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How to Save Money for a Car

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Part of the video series: Financial Planning

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Summary: When saving money to buy a car, it's important to keep within a budget and to save extra money beyond the initial goal. Save for a down payment to get a new car quicker with help from a registered financial consultant in this free video on saving money to buy a car.

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By Patrick Munro
eHow Presenter

Contact: www.northstarnavigator.com

Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more

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"This is financial advisor, Patrick Munro, talking about how to save money for your car. Basically, having an automobile is a privilege, not a right, and it's important to have dependable transportation. It's important though to keep within a budget as you do this because owning a car does have several responsibilities and it's an expensive task especially when the price of gasoline rises as it's known to do. When you save dollars for a car, make sure that you shop for the type of car in a budget that you have in mind and then the amount of time that you wish to allocate towards saving for that. So, if you have a car that you want that's $5,000 and you wish to save up for that within a course of 36 months, then you take the $5,000 divided by 36 and that means that you'll be saving extra amount of dollars towards that goal. It's important though if you're going to be financing a car, you can save for the down payment and if you do that, it will take you less time to be able to get a car and most notably you'll be getting a new car at that time. This is financial advisor, Patrick Munro, on talking about how to save dollars for a car."

eHow Article: How to Save Money for a Car