7 questions to ask yourself before buying a car

Read this before you make a purchase
Nov 6, 2015

It goes without saying that buying the right car is easier said than done. If you want to get a good deal on your new purchase, you will need to do some research and ask yourself (and your car dealer) the following questions:

1. Do I need one?
There comes a point when lost business opportunities and missed work due to breakdowns outweigh the low cost of keeping an old car, not to mention the fact that newer cars tend to be safer and more economical. This also goes the same for those who commute--with all the horror stories of the MRT breaking down, long queues at the terminal or taxis going MIA when you need them the most.  The break-even point differs for everyone, however, so think long and hard on this!

2. How much should I spend?
Do you really need a top-of-the-line SUV with 20-inch alloy wheels and a touchscreen entertainment system? Practical, economical models often hold their value longer, and are easier to care for. But, if you can afford to buy an upgraded vehicle, why not? It really depends on your preference and capacity to pay.

3. How soon can I get one?
While a cash purchase is always the most convenient, it takes time to save up. BDO Auto Loan's easy application requirements and fast processing gives you the flexibility to purchase and drive home a new car.

4. Is this car... me?
Ask yourself this question because a car is a reflection of who you are. If it doesn't feel right, the prospects of forming a long-term relationship are low.

5. Is it any good?
Once you find a prospective buy, do your research and ask your family, friends and colleagues about it.  Find out if the car you're considering has any issues, like poor fuel economy or expensive maintenance. Forewarned is forearmed!

6. Is it future-proof?
As your career and/or family grow, your needs may change. By picking the right vehicle and financing package, you know that you and your car will be together for a long ride.

7. Does it fit my monthly budget?
With BDO Auto Loan's convenient and flexible Auto Loan packages, budgeting monthly payments against fuel, insurance and maintenance bills has never been easier. With options to tweak both downpayments and monthly amortization, you can tailor-fit your purchase expense depending on your budget to better manage your finances.

Owning a car is easy when you apply for a BDO Auto Loan, which offers fast-loan processing and financing packages with low interest rates and flexible payment options, all depending on your current budget and lifestyle. To know more about it, visit the BDO Auto Loan website.

Photo from Don Jon/Relativity Media (2013)

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