Once you’ve decided to buy a new Mazda sedan or SUV, you will have a very important question to answer: How should I purchase it? You can either finance it or pay for it all right away. Here we go over the pros and cons of each.
Financing
Pros
The biggest benefit of financing is that you don’t need a lot of money on hand to buy your car. All you will have to supply is a down payment. And, if you’re trading in an older vehicle, it may be able to cover that.
Cons
Really the only downside to financing is that the money you borrow will come with interest. By choosing a shorter loan term, you can mitigate the amount of interest you’ll pay. This does mean, however, that your monthly payments will be higher.
Buying a Car Outright
Pros
Clearly, the best reason to fully pay for a vehicle immediately is that it’s yours right away. You won’t have to worry about a lender holding onto the title until you pay it off.
Cons
When you buy a car outright, this involves spending a lot of money. Even used cars can be pricey, so you have to be prepared to potentially take a large chunk out of your savings account.
Make the Right Buying Choice at Peruzzi MAZDA
If you’re not sure whether you should finance a vehicle or buy it outright, Peruzzi Mazda can help. Let us know what you’re looking for and how much money you have to work with, and we will guide you in the right direction. Get in touch with us or come down to our dealership near Morrisville, PA.
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