Things that You Should Know When Paying Cash for a Car

Salesman showing man a car

Deciding to purchase a car is a major life decision because it involves a considerable amount of money. Your car is a big personal asset and therefore must be decided carefully. Nowadays, there are a lot of available options that you can choose from when it comes to paying for a car.

The auto-finance market has steadily increased over the years and more people are taking advantage of this method since this is the fastest way in order to get behind the wheel.However, some people opt to pay cash when buying a vehicle.

Having cash on hand and using it to pay for your car might not be the best way for everyone. Why? Most individuals have other financial obligations that needs to be paid off and therefore pouring all your savings into a single asset may cause financial issues. But it still depends on your situation and if you are having second thoughts whether you should pay using cash or not, this article can help you with that dilemma.

Your Credit Score

Incurring debt is not purely a bad thing. If you are a millionaire then there’s no problem paying a car in cash since you have money to spare but this is not the case for most people. That is why most car buyers are opting to apply for auto financing since this is the best solution to their transportation needs.

Moreover, when you start taking on credit (like an auto loan) and can successfully repay it, your creditworthiness will also increase. Consequently, this will also eventually lead to a higher credit score and lending institutions like to work with a client that has a good credit score.

To add, although you won’t take on debt if you decide to pay cash for a car, you won’t be able to establish credit as well. Having no credit is risky because if you need to borrow money from a lending institution for personal or emergency purpose, your lender will hesitate to give you instant approval because you have not proven your creditworthiness.

Therefore establishing credit whether through a house loan or auto loan as early as possible is crucial. You will never know when the need of financing arises so start building your credit today.

Other Ways You can Utilize Your Savings

A mentioned earlier, most people have other credit obligations such as mortgage and credit cards. By opting to apply for an auto loan, you can pay off other outstanding debts while still being able to own a new car. This is one of the biggest advantage if you choose auto financing.

Car Upgrade

If you have the ability to pay a car fully using cash, you can use this cash as down payment to go for a better car instead. Having cash on hand gives you this option. So pamper yourself a little bit by choosing to buy a better car. Visit this website to learn more about auto loans.

Top Mid-Size Luxury Crossovers/SUV’s of 2016

Looking for something a little smaller that still gives you the luxury feel and luxury styling? Well then you are definitely looking for these options. These mid-size luxury crossovers and SUV’s are designed to give you all that luxury feel but in a smaller size (which means a smaller price tag as well). So you’re going to get a whole lot more for a whole lot less, and you’re family is definitely going to appreciate that as well. So make sure you give each of these (and the entire lineup) a try before you buy.

bmw-x5The first of our mid-size luxuries is the BMW X5. Though it may look like a regular SUV, this one is definitely anything but. You get all kinds of luxury styling on the inside at a fairly moderate price. This sports car actually gives you an option to add in another row of seating so you can use it even with a larger family. You’ll also be able to get a turbocharged inline-six engine as an option to give you even more power. If you’re looking for something a little greener you won’t be disappointed here either because this vehicle actually has a hybrid option and an electric-only option that you can choose from.

land-rover-range-rover-sportNext in line is the Land Rover Range Rover Sport. This one definitely looks a little more boxy, but it has a sleek and somewhat rugged style to it that sports enthusiasts definitely love. At a little higher price tag, you’ll be able to choose a variety of different supercharged transmission options and you’re going to get four-wheel drive along with it. All-in-all, this vehicle is going to give you a whole lot for your money, which is good because of that higher tag and a little bit moderate gas mileage. Though it’s better than some of the other SUV’s it’s definitely not where you’d probably want it to be.

porsche-cayenneFinally, the Porsche Cayenne gives you plenty of the luxury features you’ve really been wanting in a vehicle that’s a little less boxy but still very SUV looking with a little bit more rounded corners. Priced between our other two options, this vehicle is actually prepared for anything you might throw at it. Whether you’re looking for something sleek and sporty that you and that special someone can take for yourselves or something that you can use to take the entire family to the beach, you’ve definitely found it with this one.

All you need to do to be driving home in one of these sweet options is look for the best auto finance company that will answer all your needs. What wouldn’t you do to ride off in one of these luxury options?

