How to Buy Any Car Even When You’re Broke

To many people, it might seem completely ridiculous and unrealistic to purchase a car when you are broke. But, it’s doable if you follow the right strategy. You might be broke but need a car to help you earn money. That does not mean you won’t get one.

Not everyone in the country can purchase a car in cash today. But, it doesn’t mean that if you need a car, even while broke, you can’t get it. The most important thing is knowing what to do if you fall into this category.

If you’ve wanted to buy a car to start a business but without any money, this article takes you through helpful ways you can still afford a car even in an empty pocket.

Steps To Buying A Car When You Don’t Have Money

Have you ever wanted to buy a car but cannot move on with the plan because you don’t have money? There’s a difference between a limited budget and having no money. On a limited budget, you have little money. That’s not the case for having no money at all.

If you are in this situation, here are the steps to buy a car still.

1. Decide On Your Budget

Of course, you don’t have money to buy the car, but you need to carve out a working budget. Your working budget is the lowest to the highest amount of money you’ll be willing to pay for a car. 

You must draw out a budget because it also determines your financial capability and the business’s capacity to pay back the money you’ll get to buy a car.

2. Conduct An Extensive Car Research 

Thankfully, in today’s Nigerian market, there are one million and one cars you’ll find in the car market. There are different cars, models, tastes, and those fit various price ranges. You might be surprised what your budget could fetch you. 

Visit online and physical car dealerships to survey cars and mark their prices. Remember your budget. It’ll serve as your yardstick for research and bargaining.

Your research should also contain your possible financing options.

3. Look For A Financing Option

Here’s where it gets interesting. Perhaps you’ve seen a car or cars that suit your budget and are in good shape, and it’s time to make a bid or purchase. You’ll undoubtedly need money to carry out the purchase. 

Since you’re in the market without money, you’ll look for financing options. In Nigeria today, there are many ways to get money to buy a car. Car loans serve a valuable purpose for those looking to get a car but without the finance. There are several car loan companies in Nigeria like;

• Creditville
• Nigerian banks

They loan you a certain amount which you’ll have to pay back in instalments with the agreed interest rate.

4. Read The Loan Terms & Conditions

Before you agree to collect the loan, read the terms and conditions to determine if it’s something you can move along with. 

Make sure the interest rate and payment plan suit you. You wouldn’t want to start something that will choke you.

Important Note: Buying a car with a loan is an option only reserved for those who need the car for business purposes. It’s not advisable to take out a loan to buy a personal car. When it’s for business, it means you have a solid source of repaying the money gradually. 

Conclusion 

It might sound impossible to most people, but many people take this route to purchase a car. If you require a car for business, but without money, this is a path worth exploring.