One of the things that receiving settlement money can do for you is giving you the chance to own a car. Of course, depending on your payment amounts and what you’re willing to pay, you could buy a brand-new car—however, there are many benefits in buying a used car with cash, as long as you shop wisely.
There are a few things you should keep in mind when you’re shopping for a used car; the first is to do your research. There are many apps and websites that will allow you to easily find out how much a car should cost, depending on its year and condition. You can also get information on safety features and other important facts about many different kinds of cars before deciding on which one you want to buy. Websites like Consumer Reports and Car and Driver provide a lot of information on any and all makes and models of cars, which means you can make a good choice.
Create a budget for purchasing a new or used car with your structured settlement so you have a plan when you go to buy. This brings us to our next point: you need to know what your budget is before you go to the dealership or seller. Long before you ever even step foot on a car lot, you should have a clear idea of how much you’re willing to spend. If not, then you may be more likely to spend more—and sales people know that. Some dealers that sell used cars offer financing—but if you’ve got a structured settlement or annuity payment, you can work with a company like DRB Capital, and we’ll help you get settlement money if you need to buy the car you want all in one lump sum of cash, with no need to finance.
Last but not least you need to have certain backup plans in mind. You might want to have a mechanic you can trust go car shopping with you. A mechanic could look under the hood of the car you’re interested in and make sure everything looks the way it should. A car can look great on the outside while still being only a few miles away from breaking down on you—not what you want. The other thing is to be prepared to walk away when you believe you are not being offered a good deal. The last thing a sales person wants is for you to walk away without buying; and, as long as your conditions are reasonable, they should work with you and try to do everything in their power to keep you there and finish the sale. If you have any questions about how you can get settlement money, please call us at 877-894-4541.