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Car loans customers 'need to be realistic'

A realistic approach to your budget can mean securing the right new or used car at a bargain price, one expert has suggested.

A realistic approach to your budget can mean securing the right new or used car at a bargain price, one expert has suggested.

Financial specialist Craig Hughes, who serves aboard US Marine Corps Air Station Miramar, advises that drivers need to take a thoughtful approach to car finance and factor in all of the costs associated with running a vehicle.

He states that there is more to buying a car than the list price and advises car loans customers to bear this in mind or risk damaging their "financial health".

"The first step to purchasing a car is to make a budget and estimate how much you can afford to spend on a vehicle," he said.

"Budget in the true cost of a car - which factors in extra expenses like insurance, gas and vehicle maintenance."

He concludes that car loans customers will see new cars depreciate quickly but adds that these cars will always be well maintained if the right deal is struck with the dealership.


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