Welcome – Schofield Motors are a used car dealership based in Tarleton near Preston, Leyland and Southport we offer used cars for sale and we aim to bring you the best possible deals on 2nd hand cars. We offer used / second hand cars for sale in a convenient location for Preston and Southport.
no need for you to pay for your new car in cash if you can’t comfortably afford to do so. Financing is an option to help you spread the expense over several years. Yes, there are advantages in paying for the vehicle in cash, but there’s no need to stretch yourself if you don’t need to.
The good thing about paying in cash is that you’re in a better position to negotiate with the dealer. You can also receive discounts not offered to those who obtained the car through financing. If you choose to finance you can still find the right dealer that will offer you the car you want at a reasonable price.
You might end up with more loans
You decide to pay for the car in cash by using up your entire savings. You’re lucky if your savings are enough to cover the entire cost. The problem is when you don’t have enough money on your account to pay for your other expenses. You will end up getting additional loans and paying interest and charges and it becomes an endless cycle. If you work out what you can afford and take out a well thought out loan which leaves you some ready cash for unexpected expenses you will be in a more solid financial position. The point here is that a planned loan you know you can afford is much better than taking out emergency high-interest loans to cover short term cash shortfalls.
It’s an easy process
Another reason why you worry about paying for a car through financing is that you need to apply for it. Most people end up getting declined especially if their credit scores are at the lower end of the scale. Find out what your credit rating is first and then chose a provider that offers loans to your position on the credit score scale.
In some cases, the application is available online. Once approved, you can choose the car model and the chosen company will pay the dealer. You will then pay the company that financed your car. The terms may vary depending on your chosen partner, but it’s an overall good deal.
Be responsible with repayments
Car financing only becomes a burden if you don’t do your part. Once your loan gets approved, you have to keep repaying it to the schedule agreed when you took out the loan. Before agreeing to a loan check the terms for repayments, late payment penalties and interest. Make sure they are not too high. If they are high – try to negotiate them down. If the provider will not budge look elsewhere or consider a smaller loan and cheaper car. It is better to be confident you can afford the loan then put yourself in a financial position which can quickly get out of hand.
Before you decide to purchase a car, you need to research the specific model that you want to own. You also have to compare it with the other options. Since you’re going to keep paying for the next few years, you might as well get the car you want. The good thing with some car financing companies is that you’re free to choose which car you want from a large list.