So you’ve picked out a new vehicle you’re excited about, and the only question left is how to pay for the car. You may be on the fence as to whether to pay cash for the vehicle or finance it. Many consumers find that arranging car financing through their local Genesis dealership gives them the most flexibility and benefit.
1. You May Be Offered Great Incentives
Dealers frequently offer great incentives to buyers who finance onsite. If you’re offered rebates, zero-percent financing, or another incentive, financing probably won’t add much extra cost to the overall expense of purchasing a vehicle. It may make the most sense to take advantage of financing deals and pay for your new car or truck over time.
2. You Keep Funds Available
By not paying the vehicle’s full purchase price upfront, you free up funds to pay for other things. That means you’ll have cash available to cover unforeseen emergencies or other important purchases you need to make. You could also invest the cash, or use it to build up your rainy day fund. Financing can give you a little extra flexibility, but you should only take it on if you’re certain you can make the monthly payments on time.
3. You Can Drive a Newer, Nicer Vehicle
If you have your heart set on a vehicle with a higher price, or with added amenities, it may take you longer than you’d like to save up the money for that purchase. When you opt to pay for a vehicle over time by financing it, you can purchase just about any car or truck on the lot.
You’re not limited by the amount of money you have on hand today or by how much you can save up in the next couple of months. You can drive home your next vehicle right away. Financing your vehicle opens up a lot more possibilities when you’re shopping around for a vehicle.
4. You Can Enhance Your Credit History
An installment loan is a great opportunity to build a good credit history. Once you’ve demonstrated that you can be counted on to make payments on time and pay back what you’ve borrowed, lenders will be more willing to loan money to you in the future. Taking out an installment loan through your dealer is also a good way for new buyers to begin establishing a credit history.
Financing a car and successfully paying it off is an investment in your future credit.
Arranging vehicle financing through your local dealership offers a host of benefits. The next time you’re in the market for a new set of wheels, head on over to Genesis of Flagstaff.
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