Ask Away...: How to Save Money On Three Huge Purchases

Thursday, February 15, 2018

How to Save Money On Three Huge Purchases



Most people come to a point in their life when they decide to make a large, life-changing purchase. These types of purchases are costly, which scares a lot of people, but because we know that they’re going to be expensive, we rarely try to reduce the price. These types of purchases include things like a house, a car, and a business. Of course, none of these things are ever going to be seen as “cheap”, but that doesn’t mean that they can’t be cheaper. If you are thinking about buying a house, starting a business, or buying a car anytime soon, keep reading to find out how you can cut costs.






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House

Most people have to apply for a mortgage when they choose to buy a house, so this should be your main focus. Before you even start looking at mortgage quotes, check your credit score. This is because your mortgage will likely be higher if your credit score is too low. If it is, do all that you can to increase your credit score. Once you’ve done this, ask for mortgage quotes from a few different lenders, as they can be incredibly different, and then apply for the cheapest. When you do this, put down the largest deposit that you can, as this will reduce your mortgage repayments. Using an estate agent also tends to save you a lot of time and money, which is great considering the person selling the property will have to pay them, not you.






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Car

While a car isn’t quite as big a purchase as a home or a business, it is still a lot of money, so it makes sense to try to cut down the costs where you can. A great way to do this is to buy a used car, rather than a new one. If you want to buy from a dealer, go for ones that are family owned for the best deals. You could also try to pit different dealers against each other, by letting a few different ones know that you’re shopping around and will only buy from the dealer that gives the best deal.






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Business

Starting a business is a little different from the other two purchases, as it involves a lot of transactions, rather than just one. When you choose to start a business, rather than use your own money, get online and look at a few different crowdfunding websites. Just be sure that you read the terms and conditions before signing up to one, as most take a cut of your money, and some only release your cash once you’ve hit a target. Alternatively, you could find yourself a partner, so that you only have to do half the work and only have to pay for half of the purchases for your business.




While you might not mind wasting a few dollars here and there on small purchases, when it comes to bigger ones, it’s always more sensible to save money where you can, or you could end up spending thousands more than you needed to.












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