So you’ve chosen your new MINI car from our extensive selection of new and pre-owned MINI cars. Congratulations, you’ve made an excellent choice! However, before you drive off our lot, you need to make sure that you have a way to fit the car into your budget. Some first-time car buyers come into our dealership, see the sticker price on a car, and assume that they can afford it. However, budgeting for a car can be more tricky than you think, which is why the experts at our MINI finance center would like to offer these tips.

Consider the Total Cost: The total cost of a MINI car consists of more than just the sticker price. You also must keep in mind things like sales tax, title and registration fees, and optional items like extended warranties. Of course, you’ll have expenses like regular maintenance, gas, insurance, and registration.

Down Payment: While some buyers pay for the entire cost of a car up front with cash, most opt for a payment plan. When taking out a loan on a car, the first thing you need to do is put down a down payment, which is a portion of the total cost. The more you can devote to your down payment, the lower the monthly payments will be.

Monthly Payments: Your monthly payments on a car are comprised of both interest and principal. This payment will be affected by loan term, interest rate, and down payment.

Used Car Trade-In: One easy way to decrease the cost burden of your new car is by trading in your used car to our dealers. We’ll buy any car, MINI or not.

For more budgeting tips, talk to a dealer here at MINI of Bedford.