TGP Credit Cards

Co-written by: Storage Recliners. The year we turn 16 is a special one for all of us. This is the time we’re let loose with the ability to drive - watch out world, here we come. And all that means just one thing… finally, we can own our very own car!

The problem with financing a car is that you do have to put quite a lot of effort into it. When you’re financing a car, you have several options to choose between, be it using your savings or getting loans from various sources. If you can manage it, financing a car with your own savings is really something to boast about.

This method of financing a car gives you bragging rights because you got there yourself, and the car is totally yours.

Financing a car through a loan from your parents or company or another third party is also something that happens a lot. Most of the time, parents are willing to help out with financing a car if it’s your first.

Working in a company for more than a certain number of years mean that you are eligible to apply and receive a loan from that company for the reason of financing a car, and a stipulated amount will be cut off from your monthly salary for a certain number of months until the loan is paid off. More often than not there is some kind of interest rate that applies to this loan, but the rates are generally much lower than the going rates in the market. Getting a loan or a lease from a bank is another story. Interest rates cause the biggest difficulties when financing a car through banks. Banks usually charge pretty high interest rates (which have only risen higher in the present economic situation), and so if you are financing a car through these means you will end up paying the bank almost double the amount of the loan or lease you have received.

As with all other things, think about all your options available and decide on which suits your pocket, lifestyle and budget the best. And enjoy your car!

Co-published by: Recliner.