carloanscanada.com uses cookies to enhance your browsing experience. Learn more about how we use cookies.

ACCEPT COOKIES
Resources
GET STARTED
Should You Use Your Savings to Buy a Car? - Car Loans Canada
2 November

Should You Use Your Savings to Buy a Car? - Car Loans Canada

Posted by: 
Car Loans Canada

When it comes time to buy a car, you have a great variety of choices and decisions. In fact, it can seem a little overwhelming. Regardless of whether you are buying a used car or a new car, determining how best to approach paying for your car can be just as tricky as deciding upon your make and model. Luckily, you do have options, and learning more about them can serve to make the car buying process just a little bit easier.

Don't Assume That Credit History Issues Limit Your Options

Credit issues don't mean that you must put a large down payment on a car. This is a common misconception, but many car dealerships will work with those who have had credit issues in the past. Even with bad credit, there are still car loan options that many people don't realize exist. For example, it is possible to get a zero percent finance loan or a no money down loan. It is important to keep in mind that you don't necessarily have to put any money down in order to buy a car.

Apply for Financing

Car Loans and Your Credit Cards

The odds are good that your car loan interest will be less than your credit card interest. This reason alone is practically enough all by itself to strongly consider skipping using your savings to buy a car. If you have a good deal of money saved up, there are potentially better ways to use that money than on a down payment for your car.

Your Savings and Buying a Home

Do you own a home? If you don't already own a home, then you might want to consider directing your savings in this direction.

As it turns out, there is great flexibility when it comes to your car buying options. This means that you don't necessarily have to take your savings and apply it towards buying a car. In fact, many would argue that you have many better options at your disposal, ranging from paying off credit card bills to buying a home.

If you are still debating paying cash for a car versus financing it, you can check out our financial calculators here.

Tags:
  
auto loans   
bad credit car loan   
buying a new car   
buying a used car   
Share:

Search

Categories

    Ad goes here

    Subscribe

    Sign up to our newsletter to get the latest news and offers.

    cannot load

    Popular Tags

    Automotive

    Car

    Bad Credit

    Get Approved

    Used Cars

    Auto Loan

    Dealership

    Credit

    Interest Rates

    info@carloanscanada.com+1 888 536-4210

    Quick Links

    Apply NowAuto LoansCreditFAQ

    Subscribe To Our Newsletter

    cannot load

    © 2019Car Loans CanadaAll rights reserved

    APPLY NOW



    Top