Pros & Cons of Financing
Here is a list of some pros & cons of financing that may help you make the right decision!
Pros of financing:
- Financing builds up your credit profile
- Provides an opportunity to build and improve your credit score & profile
- many young new drivers don’t have too much of a credit file built up yet. Financing a car can help you establish more of a profile for yourself. Which in turn opens up more new financing/ credit opportunities for your future.
- Smaller, more flexible and customized payment plans
- Buy now, pay later and hold on to your savings
- Financing gives you the opportunity to own the vehicle you want
- Available even if you have a poor credit rating
- One day all in shopping
Cons of financing:
- you have a car payment
- Sometimes it can be quite costly
- You must have stable income