Are you in the market for a new car? Are you having troubles deciding what kind of car to buy or what dealer to buy it from? Having worked in the auto sales industry for many years, I have a ton of information on my blog that can assist you in making all of these important and stressful decisions. Visit my blog to learn how to determine what car is the perfect car for you, how to decide what dealership to purchase it through, and even a few tips on getting the best possible financing rates and options for the car that you choose.
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According to a recent report, forty-three percent of the adult population in the United States has to pay on a car loan every month. That number appears to be climbing, too. Yet, can you honestly afford a car loan? Most people who take out a loan cannot afford it, but the rationalization is that they need a car for transportation to and from work. There are other options available, and auto dealers take them all. Here are all of your car ownership options, and some may prove to be better fit for you than others, financially speaking.
Bank Loans vs. Private Lending from a Dealership
Most dealerships partner with banks or credit unions to offer you a loan. However, there are some dealerships that operate their own lending practices. This may be an advantageous option, considering that this private funding may cost you less in loan fees and interest. Check with a dealership (before you allow them to do a credit check on you) to see if they offer this private funding, or if they work hand in hand with a bank/credit union.
Leasing
Leasing is like owning. You get a car, you make monthly payments, and you get to drive the car for several years before trading it in. The vehicle is not technically yours, however. It still belongs to the dealership and it has to be surrendered at the end of the leasing period or purchased outright with the remaining balance owed on the vehicle. Some people find the lease-to-buy option a more affordable one, since you do not have to do any of the maintenance or repairs on the vehicle for the lease period. This reduces your overhead costs for the leasing period, and it keeps the car in good shape until you choose to buy it.
Buy Outright
Not a lot of people can buy a car outright. In fact, buying a car outright usually only happens when someone has come into some money, saved up enough money, and/or buys a used, older model vehicle. If you are not very picky about what you drive so long as it will get you to and from work, you could buy a used, older model vehicle outright. Then you would have a car you can use for the next few years and not have to make any car payments at all. You have to take a serious look at your finances to see what works for you.
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