How Can Newlyweds Afford to Buy a Car?

by Erika Torres
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It is the start of the wedding season again, with more and more of us flocking to the aisle. Weddings are notoriously expensive and for many happy couples it means spending all your savings for the perfect day. So, what happens when the wedding is over, but you need to buy a new car? It’s a scenario faced by many of us, especially when owning a car//vehicle is a necessity these days. Don’t despair though, there are many ways to own your dream car after you’ve had your dream wedding! Here are some helpful tips to get the financial steps in place.

What are your thoughts about credit?

There are many ways that you can finance a new car: you may not have wanted to finance your wedding through credit, but this may mean that you have no choice but to get a car on finance. There are numerous forms of financing for vehicles, from leases through to specific car loans. Sit down and talk to each other before you make any decisions. Purchasing your car using credit, could end up affecting both of your credit histories, because of this you need to be 100% sure this is the right option for you from day one.

Once you have made the decision together, do your homework. It may be that you have enough money for a deposit and then want to pay the rest off with a car loan, or you may be more interested in a car loan novated lease; either way financing can be very confusing. Make sure to conduct your loan research online. Not only will you be able to see the options available to you, but you will also have an idea of the legalities. These can come in many forms, such as whether you will own the car out right at the end of the lease, or if you will need to pay for the car at the end of the term.

Head Back to the Beginning

As with all marriages, there is a starting point to the relationship and by heading back to when you first met, you can begin to look at your financial histories in black and white. Now, this can certainly be a daunting task for any newlywed couple, but it is an important one to take as it will make clear what you can afford and what credit options are available to you. Once you can clearly see where your finances are up to, you can begin to create a workable budget for your personal circumstances.

The first thing to mention when looking at your budget, is that as a newly married couple there will be other things you are trying to save for: children, a new home or your honeymoon. Make sure that you also factor these into your plan. If you already know that you are going to turn to leasing a vehicle, or if you want to buy out right, you must remember to take into account the money you will need for extras that come with the car, such as insurance.

Considering Your Options

The final part to take into consideration is the type of car you need. It may be that when you were single, you had a dream of owning a luxurious sports car. Now, your circumstances will have changed and so too will your car choices. Knowing the kind of car you want before you go to a dealership will make the process a lot smoother in the long run.

Finally and most importantly, now that you are married you will be starting to plan for your future together. Enjoy this time. Choosing a car can be stressful, but making the decision together may be the first big thing that you have decided upon since your wedding day.












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