The popular misconception that buying a car on finance is a bad idea has been around for many years. It comes from a fear of customers accumulating debt, ending up with a bad credit history and the enormous pressure of owing money to below-standard financial lenders. However, registered financial institutions are transparent, reputable and reliable. Shoddy car loans are becoming a rarity in 2022 when one does their homework. And these assumptions should not hinder you from looking into how you should compare car finance in Varsity Lakes.
The opinions of many can deter you from choosing auto finance over cash because they seem sensible. Purchasing a car is not the same as purchasing a property, as houses appreciate over time, unlike vehicles.
But what many won’t admit is that buying with cash comes with its own set of problems and potential issues.
Paying in cash can seem like a simple process, but it does not account for the actual amount of money you may spend. You can only spend as much as you have in cash. This frigid budget limits shopping around or even comparing vehicles before making your decision.
A One-Time Buy
The months or years you have spent saving for a vehicle can feel meaningless when you purchase your car. It is a one-time buy and you may wonder if it was worth it. Your bank account is instantly diminished and it can feel strange to consider all the time you spent to save money.
Making this one costly financial decision means you have no alternatives to spend your money. And this can be stressful if you have a house to pay off or a child to finance through school and university. There is also no money that you can easily fall back on now in case of emergencies.
While buying a car with auto finance can sometimes feel like an overcomplicated, expensive process, there are ways to validate the terms you sign today online and through credit regulators.
At iCREDIT, we take the stress out of buying a car and can assist in comparing car finance in Varsity Lakes. Our financial solutions are convenient, useful and competitive. Call us to learn more about our options.