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Is It Smarter to Buy or Finance a Used Car?

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Buying Vs. Financing a Used Car

Shopping for a used car can be a difficult task for many drivers, especially for first-time buyers. When you decide you need to purchase a newer and more reliable used vehicle, the first thing you should consider is how you’re going to pay for it. You’ll have two different options to choose from when buying a used car, SUV or pickup truck. The first option is buying the used vehicle you want with cash in one payment. The second option is financing the vehicle you want over a loan term that fits your budget. Keep reading to learn more about the differences between buying versus financing a used car, so you can make a smart and informed decision when the time comes to purchase the vehicle you want.

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6 Advantages of Buying a Used Car With Cash

When buying a used car with cash upfront, you’ll enjoy many benefits. View them below to see if buying a used car is the right choice for you.

  1. Interest-Free
  2. No Credit Check
  3. No Monthly Payments
  4. Fast and Easy Process
  5. Better Negotiating Power
  6. Helps Prevent You From Buying a Vehilce You Can’t Afford

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6 Advantages of Financing a Used Car

There are many advantages when financing a used car, pickup or SUV. Below, you’ll find a list of these advantages so you can see if financing a used car is the smarter choice for you and your specific budget.

  1. Lower Upfront Costs
  2. Keep More of Your Money in the Bank
  3. You Can Choose Your Monthly Payment
  4. Financing a Used Car Can Help Increase Your Credit Score
  5. Allows You To Buy a Higher-End Vehicle or Upper Trim Level
  6. Makes Budgeting Easy as Your Monthly Payment is the Same

When you begin your search for a used pre-owned vehicle, we hope you consider allowing North Edmonton Kia to help you find the car, pickup or SUV you’ve always dreamed of owning. If you have any questions about financing or buying a vehicle and which would be best for you, we encourage you to contact a finance specialist, today.

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