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How To Easily Save For A Down Payment In Beamsville

How To Easily Save For A Down Payment In Beamsville

A down payment is an essential part of every car loan. It helps improve your chances of being accepted, lowers the amount you have to borrow and shows lenders you’re serious about the loan. But what happens if you struggle to save for one?


That’s what our Beamsville auto loan team are tackling today. They came up with some simple, painless ways to easily save for a down payment on your next car.


Skip the morning coffee or make your own


Whether you get a coffee with gas or from the drive-thru, skipping it or making your own could save big. If you average $1.79 per day for a medium original dark roast over a working year of 240 days, you’re looking at $430 per year just for the coffee.


And who ever went to Tim Hortons and just bought coffee?


Making your own at home and using a travel mug still gives you that caffeine hit and can still maintain the quality, helping you to easily save for a down payment with the money that you now have.


Negotiate with creditors


If you’re in debt, did you know you can negotiate with your creditors? If you’re having difficulty paying or are behind, you can contact them to negotiate more favourable terms. If you’re in hardship, you can often negotiate down the entire debt.


You can also negotiate credit card terms as long as you’re in good standing. If you regularly have outstanding balances on credit cards, this help you easily save for a down payment over a year!


Save your loonies and toonies


Using a coin jar is an old but still very effective way to save. If you still use cash, saving the coins can mount up over a year or be useful for paying for smaller items.


It won’t make you rich or add much to your down payment, but every little helps!


Turn the heat down when you’re not home


Turning the thermostat down at home while you’re at work is a great wat to save money. You’re paying to heat an empty house so turn it down to minimum and then turn it up when you get home.


If you have a smart thermostat or timer, use that to reheat the home an hour before your usual arrival time so you’re not coming home to a cold house.


Streaming instead of cable


Cable is expensive and while you’ll still need internet, do you need all those TV channels? Streaming is often much cheaper than cable TV and offers almost as much content. Access free cable channels for news and stream everything else through Netflix, Hulu, Disney Plus, Apple TV or whatever service you like.


These services do cost money, around $8-10 per month but they are much cheaper than cable!


Snack before you shop


Going grocery shopping while hungry is an exercise in impulse buying so don’t. Have a protein bar or snack before you leave and you will find yourself not being so tempted when you work your way through the store.


Combine this with shopping lists and you should get everything you need while minimizing spending on things you don’t!


We will use all our skill and experience to deliver the lowest possible Beamsville auto loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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