By law, any car above the age of 3 must undergo an annual MOT inspection to certify that it is safe enough to be on the road. When the time comes that your motor needs the MOT test, should it fail the inspection, it must be repaired to meet the standards. However, it’s possible to arrange a pre-MOT check with a local garage or dealer workshop to minimise the chance of your car failing on the day.
Budget Your Lifestyle
First and foremost, a vital step towards making sure you can afford to make your finance payments on time and every month during the term is to budget your lifestyle. Not in the sense that every little thing you buy, you end up totting up and over-obsessing about all sorts of things, but rather that you estimate how much you need to spend every month and decide on the things you need and those that you simply just want – know the difference before doing so.
Avoid Spending Unnecessarily
Granted, pay day is an exciting time if you are expecting a bit extra, but you still need some self-control over your bank account and know when not to buy things you don’t need. Believe it or not, this is the biggest reason car-buyers are left out of pocket when it comes to coughing up their finance payments, which is the worst situation to be in. Again, consider all the things that you need and allow yourself a treat or two, but remind yourself that there is absolutely no need to go crazy and spend on things that you know you’ll never use or need in the future. That way, you know you can save the money to pay off your car finance installments instead.
Set Some Money Aside Each Month
To avoid the pitfall that is being left short at the end of the month, right before your car finance payment is due, make sure you set yourself some money aside each month. Generally, people tend to do this if they are unsure of whether they would be able to make next month’s finance payment, and for this reason, is the best way to keep on top of your car finance expenses. While you are covering your payments ahead of schedule, you may find that you have some left over, so that postponed treat might become a possibility after all!
Ask for a Guarantor
Lastly, you may be certain that you won’t be able to make the payments alone or on time. That’s where a guarantor fits into the frame, helping to keep you covered whenever you struggle financially from time to time. However, while this is a good way to keep on top of your car finance payments, your chosen person to be the guarantor must have a good credit score and a good, healthy credit history for record-keeping. Otherwise, the finance lender may not be able to accept your application due to a lack of knowledge of the person you would like as your guarantor.
