Kia Finance Tips: How to Budget Your Car Purchase
The idea of purchasing a new car is always exciting. However, before you sign on the dotted line, it’s essential that you create an effective budget for your car purchase. The last thing you want is to take a surprise hit to your bank account without a solid plan. Our Kia finance center will always be there to help, but before you visit, here are some tips to budget your car purchase.
Consider All Your Expenses
Besides the purchase price of a new Kia car, it’s also important to remember that owning a vehicle comes with a slew of other potential expenses. These expenses can include insurance premiums, fuel, taxes, registration fees, and of course, maintenance costs.
While it may be tempting to skip out on maintenance, it likely won’t be beneficial long term. Conducting regular maintenance for your car is a great way to keep it in great shape and will ultimately save you money on expensive last-minute repairs.
Calculate Your Down Payment and Monthly Payments
You’ll want to calculate how much of an initial down payment you can make toward the car you want to purchase. Larger down payments mean a higher upfront cost, but they will also lower your monthly payments.
Finding the correct balance between the two is a matter of assessing your total income against expenses, then determining how much of your remaining budget can be devoted to monthly Kia payments.
Implement The 20/4/10 Rule
The 20/4/10 rule recommends putting 20% down, opting for a four-year loan, and allocating no more than 10 percent of your monthly income towards total transportation expenses. As you create your budget, you should consider how much of your income you can feasibly set aside to deal with possible expenses.
Explore Your Financing Options at Sansone Kia
The team at Sansone Kia will be happy to help you create the best financing plan for the car you’re eyeing to purchase. Whether you’re looking at a pre-owned Kia car or something new, our friendly team will do their best to get you behind the wheel of a vehicle you’ll love.
Warranties include 10-year/100,000-mile powertrain and 5-year/60,000-mile basic. All warranties and roadside assistance are limited. See retailer for warranty details.
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