As something that might come as a surprise to car enthusiasts, there are indeed ways to buy the cars of your dreams without having to spend your whole savings, especially since getting an easy car loan in Ontario, Canada can be a rough ride.
Loans and leases are that solutions, and despite some issues, they come with a massive host of benefits that will actually end up saving you money in the long run. There are a number of ways we’ll outline here where you can avoid the pitfall of paying more through this process and instead pay less.
Getting the dream car you actually want
Most of us tend to settle for second-best or a lot worse in an attempt to have to pay less of the upfront costs of our preferred cars, and it’s a very understandable issue, though it’s wise to keep in mind used car loan rates and how they affect the costs.
This is why loaning is actually a good idea. Gathering that kind of money upfront can be a tedious and long process especially as car prices continue going upwards.
Loaning on the other hand is significantly more convenient overall in comparison, and can consistently help in getting notably better cars than you’d be able to afford ordinarily.
Cutting out the road tax
One of the more notable benefits that come from leasing from certain companies is the complete lack of any road tax.
Some will keep the tax as a small % that you’re paying on the lease itself, and some companies will outright cover those taxes altogether to make their offer to lease that much more enticing. This ends up being a fair amount of money saved in the long-run as road tax can add up fast.
High maintenance costs are no worry
One of the biggest recurring costs for any car tends to be maintenance over time. As cars age, you inevitably need to spend on their repairs.
For multiple reasons, this tends to not be a problem in leasing. For starters many leased cars come with a warranty of several years at the least meaning costs are covered there. Additionally, you don’t have to deal with the car’s continuous aging process, as when the lease runs out you can simply move on to a better car.
Resale isn’t a problem
Another of the hassles of buying standard cars is that if you want to get any money back once you move on to a new car, you need to resell it. This can be a tough, troublesome process of keeping up ads, or dealing with low and unfair dealership prices.
Leasing of course doesn’t come with this problem attached. Once you’re done with the car, you can simply return it and move on to the next with very minor hassle.
Monthly payments are not a problem
By far one of the most attractive propositions of loaning in comparison to standard buying with monthly payments is the affordability per month. Because you don’t need to dig through and get a bunch of money ready, it ends up being a lot easier to deal with.
The direct consequence of this is of course that the monthly burden is lower by a wide margin, and additionally that even much higher quality cars are easily acquirable without having to break the bank every month.
Long term considerations
One of the notions you’ll hear the most regarding loaning is that it’s going to be more expensive long-term. However, this is untrue. In reality it depends a lot on the kind of company you’re loaning from and what kind of benefits they’re offering along with the loan, and if the car itself is used or new.
Auto Loans, used smartly and with good company considerations, can allow you to drive even genuinely luxurious cars while managing the monthly costs compared to paying normally, with fewer of the many concerns that come with that process.