If you’re considering a used vehicle, you’ll find great options available at your local dealership, including car financing plans. While many people prepare to pay for used cars in cash, there are excellent benefits to choosing a financing plan that works best for your budget.
1. Greater Purchasing Options
When you apply for a financing plan, you’ll have more vehicles to choose from, as they will become more affordable with installments. If you’re working within a budget, you’ll have better options such as additional features since you won’t have to pay in full. You’ll also have a broader range of models, designs, and newer cars to choose from, which becomes easier to purchase with an affordable plan.
2. Better Budget and Access to Savings
If you finance your used car, you’ll be able to keep your savings in the event of an emergency or unexpected expense. While purchasing a car outright may seem ideal, especially if you have enough savings to cover the total cost, financing gives you a better way to plan your budget and your other bills, payments, and financial commitments.
When you select financing as your plan, you’ll also have access to money from your savings if you need car repairs, a new appliance for your home, or other substantial, unexpected costs.
3. Flexible Plans with Your Dealership
When you work directly with your car dealership, you’ll be able to negotiate financing, interest rates, and payment schedules. Your local dealer will save you time by negotiating with financial institutions and lenders to find the best financing for your purchase. They also know and understand the need for flexibility, especially when there are unexpected changes to your income and circumstances. These factors are essential for long-term success and finding the right plan.
4. Low Down Payment and Costs
You’ll find most used vehicles are affordable, and financing allows you to make a low down payment with smaller up-front costs to keep more of your savings. When you discuss down payment options, your finance expert can provide various arrangements to make the most out of keeping the cost of your down payment low while making affordable payments.
5. Improved Credit Rating
When you secure a financing plan for your used car and make regular installments, you’ll also improve your credit score and rating for the long term. This benefit allows you to access better interest rates and loans in the future when you’re ready to make another vehicle purchase or financial commitment. It’s also a great way to establish good credit, making applying for future loans and credit products easier.
There are plenty of great options when you choose to finance your used car through your dealership while taking advantage of great promotions, discounts, and additional features. Contact us at Sullivan Motors and inquire about our incredible showroom cars and deals on your next visit. We offer a fantastic inventory of vehicles and great financing options for every budget.