Should You Use Your Savings in Order To Buy a Vehicle

car_buying

There are a lot of payment options for you to choose from when it comes to buying a car so take the time to know those options. What’s more important is to choose the payment method that is ideal to your current situation. Deciding on a payment option can be as intricate as making a decision on a car model. Fear not, this article will tell you your options and evaluate whether it is better to use your savings for a car or not.

Credit History Problems Won’t Necessarily Limit your Options

If you have had credit issues in the past, this does not automatically mean that you must place a large down payment. It is worth noting that car dealers are also willing to help buyers with credit issues. Despite having bad credit, car loan options are still available. For instance, a zero percent interest loan or a “no down payment required” offer is still possible for individuals with bad credit. Take note that you don’t have to pay for a down payment in order to secure car financing and don’t assume that your past credit issues will deprive you of those options.

Auto Loans and Credit Cards

Generally, interest rates involved in car financing is lower than the rates involved in your credit card. With that said, this is a good reason enough for you not to spend your savings on a car. It is always better to have extra money stored up in your savings account. This is advantageous especially during unforeseen emergencies like hospital bills and other immediate needs. It is a better use of your savings rather than spending it solely in a car’s down payment.

Using Your Savings For More Important Stuff

Are you still living in a small apartment? Do you think it’s time to buy your own home? If the answer is yes then using your savings on a home investment is much better than using it as down payment for a car. As mentioned awhile ago, there are a lot of ways for you to buy a car without using your savings. Many people would suggest that you should direct your savings on other debts especially those that incur very high interest (i.e. credit card payments) or even use it as down payment for a house loan.

At the end of the day, the choice is still in your hands. Just remember that there are a lot of options when it come to car purchasing. Do not rush things. Always take the time to consider your options and other financial obligations.

If you are looking for more information about car financing click here.

Top Two-Row Mid-Size Crossovers/SUV’s of 2016

Mid-size vehicles can be the perfect thing for a lot of families because they allow you to fit everyone inside but they aren’t so huge that you feel like you’re driving a minivan (or a full-size fan). With mid-size vehicles however, you end up with a whole lot of options that you may not even know how to choose behind. So what do you do? Well you want to make sure you’re getting the best ones that have come out this year, and we know which ones those are, especially when we’re talking about two-row options.

 

Ford Edge

The Ford Edge is our favorite out of all the options because it really boasts a great look as well as a great price. Not only that but you’ll get a turbo engine and options from front or all-wheel drive. On top of that you get the Sync 3 infotainment system, which provides you with a whole lot of great options. Plus there’s a lot of safety features that include everything from self-parking and adaptive cruise control to lane keep assist that’s all designed to make sure your family stays safe no matter what is happening around you.

 

Hyundai Santa Fe Sport

Another great option is the Hyundai Santa Fe Sport, which also has all the size you’re looking for in the front seats, back seats and cargo space and at an even cheaper price. You can get a turbo here too and even upgrade to all-wheel drive to get the best experience in less than stellar weather. Not only that but you get the power lift gate option to get into the back of your vehicle a whole lot easier and you can get systems like Android Auto, Apple CarPlay and even Blue Link so you’re always connected. If you’re interested in that you definitely want to fill out this application and check out this awesome car for yourself.

Jeep Grand Cherokee

Finally, the Jeep Grand Cherokee is a great vehicle that you’re going to love. It’s a little larger (or at least it looks that way) but that doesn’t mean anything when it comes to handling. Unfortunately, it does mean something when it comes to price because you are going to pay a bit more off the bat and you’re going to get a little less gas mileage, but overall you get awesome infotainment and Wi-Fi as an upgrade, which means everyone in the family is going to be plenty happy taking this vehicle wherever you want to go.

No matter what type of vehicle you’re really looking for or which brands are your favorite, you’re going to find a great mid-size crossover to keep your family happy and traveling whenever you want. It’s all about the comfort after all.

Why You Need a Good Credit Score in Toronto

credit scoreA credit score in Toronto is something that impacts your ability to get credit for anything that you need, whether it’s a new house, a car or anything else. With a better credit score you’ll be able to get lower payments and lower interest rates. If you have bad credit however, you could end up paying a whole lot more for the things that you need. It’s unfortunate but it’s the truth for quite a lot of people throughout the country. That’s because most people aren’t able to  get themselves into the category of ‘excellent’ credit and many can’t even get into the field of what would be considered ‘good’ credit.

 

Good credit means low interest and that means you’re going to spend less money on the things you want to buy. But just what can you get added interest on? Well it can happen with everything you want. If you need a credit card you get higher interest. If you need a house or a car you’ll pay higher interest. Unfortunately, with that added interest, you’re going to pay a whole lot more for everything you buy and that’s going to cause problems for your overall finances. For example, someone with good credit may get an interest rate of 5%, but if you have bad credit you could end up with an interest rate of 15%. That’s three times what the person with good credit is paying and on a $5,000 loan … well it’s definitely going to make a difference.

 

Good credit means you’re going to spend less overall and you’re going to have more money in general (at least usually). That’s because you’re going to spend less on the larger items and even smaller items that you really need. The total purchase price when you’re done is much better. You’ll be able to afford more of the things that are important to you. Someone with good credit may be able to get a car for only $6,000 after they pay the original purchase price plus interest. Someone with bad credit may end up paying closer to $9,000 or even $10,000, depending on the type of interest rate they end up with. That’s a lot more money that you definitely don’t want to be spending that way.

 

carGood credit also means you’re going to have a better chance of getting the credit that you want. The better your credit is the better you’re going to do with getting that house you want or that car you want and that’s extremely important. You don’t want to miss out because of your credit and the better your credit is the better chance you’re going to get approved for anything you want. If you’re going to apply for a loan or credit it means you really need or want something and you definitely don’t want to apply and then get denied.

 

Find out more information in applying for car loans Toronto and get the opportunity to apply no matter what your credit score is.