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Finance or cash payment?
29 June 2021

Finance or cash payment?

When choosing your next vehicle, one question that may crop up is how you are going to fund it. Once upon a time, the only way to pay was in cash or via bank transfer, in one lump sum before you could drive it away.

Nowadays, there are more options available, and one of those is car finance. So which should you go for? Read on to see how they weigh up against each other.

Let’s start with a cash payment. There are plenty of benefits including the fact that you will not owe any money on the car, and the fact that it will be yours to do with what you please. A car on finance is owned by the finance company until all payments have been made and cleared so you don’t technically own the car. Another benefit of cash is that you don’t have to worry about monthly outgoings, so it can give you peace of mind and one less thing to find every month.

However, car finance has its own set of benefits too, and they are rather attractive! For one, it means you don’t have to find a big chunk of cash in order to drive away your dream car. It means you can spread the payments and drive away sooner than if you had to save up before buying. Car finance also often means you can afford a nicer or a newer car as a result of spreading the payments, as it suddenly makes different cars more affordable, more so than if you were a cash buyer. Lastly, it also means you have cash in the abms to spend on other things and it isn’t all tied up in a car.

Whether or not finance is right for you will depend on your circumstances, and there are plenty of finance types available as well! We work with a range of lenders to bring you different deals and so you can decide which one is right for you.

Cash purchases won’t be going anywhere and they are still a great option for those who have the money to spare.

If you want to find out more about car finance in Barnsley or want to find a used car, get in touch with a member of the team and we will be more than happy to help.