4 Benefits Of Buying a Car On Finance

By March 22, 2021 June 9th, 2022 Personal Loan

So, you want to buy a brand new car or a quality used vehicle. It’s one of the biggest and most exciting purchases you can make in life and for most people, having their own set of wheels is a necessity.

The most common way everyday Aussies come up with the money to purchase a car is with finance. In this article, we’ll be taking a look at some benefits of buying a car on finance and some hot tips to make the process smoother.

#1 – Get Behind the Wheel Sooner Rather Than Later

To save up the entire amount to buy a car is a long-haul goal. For many people, it’s not really even a possibility if you want to purchase a brand new car or a late-model used one. The price can be just too expensive. While it’s not entirely impossible to save up for a car, it can take years.

The only other option would be to pay cash for an older-model car. There’s nothing wrong with this, but older cars can potentially have more mechanical issues and be more risky than buying new.

On the other hand, if you take out a loan to finance all or part of the purchase price of your dream car, you’ll be driving it off the lot in no time, rather than spending your time daydreaming about it. Whether it’s finance arranged through a car dealer, a Personal Loan or a secured or unsecured Car Loan, finance is the way to fast-track a new car purchase.

#2 – Get Speedy Approvals Through a Private Lender

The first point mentioned how it can take a lot of time to save up the money to buy a car, but finance can have you behind the wheel sooner. Well, if you take out a loan with a private lender, you’ll be in possession of your new car even faster yet.

Most private lenders offer fast loan approvals. Sometimes it’s even so fast that you can have the money in your account the same day or the very next day. Traditional banks tend to take longer to process and make decisions on loan applications, whereas private lenders gain a competitive advantage in this area by offering a speedy approval process.

If you want to get a car sooner rather than later, apply for finance with a private lender.

#3 – You’ll Be Able To Afford a Better Car

If you bought a car with your own cash, chances are high that you’ll need to purchase an older and cheaper car. Alternatively, if you aim to get finance to make the purchase, you can borrow a higher amount and buy yourself a better, newer or more reliable car.

This will give you more peace of mind, as a newer car most likely will give you less problems than an older model. You run the risk of constantly having to spend money on car repairs on an older car, and it could end up costing just as much, over the long-term, as buying a better car on finance and even paying interest on the loan.

On many levels, there are just more advantages to buying a brand new car or quality used car than an old car and a Car Loan can help you do just that.

#4 – Build Your Credit Rating

When you pay back any type of loan successfully, it’ll help build your credit score. Once a good credit score has been established, it’ll make it easier to get approved for finance in the future, which may include the great Australian dream of buying a house with the help of a Home Loan.

A great credit record will help you all throughout your life, so if you pay off a car on finance, it will give you a healthy credit history.

How To Get a Car Loan

At Cashify, we specialise in helping everyday Aussies get behind the wheel of a new car with our easy finance options. If you want to discover how simple it is to finance your car purchase through us, just give us a call and have a chat about your requirements.

Your new car could be just a few clicks away.

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

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