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benn
Apprentice
Joined: 30 May 2006
Posts: 6
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 Posted: 11/11/07 - 10:23 Post subject: |
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| I am totally new at financing but I want to buy a car. I mean since I know nothing about procedure I want to ask what is better to finance a new car or to pay cash for used one. Financing a new car will probably cost me more because it will go through the bank and I would have to pay full coverage insurance plus monthly car payment. So I don’t know what to do. |
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locke
Apprentice
Joined: 25 Dec 2006
Posts: 9
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| Posted: 12/10/07 - 23:43 Post subject: |
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| Buying used car with cash includes no interest charges only liability coverage insurance and you just give them cash (if you have) and do not bother with monthly payments. On the other hand, buying a new car can seem better option since you don’t have to worry about repairing for a while. You have another option: to lease. You can lease for a while with no obligation to buy and after a period of time you can swap for a new one. Don’t forget that there are still monthly payments plus interest rates. |
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fred333
Apprentice
Joined: 31 Dec 2007
Posts: 20
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| Posted: 01/03/08 - 17:15 Post subject: |
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| Both ways have good and bad elements. It is more of a judgment call on your end to see where you will be in the future. |
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