How to Buy a New Car With Minimum Wage

Purchasing a new car on a minimum wage budget can be a bit of a challenge. Your vehicle choices might be a little limited, but that doesn't mean you have to settle for something used. With some hard work and dedication smelling that new car scent might be closer than you think.

1. Research what vehicle choices are available in your price range. Many automakers are now offering very affordable new cars that start under $10,000. These are usually smaller models with basic features, but are reliable and comfortable.


2. Create a savings account especially for your new car. You will need to know exactly how much money you are making each month and where it is going. Cut down on your expenses as much as possible, so you have extra money. Place as much money as you can, without shorting yourself, in the savings account every month. It might take years depending upon on the amount you are saving and the price of a new vehicle.


3. Go to a car dealership and assess your options. Be sure you have enough money in your account to cover all taxes and fees. If you find something you like, get a cashier's check from your bank and purchase the vehicle. If you do not see anything, continue to save. This is how to buy a new car in cash with minimum wage. Using cash can save you money over time, but if you are in need of a vehicle sooner, consider using credit.


4. Arrange a meeting with a finance manager at a car dealership. Although you will be paying more in the long run, you won't need to put out much money upfront. Sometimes there are specials with zero down, which is even better. Be realistic with what you can afford in terms of monthly payments. You will want to bring your last two paystubs. Be prepared to give current employer contact information and length of time you have spent on the job. They may also want previous employer's contact information if you have been at your current job for less than two years.


5. Choose a vehicle in your monthly payment range and get approved for financing. Remember to always make your vehicle payments on time.