So you’ve saved up enough money to buy a new vehicle, but you can’t help but wonder if financing it is the better way to go. Deciding whether to finance or pay cash for a vehicle can be difficult. For some consumers, paying cash upfront makes a lot of sense. However many others find that there are benefits associated with arranging car financing at their local Ford dealer.
4 Benefits of Getting Car Financing at Your Ford Dealer
1. It Might Be the Smarter Financial Move
If you’ve got great credit, there’s a good chance you’ll qualify for a low-interest rate when you finance through our dealership. If that’s the case, investing the cash you’ve saved up and financing the vehicle may be a smart financial move. If the return on your investments is greater than what you pay to finance the vehicle, you might come out ahead.
2. It’ll Give You Financial Flexibility
Financing a vehicle allows you to keep that extra cash on hand, and having a little extra dough in your savings account is never a bad idea. It gives you the flexibility to absorb unexpected costs without needing to shuffle funds around. It’s also important to remember that you can repay an auto loan at any time, so you don’t have to keep making payments for the whole term.
It’s possible to finance a vehicle, make payments on it for a while, and then pay the whole thing off all at once if your circumstances change. Financing a vehicle, even if you’ve got the funds on hand to pay for it upfront, gives you plenty of options and preserves your financial flexibility.
3. It Can Bolster Your Credit
Financing a vehicle and then repaying the amount you borrowed in full and on time is a surefire way to improve your credit score. It’s also an excellent way for first-time buyers to establish a credit history. Once you’ve demonstrated that you can responsibly repay the amount you’ve borrowed, lenders will be more likely to loan to you with favorable rates in the future.
4. It May Help You Drive Home an Even Nicer Car
When you finance a vehicle, your purchase isn’t limited by the amount of money you have on hand. Because you’ll be paying for the vehicle over time in monthly installments, you can more easily upgrade the model you’re buying or tack on optional amenities and packages to enhance your ride. Financing a vehicle makes it possible to purchase a slightly nicer car.
Financing often makes the most sense, even if you have the cash on hand to pay for the vehicle. When you’re ready to finance your next vehicle, come see us at Bob Thomas Ford Inc. in Hamden, CT.
Connect with us
