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There’s your first car, that at some point everyone has to have, it’s usually a bit banged up, it was the cheapest you could find and you could just about afford to keep it on the road. Then you get a job and there’s the car you really want.

There are many approaches to buying a car and it may be harder than you think, but it will get you the car of your dreams – at the moment – although this dream car will change a lot in the future. There are a few ways to consider purchasing your car and these depend on whether you take it out on finance, whether you get a loan or whether you have enough cash saved up to buy the car outright.

If you chose to finance a car then you can usually get some really great deals, especially with well-established companies. Quite a lot of the time these companies will give you great deals on all cars from a Mini to a Porsche. Financing is a great way to buy a car as to start with you get a brand new car for three years. The fact that you only have the car for three years is a great flexible way to drive as at the end of your contract you can either pay of the balance if this is still your dream car – this is usually a few thousand pounds – or you could trade it in for a new car, or you can even walk away after the three years and not take out another deal.  There are downsides to financing a car; say you got half way through your contract and lost your job and could no longer afford to pay, it is up to the company what happens from then on, they could make you carry on paying or they could offer you a cheaper deal; this however would start a new three year contract and you could find yourself in the same position. They could also make you pay off a lump sum in order to get out of their contract. If any of these happen it will not look good on your credit history.

Another option to buying your dream car would be to borrow the money from an auto loan company. These companies are specialised in car loans and offer great pay back deals. This means that you find the car you want to buy then apply for the loan, if the loan is accepted they send it straight to the car dealer and the car is yours. You once again have to pay this on a monthly basis. There is also a trap with this method however, if you lose your job, as before and cannot afford to pay the loan you would have to sell the car in order to pay the remainder off.

Probably the easiest and most sensible way – if you can afford to do it – to buy a car would be to buy it outright. This way the car will always be yours. You won’t have any monthly payments and you can be extremely proud of your dream!

This blog post was written by Neil Simmons of www.joeduffy.ie, sellers of prestigious cars in Dublin