Sometimes only luxury will do. If you know that a luxury car is for you, you can apply for an auto loan just like you would another loan. Though the auto loan may work in the same way, there are additions that you can make to the loan in order to make maintaining and paying for the car easier. Here are three extras to have placed inside of your luxury auto loan.
Small maintenance for the first few years
When purchasing an automobile through a loan, you will have to pay for the car for several years. This will inevitably take money out of your monthly budget. Though you will be paying for the loan on the car, you will also need to pay for the car maintenance as well. Speak with the dealership that you will be purchasing your car from to negotiate a deal on a maintenance package. The dealership may give you free maintenance such as oil changes or they may allow you to add maintenance costs into the loan for a small charge each month. This will eliminate the need to save extra for car maintenance costs.
Determine if bi-weekly is possible
If you get a bi-weekly paycheck, splitting your payment in two may be easier on you financially. Instead of having one large payment, ask your auto loan company if you can divide your payment into two bi-weekly payments as an option. If you would prefer, you may be able to set it up bi-weekly through your own bank's bill pay to be sure that your payment is sent off in even increments at the right time.
Get an extended warranty
If you are purchasing a car to keep for many years, you should look into the extended warranty that you can place inside of your auto loan as an add-on. These warranties can make the car more affordable over the long run. The warranty can pay out on car maintenance that is necessary well past the manufacturer's warranty date. If you do not want to have to save money in order to fix the car once it is older, a warranty is a perfect addition to your add-on. Consider getting a warranty if you know that you will keep the vehicle for at last a decade. If you plant o own the car until it is no longer functioning, you should get the longest warranty that is offered.
