Buying a car can be a very exciting time. You are so close to independence and freedom you can almost taste it. However, first comes the difficult bit of choosing how to buy a car. They do not come cheap, which is why there are several options that you can pick to get yourself a vehicle – the tricky part is working out which option is best for you.
This piece is going to look at the different car buying options that could be available to you, to help you choose the right route to go down.
Read on to find out more.
· A Car Lease
Leasing is one of the more popular routes of getting your hands on a car for a few reasons. Not only do you not need the massive lump sum of money to buy a car upfront, but you are also not tied down to a specific car either. For example, when you lease a car, you are only responsible for the value of the vehicle during the time you are leasing it, rather than having to fork out for the whole price of the car upfront. You can also expect to spend lower monthly payments than if you were to buy a car, which is attractive to most people – especially those who are on a lower income.
It is worth noting that there are some drawbacks of leasing instead of buying, such as being restricted to certain milage conditions, and the car must be kept in immaculate condition. You also have no leverage in buying your next car either, as you do not own anything to sell.
· A Personal Loan
A personal loan is a route that is commonly trodden when someone wants to own a car but does not have the money outright to purchase it. Taking out a personal loan will usually be with your bank, and you will be essentially lent the money to buy a vehicle outright. It is the interest that you will be paying on your loan that needs to be considered. Some may find this difficult if they have a bad credit history or a negligent credit score, but there are exceptions. If you are disabled or have mobility issues you could be entitled to help for paying for a car designed with accessibility in mind or be allowed to lease your car for free. For more information, head over to Allied Mobility.
· A Credit Card
You can buy whatever you like on a credit card, and cars count. The only difficulty you might be faced with is if a dealership will accept one – some do not. If you are thinking this is the route you would like to go down, then avoid disappointment, and make sure the dealers you are looking to shop with will accept a credit card as payment. This can sometimes work out even better than a personal loan if you can get 0% APR for even a few months.