Paying Cash vs. Financing a Car in Ardmore, OK

Cash vs. Financing a Car in Ardmore, OK

Buying a car is a big step, and when choosing payment options, Toyota of Ardmore wants to make the hard part easy for you. Whether you choose to pay cash or finance, our finance team is happy to lead you through that process. Although, many don’t understand the differences or the pros and cons of each, and we don’t expect you to. It doesn’t matter if you are shopping for a new or pre-owned vehicle, as there are advantages to either option. We took the time to compare and contrast the benefits of paying cash versus financing your vehicle. Either way, we will gladly be a resource.

When to Pay Cash

If you have the cash to pay for your car in full, many choose to forgo the loan and take ownership of their vehicle immediately. There are many benefits to paying in cash, as you don’t have to fit a car payment into your monthly budget and you won’t have to go through a lender, discussing credit scores and interest rates. Also, you never have to worry about getting behind on your payments if you don’t have the same, stable income each month.

On the other hand, having this substantial amount of cash savings is such an accomplishment, and we encourage our customers not to wipe that fund clean. If you choose to pay in cash, you might be missing out on the opportunity to build your credit. If you have cash ready to go, and you don’t feel the need to get approved for a loan, paying cash might be the route for you!

When to Finance

Financing your vehicle has many benefits. Many avoid buying a car because they don’t want to deal with the hassle of an automobile loan, but we promise, it is simple, especially working with our finance team! While it might seem risky, undergoing a loan for a car payment you can afford is great for your credit. Also, you don’t have to spend all of your cash, whether you choose to fully finance the price of your vehicle or put a down payment towards your purchase. By putting down a substantial amount of cash, you can lower your monthly payment. With that being said, if you don’t want to pay on your vehicle long term, you can always make extra payments on your loan to pay it off sooner. Don’t let financing scare you!

If you are interested in financing, you can apply online with our secure form. If you are unsure because of your past credit, don’t let it discourage you. Our finance department is eager to meet you and discuss your options.

Get a Great Deal at Toyota of Ardmore

Whether you want to pay cash or finance your car, we are excited to walk you through the car-buying process at Toyota of Ardmore. Also, if you haven’t found your dream car, we probably have it. Go online to view our inventory of new and pre-owned vehicles. If you have any further questions, contact us today, and our experts will be happy to assist you with such a big step!