Save today.
Drive the car
of your dreams tomorrow
The keys can be in your hands—as long as you have a plan
There’s an open road in front of you
You have places to be and you have things to do. A car can get you there, but not just any car. You need something reliable; or even something cool. The vehicle you choose is up to you. Just know that, with some discipline and a smart saving strategy, that car is as good as yours.
Saving for a deposit on a car may seem like a tall task. The electricity bill isn’t getting cheaper; your child’s education is a priority; and groceries are a necessity. But there are still ways to save.
Start by sitting down and making an annual and monthly budget.. You may be surprised by what you can actually save when you really look at the numbers. And then, there’s no telling where the road can take you.
What happens if you don’t save for a deposit on a car?
It’s not the end of the road, but you’re not doing yourself any favours. You don’t want to lose the freedom to come and go as you please, or be forced into paying high rates. By saving for a deposit, you avoid all these risks. And you’ll be in great financial shape to buy a car.
However, if you do not have enough for a deposit, you must find a financial institution that offers up to 100% of the financing, to qualified borrowers. Having a deposit means having a choice.
Sure, saving may require that you make some sacrifices; but the sacrifices you make today can pay off tomorrow. Just imagine, driving a car you love. The wind is at your back, great music is playing, and you’re getting to where you need to go (in style, of course!).
Be ready when the right deal comes.
Looking for a car is a process. You take test drives, you do your research, and you negotiate with the salesperson. Sooner or later, you get the right car at the right price. It would be a shame if you didn’t have the money for a deposit.
Don’t let such a situation happen. By saving for a deposit on a car early, you benefit in all sorts of ways:
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Avoid feeling like you’ve emptied your wallet;
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You don’t have to dig into other funds, like a retirement account or emergency savings; and,
You can actually show the seller that you’re able to purchase the car, which could lead to a faster and/or better deal.
Tips on saving for a car
- Cut the excess spending: Watch a movie at home, instead of going to the cinema. Look for free things to do for entertainment. Cook at home more. There are so many ways to spend less.
- Create a savings goal: Once you start spending wisely, you’ll see how much you can save. You may not have to save in big chunks; baby steps can get you there.
- Earn more: This may sound difficult; but it’s not. You could get a side job, start an online business, ask your boss for a raise, or sell unneeded household items. You could even trade in your old car.
- Don’t dip into your car savings: Budget so that you never have to use your car deposit savings; all that does is set you back.
- Go for what you need: Sure, a sleek sports car could be incredible. But if you can’t afford it, don’t buy it. Get a car you like at a price you can reasonably afford.
- Consider an auto loan: If you think a car is worth getting, but you don’t have all the money yet, an auto loan can get you where you need to be. If you’re smart about it, you might even be able to get lower interest rates. The JMMB Drive Easy solution is a great place to start.
- Don’t forget the insurance: It’s not just about the car itself. You’ll want to factor in car insurance. You won’t be able to get anywhere without it. Our Drive Easy solution is a great way to get insurance, along with a loan.
- Talk to our experts: We can help you set reasonable savings goals. Which means you can get the car you desire, when you need it most.
