January 22,2019

So you wanna buy a car and don’t know whether to save up some money or take a loan?

We’ve asked our community to give us their opinion, so everyone might be less confused about taking their decision, and here are some comments that will obviously make you think twice - in case you were planning stepping into a bank for a car loan:

Here's a Smart Explanation!

Now for you to make your right decision, check these Pros and Cons for both Cash Money and Car Loans:

Saving Cash: ¹

Pros:                                                                                                                     

1. Relatively Simple                                                                                               

2. Greater flexibility – No worries about break fees and repayments                    

     (in case you wanna sell it).

3. It can be cheaper – No paying backs over a long length of time

Cons: 

1. Limited car choices 

2. Saving takes time 

Car Loan: ¹

Pros:                                                                                              

1. Expanded Choices of Vehicles                                                                       

2. Build and improve your credit history                                                              

3. Keep your money in the bank                                                                         

Cons: 

1. More expensinve - paying back your car loan over time

2. May put your car at a risk in case you didn't repay the money 

3. The value of your car depreciates by the time the loan ends 

There are several options available when it comes to financing a car, each with their own pros and cons. 

Now that you've seen what advantages a bank can make you earn, will you still search for the best loan option? or you would rather save up some money for your car? Give us your opinion on our facebook post.