Why should I finance? The benefits of financing vs. paying cash or using your line of credit.
There are many consumers who will use a line of credit to pay for their vehicle. Lines of credit use variable interest rates which means they are constantly fluctuating. By financing at the dealership we work in your best interest to get you the lowest cost of ownership. Your rate and your payment is fixed and never changes which also means you know your true cost of ownership. Credit lines also require only the minimum payments which some consumers can become trapped and may wind up paying way more as your principal loan is not being paid down. Credit lines are also revolving so adding to them you are paying on a total amount and not just your vehicle. Credit lines are designed for Home renovation & improvements, vacations, possible investments, education, or emergencies so using your line may give you a loss of these other opportunities.
Using your own cash can also be a potential loss to pay down higher cost items such as your mortgage or credit card balances.
As no credit rating is being established, financing will help you diversify your credit portfolio and build confidence and build relationships with multiple lenders to help with future opportunities.
We here also offer a hassle free, inexpensive credit life & disability insurance to help protect your financing to give you more peace of mind.
Keep those emergency funds available for when you need them most!