Essential Steps To Save For Your Dream Car?

Essential Steps To Save For Your Dream Car?

July 24, 2019 0 By vishnu
Smart financial planning can ascertain that you can make the big-ticket purchase without hindering your ability to take care of your essential financial necessities. You can draw a budget, which includes planning along with maintenance expenses like insurance, fuel, registration, décor and taxes.

Apart from personal savings, an effective option for accelerating your financial plan is to get alternate self-financing, like the different types of loans available in the market from various financial institutions like NBFCs. However, before taking a loan for buying a car, the terms of payments, interest rates, and mortgage requirements should be thoroughly checked.

Related image

If you’re looking to save up for down-payment, you can make your money grow by investing smartly. Here’s a lowdown on some of the best investment options for you to start increasing your savings with investments:

1. Fixed Deposits

Consider investing in investment options like fixed deposits, where you get assured returns on your investment. Choose a financier like Bajaj Finance Fixed Deposits to get one of the highest interest rates in the market, and the flexibility to choose your tenor.

Investing in Fixed Deposits can also help you with repayments of your car loan, as you can choose periodic interest payouts that can be directed towards your EMIs each month. You can also choose to take a loan against your investment during emergencies, so you don’t have to liquidate your investments. In this way the money multiplies, smoothening your liabilities, and helping you realise your goal of buying the car at the same time.

 


2. Liquid Funds

As a variant of mutual funds, liquid funds enable you to accumulate a sizeable sum of money that is not largely affected by market fluctuations. You can also look for easy liquidation, which can enable you to pay for your down-payment as per your convenience.

3. Gold

Gold is one of the most preferred investment plans, because of its inflation-beating properties. However, market fluctuations directly impact gold prices, which is why risk-averse investors avoid investing in these investment vehicles.
While there are several investment options that can help you grow your money, it is important to choose an investment vehicle that enables you to get access to your funds easily. Fixed Deposits are hence, the most preferred investment options for such big-ticket expenses on the horizon.

Invest in Fixed Deposits to benefit from flexible tenor, which helps you plan your purchase, in-line with the maturity of your FD. You can also reap benefits from periodic interest payouts that help you pay for your EMIs.