What To Look at Outside Your Car Before You Buy

Are you pretty much decided on a vehicle that you’re going to get? Well if you are then you want to make sure you’re looking it over well before you actually sign any paperwork or hand over any money. This is extremely important when you’re purchasing used vehicles because you don’t want to end up paying for something that’s actually not worth the money. You want to make sure that your vehicle is going to be high quality and that it’s going to last you as long as possible. Of course, there’s no guarantee, but there are some things to watch for.

Look over the entire car for signs of dents, scratches or other imperfections. Minor imperfections are to be expected with some used cars, but anything that looks major or looks like it could be hiding something more should be checked. Also look for any bulges or rough spots that may be covering up rust. Once rust starts taking over your car you’ll never be able to fully get rid of it so you want to know right away if there’s a rust problem before you even buy the car.

Open all of the doors and trunk to inspect the rubber as well as the hinges you want them to still be somewhat still so the door doesn’t wobble when it’s opened. You also want the rubber seals to still be intact and not worn down, cracked or broken. You definitely want the car to look like it’s going to be protected from the elements and bad seals are not going to be a good sign of that. Bad seals can let in moisture and may have already done so, resulting in problems with the rest of the vehicle.

Check all of the lights to make sure that they work and aren’t broken or scratched. You’ll need a friend for this to make sure that everything works the way it should. Then check the tires to make sure the treads are good and all look the same. The tires should be the same brand and if there’s not a lot of miles on the car they should be the original tires. You don’t want to purchase anything with brand new tires and low miles, it’s definitely a sign that something is up with the mileage counter.

By checking the outside of the car you’re going to be better prepared and you’re going to understand a little more about the vehicle. You’ll be able to tell if there’s something wrong in most cases and you’re going to know whether you really want the vehicle or not. If it’s got hidden damage you may not because whatever you can find may be hiding several more things that you can’t find. If you’re looking for a car though, make sure that you’re getting the loan process taken care of right away. You can get a loan no matter what your credit looks like and you can do it by checking out some more information right here.

Learn How To Get An Auto Loan With No Credit In Canada

Car loans are all over. You will see them on full-page advertisements on newspapers, on blogs or even on billboards.

Common sense will tell you that not all lenders are good. They may have the best car loans when one looks at what they have to offer without getting into all the necessary details.

ZeroTake a look at the loan for a second time. You may end up noticing hidden charges and terms that may not be friendly in the long run. With that in mind, always consider what a lender offers you. Get into all the necessary details like how much you will end up repaying in the long run.

But over and beyond that, consider the following car financing ideas.

Look for discounts

Most auto manufacturers often promote cash back rebates. The cash back rebates may apply to all buyers while small rebates may apply to specific people or groups. Either way, the rebates can go a long way to help you finance your car without struggling. Note that the rebates and discounts may not be publicized. It is therefore up to you to request for them. Take advantage of them if you are a student, military person or a member of a club that allows you to qualify for a rebate.

Ignore some dealership loans

You will come across dealerships that offer you ‘everything you need’. That is, they will offer to sell you a car and facilitate a loan for you. Unless the loan is from the dealership, ignore it. Most dealerships offer car loans on behalf of lenders in exchange for a commission. That means their rates may be high.

Find lenders for financing cars with bad credit and compare their rates with what your dealer has to offer then make the right choice.

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Getting an auto loan with no credit is easy. We can guarantee your approval if you earn a minimum of $2,000 each month. Our process is fast, easy, free! The only thing you need to do is fill out our short online application.

No Credit

You shouldn’t be treated like you have bad credit because you have no credit. Those who have no credit also have:

  • No Debt
  • No Payments
  • No Repossessions
  • No Missed Payments
  • No Late Payments

No credit is a spotless credit record. Unfortunately, no credit is similar to no employment history; you need someone to give you a chance to prove your self-worth. We are here to help; we approve 99% of our auto loan applications and we can get you approved in 24 hours or less.

No Credit Loan Options

Even when you have no credit you still have auto-financing options. No credit auto financing options are available from:

  • Banks
  • Dealerships
  • Credit Unions
  • Online Lenders

Finding affordable options is the most difficult part. We work with you to get you payments you can afford.

PersonOur Process

We work differently than traditional lenders. We get you approved before you negotiate your price at the dealership; that means:

  • You Control the Negotiation Process
  • You Easily Stay Within Your Budget
  • You Get the Car You Want

Contact us today for more details!