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Every parent’s life changes once their child is born. Their wants take a back seat as they prepare everything they need to make sure that they can provide for their baby.
That includes making budget adjustments; parents have to learn how to cut back on some of their luxury items to make room for their child’s food, clothing, and other basic needs. But the child’s safety is one of the most significant challenges, thus far.
Going from place to place with a baby can be hard. Sure, you can put him down in his stroller or carrier, but when you also have to carry the diaper bag as well as your things, that can be a bit too much especially for single moms raising their kid. Buses can be cramped, taxis may not appreciate accidents in their backseat, and sometimes booking an uber can be tough.
Know your options
The best solution is to get a car, but you probably think that it’s pricey, but it doesn’t have to be. There are plenty of options you can choose to help mum balance her budget for her kids and a car. Here are a few ways for her to acquire a vehicle without putting a dent in her savings:
Car Loan. If you have a good credit score and a fair amount of savings tucked away at the bank, you can consider getting a car loan. You can talk to your banker and discuss how much you can get for a car loan, and then set up a payment plan with the lowest possible interest rate. This way, you can get your car as soon as possible, and you can then weave the payment into your monthly budget.
Car Lease. The great thing about a lease is that it’s renting the car from the dealer. You also don’t have to worry about maintenance costs as the dealer will be responsible for it. The best part is that you are given the option to buy or return the vehicle once the contract is up. This way, you can buy the car at a lower price, or upgrade to a newer model later on. What’s more, it’s a lot easier to get approved for a lease than it is to get a car loan.
Car Finance. At first, car finance sounds a lot like a car loan. But the difference is that with a loan, you will be talking to a bank and will only be considered if you have good credit. Car finance typically caters to those with bad credit and are looking to improve their score. Car finance usually offers a rent to own car wherein the car is yours once the contract is up. It’s a lot less complicated and is more affordable for families who need a car but can’t pay for it up front.
You might be considering getting a second-hand car from the local used dealer, although this is a good idea, you should be aware that not all second-hand vehicles are excellent. Some already have underlying issues before ending up in that lot, and some have travelled their last mile. If you aren’t familiar with how to check if a car is in good condition, you might be digging yourself a hole you can’t escape from.
If you do consider buying used, learn everything you can about the car model of your choice, or perhaps bring a friend with you that knows their way around a vehicle.
Study your options carefully, and always consider your financial situation to make sure that you can always make your payments on time to avoid any unnecessary headaches along the way.