When you’re going to purchase a vehicle, you have a couple of options. You could buy outright, finance or lease, and you could opt for a new, pre-owned or used vehicle. Consider the following benefits of financing a brand new car.
Buying The Car Soon
One of the problems associated with purchasing a car outright is that you’ll likely have to wait some time before you’re all saved up. Instead of waiting months or even years to save that money, you could just work on putting together a down payment. The down payment may be able to go as low as $1,000 or $2,000. This number will depend upon the type of car you want, the sticker price of the vehicle and how your credit scores are.
It’s Yours to Drive
When you make the decision to lease a vehicle, you’re often limited on the amount of miles that you are permitted to drive per year. For people who frequently travel or who have a long commute each day, these limits can pose serious problems. With a finance, you generally do not have a limit on the amount of miles that can be driven on a yearly basis.
Some people are afraid to finance because they think the plans will be rigid. Well, with a new car, you certainly have some flexibility. For example, let’s say that in 2013, you purchase a 2014 vehicle. Paying it off in three years might be a little bit tight on your budget. However, even if you opt for a six-year payment plan, you are still going to have a car that is in fairly new condition. You could also ask if it’s possible to pay the loan off early in the event that you wind up with some more money later on.
A Reliable Vehicle
For years now, it seems that you’ve been driving around a car that just does not want to work. Older vehicles, even if they are certified pre-owned, can have a lot of issues. The more miles a car has on it, the more susceptible it is to problems. However, these types of problems are greatly reduced when you choose to purchase a vehicle that is brand new. Furthermore, you’ll probably receive a service plan from the dealership, and you can even look into extending it for the life of the car.
Building Your Credit Score
One day down the road, you hope to be approved for a loan on a home or some other large type of loan. At the current time, you might not have the credit score for that, but making regular and on-time payments for your car will certainly help with that. As you make the payments, your credit score will rise and significantly impact you in the future.
Financing a new vehicle is just one of the options from which you can select when choosing a car. Still though, this plan is truly an excellent one to pick for super car success.