How to Purchase a Car with Limited Funds

For the majority of Americans living outside of a city, owning a vehicle is the only way to visit friends when desired and ensure timeliness to work. However, bad credit and lower incomes can make this necessity very difficult to obtain. Fortunately, there are a few different options for those struggling to accrue enough funds to purchase a vehicle.

1.) Find an auto dealership that works exclusively with customers struggling with credit or limited funds. Your deal will likely feature a higher interest rate that will allow the dealer to make money. The benefit is that you’ll have a durable vehicle within your price range.

2.) Consider searching available repo vehicle options from your local dealership. Often, these cars are in top condition, but offered at a lower cost than what you’d find on the market.

3.) Look into a private sale, but only if you know the right features to look for in a car. You’ll need to trust the seller to prevent the purchase of a lemon. Additionally, you’ll need to research the make and model for which you’re intending to buy to know the value, common issues and features to inspect. It’s a risky option that allows you to buy a vehicle up front for less.

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