Buying a Car with My Structured Settlement Payments

Purchasing an Automobile Using My Future Structured Settlement Payments

If you’ve never owned a car before, it can be easy to underestimate all the different expenses that you’ll face beyond the initial purchase of the vehicle. If you do currently own a car but are looking to replace it, then you know it’s important to consider the various costs of car ownership when budgeting for a vehicle purchase. If you are receiving structured settlement payments, the sale of some or all your future payments can help with buying a new car.

Do you need cash to purchase a car? We may be able to help if you’re receiving structured settlement payments. Contact us today at 877-894-4541 to learn more about how we buy some or all future structured settlement payments due to you and how you can receive your cash in one lump sum.

Before deciding on a particular car or when making the decision about the best time to purchase one, remember to include the following expenses into your budget, which can add up significantly over time:

The Car Purchase Itself

Lately, cars have been actually selling at or above MSRP. This is true for both used and new cars and is due to a variety of reasons. For many people, a car is a necessity so the decision is not if but when will they need to buy a new or used car.

How to lower these costs: It’s currently a seller’s market, but it doesn’t mean you can’t necessarily score a good deal. You can purchase a car directly from a private owner without going to a dealership, and there are multiple internet sites that you can use to narrow down the model, make, and mileage of the vehicle you are looking for and many of these sites make it possible to complete the purchase online. If you do go to a dealer, besides looking at new cars you should ask for their selection of certified pre-owned vehicles. These are vehicles that are often certified by the dealer as to their good running condition and often are still under a factory warranty.

If you offer to pay for a car completely in cash and without financing it, this can be appealing to dealerships, and they may be more willing to work with you on price. Paying for a car in cash may not seem feasible at first, but if you’re receiving structured settlement payments, you do have other options. We buy structured settlement payments, and we can purchase your future payments. With the lump sum of cash, you receive from us, you can potentially make a cash offer on a vehicle and not have to worry about taking out a loan that can have high-interest charges.

Fuel Costs

Unless you rarely drive or buy an electric car, the cost of gas isn’t something you can ignore. If your daily commute is a long one, this can be an especially significant budget expense as gas prices continue to fluctuate but it’s likely they will stay high for the near future.

How to lower these costs: You can eliminate these costs entirely by purchasing an electric car or lower them by purchasing a fuel-efficient car, such as a hybrid vehicle. At the very least, you might want to avoid vehicles with poor gas mileage if you plan on driving a lot and are looking to cut back on expenses. If you’re receiving structured settlement payments, you can sell some or all of them and use the lump sum of cash to purchase an energy-efficient car, which might be more expensive in the short term but will save you a significant amount of money in the long term.

Financing Charges

Financing charges are another unavoidable (and overlooked) expense of car ownership if you’re planning on taking out a car loan. This is often an underestimated expense of owning a car because the interest charges are built into the monthly car payments and may not seem like much, but over the course of the loan can add thousands onto the cost of the car.

How to lower these costs: Avoid financing charges by skipping the car loan completely and saving up enough cash to buy your car in full—even if it means opting for a cheaper model. Alternatively, try putting down a larger down payment, which can help to lower your monthly car payments and potentially get you a better interest rate.

If you have bad or just so-so credit, hold off on getting a car loan until you improve it, as good credit can help you qualify for a better interest rate. You can also use your lump sum payment through the sale of your future structured settlement payments to make a down payment on your car purchase or to purchase it in cash, which would avoid taking out a loan altogether. Also, since none of us like to sit around in a dealership it’s also much faster to buy a car outright than to have to wait for them to process all the loan papers!!

Car Repairs

A much-needed repair can happen at any time, and it can cost hundreds (or even thousands) of dollars. Many drivers are completely taken off guard when it comes to these costly repairs, so it’s important to always have enough money in your emergency fund, just in case.

How to lower these costs: If it’s within your budget, opt for a new car or a certified pre-owned car so that you’re protected under a warranty. Once the warranty is up, it’s important to maintain your car’s recommended maintenance schedule. It may be a hassle, but making sure your vehicle receives all the recommended maintenance (as set forth in the driver’s manual) may ensure that your car will run well for many years.

Contact DRB Capital

Do you need cash to purchase a car? We may be able to help if you’re receiving structured settlement payments. Contact DRB Capital today at 877-894-4541 to learn more about how we buy some or all future structured settlement payments due to you and how you can receive your cash in one lump sum.