What's the best way to purchase a car?

I have money saved up for a car, but I'm also intrigued about financing options. What's the best way to purchase a car?

Answer
“Depending on your situation, you have four ways of purchasing a vehicle. You can:
  • use an unsecured loan, such as a line of credit.
  • finance the car as a traditional car loan.
  • pay cash for the car.
  • use a combination of two or more of these options.
There’s no way of telling which one is the best, as your needs may be different than someone else’s. A long-term loan, like a 72 month loan, might be the best option for some people, while others can absorb a $30,000 hit to their savings.
Keep in mind that if you choose financing, the lender will require full coverage for your vehicle. Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates. Using a smart comparison tool like Jerry makes the process easy. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.
Buying a car is one of the most expensive assets people invest in. Do the math and see what you can do that makes you feel comfortable with your purchase.”
avatar
Eric Schad
Answered on Aug 10, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.