EXAMPLE PAGE - GUIDE - CAR BUYER'S GUIDE - Flipbook - Página 11
3. CASH, CREDIT, AND COSIGNERS
WHAT YOU NEED TO KNOW IF YOU’RE PAYING CASH
Usually, if you make a big purchase and pay upfront, you can get a discount. But this
is rarely true when it comes to buying a vehicle.
Many of the deals provided at dealerships are actually incentives from the respective
car’s manufacturer, or financing provider. And manufacturers like to provide deals
when you’re financing a vehicle. If you’re paying cash, you may miss out on some
incentives.
This doesn’t necessarily mean you’ll spend more by paying upfront. But it does mean
you run a low chance of nabbing a discount. Weigh the pros and cons of how you
want to pay before making a final decision.
FINANCING A VEHICLE AND HOW YOUR CREDIT CAN AFFECT
YOUR PAYMENT
A credit score isn’t just a fancy number that musicians like to sing about in
commercials. Your credit score affects how you make big purchases, and that goes
for your car too.
The purpose of a credit score is to tell lenders how likely you are to repay your loans.
A high credit score means you have a history of making all of your loan payments on
time, and a low credit score… well, it could just mean you haven’t had a lot to pay off
yet.
If your credit score is high, then you’re likely to get the lowest interest rates available,
and therefore a lower monthly payment.
If your credit score is low, or perhaps even nonexistent, don’t lose hope. Dealerships
are in business to sell cars, and they absolutely don’t want to turn you away. Usually,
if you’re able to prove that you’re working, you’ll be able to get approved for a
vehicle.
|11 | Charles Higgins, 931-273-6793
|
higgins.charles@drivemurfreesboro.com