCs.

However, before taking a loan for buying a car, the terms of payments, interest rates, and mortgage requirements should be thoroughly checked.

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