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If you’re thinking about purchasing a new car, truck, or SUV, you might be wondering about financing. Whether you’re planning to take home a new Chevy or Cadillac, taking out a loan to purchase a car or truck is a big step but can be worth it for several reasons, including tax benefits. Read on for our take on the reasons to consider car financing.
1. Affordable Payments
Buying a new vehicle is expensive. While you might have plenty of money saved, spending that cash on a new car might not be the best choice depending on your circumstances. It’s often smart to keep your savings for emergencies instead of necessary and budgetable purchases such as a new SUV or truck. Obtaining a loan to purchase your new vehicle will allow you to keep your savings intact for a rainy day.
On the other hand, some people find they simply don’t have enough saved to purchase the vehicle they want. Many people thinking about purchasing a new car underestimate what it will actually cost to buy the vehicle they want, featuring all the bells and whistles they’ve been dreaming about. And when you’re spending that kind of money, it makes sense to get the perfect entertainment system. A car loan can make it possible for you to drive home in your dream car.
2. Improved Credit
Believe it or not, you can actually use your new ride to improve your credit score. If you purchase a new vehicle using borrowed money, the lender will technically have a lean on the car, truck, or SUV until you’ve made your last payment. And most commercial lenders report your payment history to the three big credit bureaus, which can seriously benefit your credit score. If you regularly make on-time payments, you could improve your credit score over time.
3. Simple Application
Once you’ve decided what vehicle you want, you’ll need to determine how to finance it. In our experience, many clients prefer to obtain financing directly through the dealership. The process can be easier to navigate as the dealer takes the lead in obtaining the best possible rate. And if you’re willing to wait for a bit, you might be able to take advantage of a holiday promotion during which it’s sometimes possible to obtain fantastic interest rates.
Many dealers offer a pre-approval process so you can have an idea of how much you can afford before you even start shopping. And don’t forget to consider trading in your old car to get a bit of extra cash towards the down payment on your new vehicle.
Buying a new car feels great. And let’s face it, you worked hard for your success, so you deserve this. There are tons of good reasons to consider financing your new ride, from tax deductions to the ability to afford the exact trim you’ve been dreaming of. Contact Service Chevrolet Cadillac to schedule a test drive.
image via chevrolet.com
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