Rent a car is cheap and easy to do, but there’s a catch.
With the average Australian earning just $52,000 per year, a single person would need to make about $10,000 to buy a car to make enough to pay for a month’s rent.
That’s the equivalent of $1,400 in today’s dollars.
But if you’re working, that figure drops to $6,200 and you need to spend $5,400 on the car.
That would mean you’d need to pay $3,000 for a car, leaving you $6.50 left over for food, rent, petrol, gas, utilities and so on.
The trick is to get a car you can afford and use it to pay off your debt, as it’s not cheap.
How to pay down your mortgage and make more money in rent- a car The easiest way to do this is to take out a mortgage to get your money out of the car, rather than rent.
But it’s a tough financial decision to make, and you’ll need to work out a repayment schedule with the lender.
If you’re using the loan to pay rent, you’ll pay interest over a fixed period of time.
If your interest rate is higher than that, you could find yourself paying back less.
If the interest rate stays the same, the lender will charge you interest on any repayments over the loan term.
You could also use the loan for your first home purchase if you’ve secured a mortgage.
For this, you can apply for a home loan to help pay down the loan.
The easiest way is to use a mortgage loan to buy your first car, but you’ll probably be better off if you buy a used car, says Mark Taylor, a finance and asset management consultant from South Australia.
“You’ll save money on your mortgage but also get more cash to invest in your home,” he says.
With that in mind, Mr Taylor recommends buying a used vehicle to pay the mortgage down.
If that’s too expensive, you might consider buying a newer, cheaper car with more features such as a heated driver’s seat, a touchscreen navigation system, or even a fully automated braking system.
You’ll save more than $100 on your first purchase, but the extra money won’t be there if you have to repay the loan in a year’s time.
The cheapest way to pay a car mortgage is with a credit card, but if you do have a credit score, it’s best to get it done online or by phone, says Mr Taylor.
To get the best rate, Mr Turner recommends going online and searching for a loan online, so you can compare offers from different lenders.
You can also check online to see if the vehicle you want is currently on the market.
If not, you should consider getting a rental car or buying a car on the cheap to avoid interest.
You could also buy a rental vehicle for your next home purchase, or rent it yourself.
Renting a car with a mortgage will give you more flexibility in terms of how much you pay per month, says Simon McVey, a senior financial planner at Property and Leasing Network Australia.
“If you can get yourself a car that’s affordable for you, it can help you save a little bit of money over time.”
If you’re planning to buy an old car or an used car with the intention of paying off your mortgage, the best option would be to buy both a used and a new vehicle.
If there’s no car you’re looking to buy, Mr McVay recommends you consider leasing.
If renting a car isn’t your thing, Mr McKenzie recommends looking for a low-interest loan from an online lender.
You will save money by not having to worry about interest, and can pay off the loan more quickly, he says, and it may be cheaper than buying a vehicle.
Read more about car loans and mortgage debt: