4 Benefits of Car Finance
When it comes to investments, there are some things in life that are guaranteed to increase in value. Gold is generally a prime example, as is property. But what about some investments that don’t pay dividends? Well, as fantastic as they are, a lot of people will tell you that cars lose value the second they leave the showroom.
To many of us however, we don’t care as we take great pleasure in driving around stylish motor vehicles. Rather than buying a used vehicle however, it might be worth looking into car finance instead. Here’s a look at some of the main advantages of choosing car finance.
Flexible payment options
One of the best things about getting a car on finance is the fact that it provides you with flexible payment options. Depending on the type of deal you get, and the deposit you put down, you can split your payments up into monthly instalments over a prolonged period of time. The longer the finance deal runs for, the less you will pay each month. Having this type of flexibility is very beneficial as it means you can pay a small amount each month and still have plenty of money left to cover other expenses such as, you know, living.
Purchase a nice car
Let’s face it, with bills to pay and lives to lead, not everybody has the luxury of being able to afford to pay thousands on a car, either new or used. Because of this, some of us are forced to spend a few hundred and buy a cheap, used banger just to get us from A to B. Normally these cars fail their MOT or break down so we wind up having to spend more anyway. By getting a car on finance however, you can purchase a newer, nicer, more reliable vehicle and still have plenty of money left to cover your other living expenses etc.
Another thing we don’t often consider when buying used cars on the cheap is the fact that as they are normally older, they lack certain safety features and are therefore more dangerous to drive. If you get a car finance deal and buy a newer car however, the car will be newer which already makes it safer. On top of that, it will also have more safety features and technology in general. Newer cars have parking sensors, cameras, ABS brakes, emergency braking, and much more besides. Car finance gives you the ability to purchase a safer, more advanced car, without spending a small fortune all in one go.
We know that with car finance you do wind up spending slightly more than the car is worth overall, but even so, you still end up saving a significant amount of money by going with a newer car. As the car is newer it is more reliable, so you’ll have to spend less on parts and repairs. What’s more, many new models are also road tax exempt as they give off such low emissions, so once again, that’s another saving.