Vehicle Finance Options
 

Vehicle Finance Options

Buying a new or second hand vehicle is a depreciating asset unless you are buying a Ferrari 250 GTO which would be an investment. You need to understand that your car will be worth a lot less when you sell it than the day you bought it. A vehicle is an expense just like rent or mortgage, your DSTV bill, cellphone and utilities. Vehicle finance options is to this day one of the best means to buy any vehicle.

Vehicle Finance Options Explained

Vehicle financing is one of the easiest ways to buy a new or used car. This way you are able to buy a vehicle by paying  off a small down payment up front and the rest is paid off with monthly installments.

There are two Vehicle Finance Options:

Direct lending or dealership financing. With Direct lending you get a loan directly from the bank, finance company or credit union as found here on LikeMoney. With direct lending you agree to pay over a period of time the amount financed plus the financing charge. Once you enter into a contract with a dealership to buy a car, you use the loan from the direct lender to pay for the vehicle.

Benefits of Direct lending:

  • You normally have the chance to shop around and ask various lenders directly about their credit terms to find the best deal.
  • By finding financing before you purchase your vehicle, you will know your rate and other terms when shopping.

Dealership Vehicle Finance:

Dealership vehicle finance is financing through the dealership. This contract is between you and the dealership whereby you buy a vehicle and agree to pay over a period of time the amount financed plus a finance charge. The dealer may retain the contract, but typically sells it to a bank, finance company or credit union.

Benefits of Dealership Vehicle Finance

  • Obviously convenience: deals offer car finance and financing in one location and possibly have extended house times like weekends and evenings.
  • You have access to multiple financing options.
  • Dealers sometimes offer manufacturer-sponsored, low-rate or incentive programs to buyers.
Summary
Vehicle Finance Options
Article Name
Vehicle Finance Options
Description
Buying a new or second hand vehicle is a depreciating asset unless you are buying a Ferrari 250 GTO which would be an investment. You need to understand that your car will be worth a lot less when you sell it than the day you bought it.
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Likemoney.co.za


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