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Car Financing vs Buying

You have already decided to purchase a vehicle and are now considering your choice of payment options. The two avenues in front of you are either to finance an automobile or buy a car outright. Greatneck Motorsports provides useful information below to assist you in making your ultimate decision.

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Financing

Financing provides manageable auto payments over time instead of handing over a tremendous amount of money all at once and feeling the pain of a significant dent in savings. There are a few factors that determine the cost of your set monthly payments and you can have some control over them.

Try to put down as much money as possible as a down payment. This way, the amount you are actually financing is lower than if you put less money down upfront. Credit rating does play an important part also, as having a favorable credit history usually opens the door for securing lower interest rates than individuals with less than adequate credit scores. Most car loans span from 24 to 84 months in length. Of course, the longer the loan, the lower the scheduled payments are. This element allows a driver the opportunity of obtaining a vehicle in a higher trim that may not have been otherwise affordable with a shorter term. Financing a car also serves to boost your credit score as long as you make payments consistently and on time throughout the course of your loan.

Paying Cash

Paying upfront with cash for a vehicle definitely has its advantages. This option frees you from paying interest, making monthly payments, and a less-than-ideal credit score doesn’t matter. You may even get a better deal on the automobile you intend to buy if you are paying all in cash. Another plus is that you will be purchasing a car that you can afford and not wind up spending beyond your financial means.

Purchasing a pre-loved car is a wise decision as it allows you to take home a quality vehicle that is practically new, but with a much lower price tag. Investigate the makes and models that interest you and put money aside once you determine what your cash purchase will likely be. Not only will you be driving a pristine auto, but you can put the money you’ve saved by going pre-owned towards car insurance, gas, or anything else you wish.

Greatneck Motorsports carries an incredible spectrum of terrific pre-owned vehicles at reasonable costs. Our sales team is experienced, accommodating, and happy to address all of your questions. We are conveniently located at 300 Great Neck Road in Great Neck, NY and can be contacted by calling (516) 590-3580.

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