SHOULD I PAY CASH OR FINANCE THE PURCHASE OF MY CAR?

If you’re asking yourself this question, you’re not alone. Many of our buyers at the Moore Automotive Team face the decision of whether or not to pay cash for their car, truck, van, or SUV, or to finance the purchase with monthly payments.

There are advantages to each approach which we will cover in this space. If you have detailed questions and would like personal help, feel free to reach out to us and we can offer assistance. With thousands of vehicles sold over our history in the automotive business, we can give you the helpful advice you need in order to make an informed decision.

ADVANTAGES OF PAYING CASH FOR YOUR VEHICLE AT THE MOORE AUTOMOTIVE TEAM

It’s no secret whatsoever that the biggest benefit of paying cash for the purchase of your vehicle is that you incur no debt whatsoever when you buy. This gives you a dependable, reliable vehicle with no recurring monthly payments.

Another benefit of paying cash for your vehicle is that you avoid any interest charges that may accompany a car loan. While Kentucky auto dealerships like the Moore Automotive Team do offer some amazingly low interest rates, it’s still going to save you money by eliminating the possibility of interest charges when you pay cash for your car.

BENEFITS OF FINANCING AN AUTO PURCHASE

Financing your car purchase offers a variety of advantages for buyers. For starters, if you don’t have a lump sum of cash to buy the vehicle outright, financing spreads the cost of the car out into manageable monthly payments. Breaking out the cost of the car into monthly increments can help make it more affordable in the long run for some buyers.

Many manufacturers also offer special interest rates and other incentives for buyers that finance their purchase. These can sometimes include special discounts that are not available for those that choose to pay cash for their vehicle.

Another sometimes overlooked benefit of financing a car, truck, van, or SUV purchase is that it can help build or rebuild credit. Many first time buyers who have no established credit history can utilize a finance plan on a vehicle to help establish a solid history of long term credit. Financing and paying the monthly payments on time can also help rebuild good credit for those that may have struggled with financial issues in the past that have adversely affected their credit.

LET THE MOORE AUTOMOTIVE TEAM GO TO WORK FOR YOU

Whichever way you decide to go, the Moore Automotive Team is here to help every step of the way. Whether it’s assisting you in a choosing a quality vehicle from our huge inventory of new and used models, or offering suggestions on whether it’s better for you to pay cash or finance your purchase – we’re here to help.

Visit any of our convenient dealership locations, or contact us online to get the vehicle finance/purchase process started today.