Buying a used or new vehicle on finance gives you the freedom to purchase what you want and pay the vehicle off in monthly instalments. Once you have completed all the payments, the vehicle becomes yours.
This can be very beneficial when it comes to working with a limited budget. Not everyone has the financial freedom to purchase a vehicle for cash, especially when looking at younger models which comes with all the latest technology and safety features.
One of the benefits to looking at car sales on finance is that you can trade in your current vehicle as a part exchange. This enables you to get a value on your current vehicle, which is deducted from the asking price of the new vehicle. This gives you a lower amount which needs to be financed, helping to reduce the monthly instalments and helping you match your monthly budget on what you can afford.
When looking at car sales on finance you get to make regular monthly payments for the vehicle, rather than paying the amount in one large sum. This gives you wider freedom to find what you are looking for. Further if you do your budget before you start shopping around, you will have indication on what you can afford to pay each month, if you qualify, you can buy a vehicle based on the monthly payment amount after trade in, rather than the overall price, and you may be pleasantly surprised.
In addition to this, you have the flexibility to determine how long you want to make your payments for. This is normally twelve to sixty months. Of course taking it over a longer period will mean you pay more interest, but your monthly repayments will be considerably less than if you only take the finance for twelve months. Be realistic in your decision, based on your current working situation and what you feel you can afford in the long term.
The car dealer you are looking at that offers car sales on finance should give you the ability to apply for credit either online or over the phone. This does require a credit check, so it may be worthwhile obtaining a copy of your credit report to identify what your score is. Don’t worry not everyone has a perfect score, but obviously the better it is the higher your chances are of obtaining the credit you need.
If you have a tarnished credit score due to problems years ago, advise the car dealer before going ahead with the application. Some car sales on finance do take this into consideration and are willing to provide finance to those with a poor credit rating.
Another thing you will find when choosing a reputable company offering car sales on finance is that you can enjoy an instant decision. Five minutes online or a quick phone call can give you the answer you need. If approved, you could be driving away in your new vehicle within the hour.
Always ensure that you only select a reputable car dealership that has built up a good name in the industry. You want a company that is going to provide you with a complete service, helping you find the best vehicle to meet your need with a flexible finance package that also suits your budget.
Do your research to learn as much about the company as possible. Double check the vehicle comes with some form of warranty and identify who they use for the credit solutions.
Read through the paperwork in detail before signing, ensuring you know what to expect and what your monthly repayments are moving forward.