Is Buying Your Vehicle With an Auto Loan Right for You?
For consumers that keep their vehicles for longer than the average lease, buying is typically the best choice. Auto loan terms now come in many varieties, and since Daniels BMW works with all types of buyers, approval is likely, even for those with less-than-perfect credit.
Owning your vehicle provides you with the benefit of being able to keep the vehicle for as long as you'd like, or you can sell it to pay it off early. Daniels BMW is happy to provide you with the pros and cons that are associated with auto financing:
Pros of Auto Financing
- The vehicle is owned free and clear once the loan is repaid
- Extended terms are available for lower monthly payment options
- Customization is unlimited
- No servicing restrictions or requirementsÂ
- No mileage limitations or wear and tear conditions
- The ability to sell your car at any time to anyone
Cons of Auto Financing
- Higher monthly payments when compared with leasing
- Down payment requirements may apply
- Vehicle values aren't guaranteed
- Depreciation costs are likely
- Financing deals are typically reserved for well-qualified customers
- Extended term auto loans can mean higher interest costs
- Vehicle condition, age, and mileage are major considerations when evaluating trade-ins and resale values