So, you’re looking for a new car, right? Luckily for you, you’ve come to the right place! Deciding how to finance a new car can be a hard decision to make. The choice of using cash, a credit card or applying for finance each have their own pros and cons, which can make the decision all the more difficult.
At Wholesale Cars, we aim to make these decisions as easy as we possibly can for you. That’s why we’ve put together an article on the most common types of car payments, and what you should know about each one to help you in your decision making. Keep reading on below to find out more!
You might have heard the common saying that ‘cash is king’, which can be true to an extent. You can indeed pay for a new car if you have the cash ready to go. Paying for a car with cash means that you don’t have to worry about applications, interest and loan repayments.
However, it’s unlikely that you’re going to have enough money to purchase a new car just sitting around ready to go. You could save up for a few years and wait until you have enough, but that means that your new car is years away.
So what happens if you need a new car right now, but don’t have the cash?
Thankfully, there are other options available to you.
If your car is for your personal use only, and won’t be used for a business, you might find that a personal loan is a good finance option. A personal loan involves you submitting an application to a lender for a certain amount of money, and then if it is approved, your lender will release the funds into your bank account.
Unlike a traditional secured car loan, a personal loan does not have any of your assets taken as security. However, depending on your lender, you might find that you have different loan terms compared to a secured car loan, as personal loans can be seen as a higher rink to lenders.
We know what you’re thinking. You’ve got yourself a credit card, so why not use it to purchase a big car? Before you swipe your card and spend thousands, you might want to think twice.
While it’s possible to pay for a new car using your credit card, you might incur some high-interest rates. You might be able to earn extra points with your purchase, but is it really worth it if you’ll be swimming in debt?
To avoid getting yourself into financial strife when you max out your credit card, make sure to check your lender’s terms and conditions.
One of the easiest ways to purchase a new car is to apply for financing through a reputable lender. Depending on how much time you have, you might find that a broker is the best option, as a good broker will compare loans and handle the hard work for you. Most brokers aren’t tied to any one bank or lender, so you’ll have different loan options from a range of lenders to choose from.
Financing is usually seen as the safest way to purchase a car, as you may find yourself with fewer financial repercussions while having your new car sooner.
We understand that purchasing a new car can be stressful, so that’s why we’ve made it as easy as possible. All you have to do is search for your new car, and enter a few details about yourself and we’ll begin your search.
By telling us the details of the car you want, we tender bids from dealerships Australia wide. You can be sure that we will find the best price possible so that you don’t end up paying too much. Once we’ve found the best deal and finalised your payment, your new vehicle will be delivered right to you. It’s never been quicker or easier to purchase your dream car!
If you’re ready to drive away in your new car, call our specialists today for your free initial consultation, or click here to begin your search today!
If you’re looking for a way to purchase a brand new car quickly, easily and at a wholesale price, our specialist team is here to help.
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