Another round of stimulus money is headed your way because of the COVID-19 pandemic. So, before your money lands in your mailbox or bank account, let us help you develop a plan for how you will maximize that extra cash.
At America’s Car-Mart, we’ll work with you to create a plan based on your financial needs and concerns. We’ll sit down with you and help you plan accordingly.
In these uncertain times, it’s important to plan and use your money wisely. Now may be the time to get into a newer vehicle or even trade up for a newer vehicle. We’ll do everything we can to get you in a new ride and keep you on the road.
Four ways to maximize your stimulus money:
- Make a bigger down payment on a newer vehicle
If you’re credit challenged, having some extra cash on hand can help with your down payment. In some cases, the bigger the down payment, the lower your monthly payments may be, or you might have fewer monthly payments. Plus, with a bigger down payment, you can save on interest paid overall. A few extra hundred dollars upfront could save you thousands of dollars over the length of your loan. A bigger down payment is one of the best things you can do to save money over the length of your vehicle loan.
- Re-structure your current payment plan
If you’re running short on cash each month and maybe even a little behind on your payments, we can re-work your monthly payments so you can catch up. Using your stimulus check to restructure your current note for lower payments on the same terms can make a significant impact. And, if you are comfortable with your current payment amount you can utilize your stimulus check to shorten your total number of payments and save a considerable amount of interest charges. Finally, remember, Car-Mart reports your on-time payments to the credit bureaus so you can build or repair your credit history.
- Use the money for routine vehicle maintenance on your vehicle
Perhaps you need a new set of tires or it’s time for preventative maintenance and vehicle upkeep. Consider this an investment in your vehicle so when you’re ready to trade it in at Car-Mart, your vehicle will be more valuable. [Check out our list of 10 tips for basic maintenance].
- Evaluate the necessity of adding ‘accessories’ to your vehicle
When you add heated seat covers, race car seat belts, or hotrod tires, you’re likely doing that for yourself. But here’s the thing. If it won’t help for a higher resale down the road, don’t do it. Put the money you would spend on these personalization-type items into a monthly payment instead. Keep your car functional.
Dare to Compare
Plus, we invite you to estimate the cost savings over the life of your vehicle note by using our online Dare to Compare calculator. Here you can see how buying a vehicle at Car-Mart stacks up compared to buying elsewhere.
The bottom line is to take the time to plan for your stimulus money, look at your overall financial situation, and use your money wisely. Come on in – let’s talk about how we can keep you on the road.
More great advice for putting your money to work for you
For more about how to maximize your money, check out our recent blogs about using your money wisely:
- ‘5 ways to use your tax refund at Car-Mart for your vehicle needs’
This article outlines the ways you can make your money work for you – just like with your stimulus check.
- ‘How to make the most of your tax refund’
Joshua Meltzer, Vice President of Collection Services for Car-Mart, talks about how Car-Mart will partner with you to better your financial position.
- ‘Why good credit is important’
This blog explains how having a vehicle loan can help build your credit.
- ‘Four easy steps to car buying and financing at America’s Car-Mart’
In this article, we list out the steps on how to finance at Car-Mart.
- ‘How to finance a used vehicle at Car-Mart when you have bad credit’
Rick Musial, Car-Mart’s Vice President of Underwriting, answers customers’ questions about financing a used car at Car-Mart if you have good credit, bad credit or no credit.