Should I buy a car with cash or on finance?

car finance

The UK automotive industry is currently booming. With car production figures reaching all-time highs, it’s the perfect time to invest in a new vehicle. If you have been looking to purchase a new car for a while now, you’re probably undecided whether to buy it with cash or go with car finance instead. Don’t worry – you’re not alone. There a hundreds of people out there who are uncertain about which option is best.

To help make the choice easier for you, today we’re going to look at both options in depth, whilst comparing them to each other. Hopefully, by the end of this article, you’ll have a much better understanding of the car-buying process, and walk away from the article better informed.

Let’s start by looking at buying with cash. It’s among the most popular options out there, with many people opting to make a one-off payment and enjoy the benefits of owning a vehicle from the start. Although, it’s a popular option, it’s not ideal for everyone, as it requires you to have a large sum of money saved up. This isn’t an option for many people, which is why it’s only suited for people who are comfortable enough to spend a large amount of money in one go.

Car finance, on the other hand, is a lot more flexible and offers a great deal of freedom. It doesn’t require you to have any money saved up, and there are options available for everyone, even those with poor credit. You simply choose a vehicle, receive the money, and pay it off over an agreed upon period of time, in regular instalments.

Depending on your personal circumstances, you should go with the option that you feel most comfortable with. If you think you can afford to buy a new vehicle with cash, it’s probably the option for you; however, if you’re looking for a more flexible and cheaper alternative, you should seriously consider going with car finance.

Both options are great; therefore, it’s impossible to pick one over the other. It all entirely depends on your circumstances, and what you are looking to get out of your new vehicle. If you want to own it straightaway – buying with cash is probably the option for you. If you don’t mind “leasing” the car until it’s paid off, on the other hand – go with car finance and enjoy the many benefits that come  with it. Read more at:

We hope, we’ve managed to clear some things up for you today. If you are still undecided , have a browse through the rest of our website, and check out a variety of interesting and informative automotive-themed articles.

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