When buying a car on a budget, you may think your options are limited. While it may be true that your circumstances do not allow you to buy a brand new vehicle, you might be surprised at the many options that are available, even if you're looking for used cars under $5,000.
To get started, you need to examine your budget. There are many factors involved in budgeting for a vehicle purchase. Some questions to ask might include:
How much cash do you have available to contribute to the purchase?
Can you afford a monthly payment? If so, how much?
How is your credit? Would you be able to get financing with top lenders, or would you need to seek financing with secondary lenders, or directly with the dealer (buy-here-pay-here).
If you have some cash to contribute, a good job, and great credit history, you will have many options available. But, if you are like many buyers, you are likely lacking in at least one of the 3 questions [...]