Because COVID-19 has continued its terror into 2021, the current stimulus bill that just passed couldn’t have come at a better time. The much needed $600 is welcomed, especially since economic certainty seems to be indefinite. Depending on your circumstances, what you do with the money is your choice but if buying a car has been in the back of your mind, here are some tips to remember before you give your entire check up to the dealer.
Know When to Use It
If your job has stayed secure or you were able to snag a position during the pandemic that won’t be letting you go any time soon, then current stimulus check is essentially extra money towards your income. You’ll also want to evaluate your current car situation and think about what the most efficient choice would be based on your income and how it could possibly affect you if something did happen a few years from now. Luckily, you’re in a position to plan ahead so take advantage of it!
The $600 can be used as part of a bigger down payment if you want to keep your bill lower and shorter termed. By doing this, you’re one step closer to owning the car outright without any negative impacts to your income or credit. It’s important not to rush this process and to study how much of a down payment would be logical with your income to make sure you don’t get stuck with a bigger problem.
…And Know When to Not
Ultimately, the point of the $600 is to provide some relief if you’ve been struggling to get yourself food, gas, and other daily necessities so you have to be honest with yourself: are you comfortable with your current situation to take on another bill?
Unfortunately, more than half of Americans have been unlucky to have been furloughed, laid off, and to have their hours cut severely due to the virus. If you’re one of them, a car can wait. Use the check for the essentials or to start an emergency fund because your survival is more important than anything in unsure times. Once your income becomes stable and things return to normal, then you can look more into investing in a new car.
Research What’s Available to You
If you’ve done the research, have seen what others are offering, and have found that you’re in a secure position to get a car, you’re in luck because here at CARite, we offer easy financing and other credit solutions that are individually tailored to each of our clients. Depending on your present conditions, we have created a simple application that only takes minutes, and also research and work with multiple national lenders that are constantly creating new efforts to bring you the best inventory without causing any financial headaches.
Looking for more information about what is available to you during the pandemic? Check out more about how we are here to help you today.
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