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Cash or finance

When looking for your next car, you will be faced with the question of how you will fund your purchase. Gone are the days where a wad of cash or bank transfer were the ways to pay for a car, now you can choose finance to spread the cost over a number of months. But which option is best?

For so long, cash has been king and there are still advantages to paying outright. It means that one payment settles the deal, you are free to enjoy your car without worrying or accounting for monthly payments. The price on the screen is the price you will pay, with no extra fees or interest to pay on top of the vehicle cost.

However, finance has its advantages too.

Instead of paying in one large chunk, finance allows you to spread the cost over a number of months which often means you can afford a better, newer or nicer car when you don’t have to find such a large sum outright.

As for interest and fees, you can often find a great deal whereby you don’t end up paying an awful lot more when you take out finance.

By not investing such a large sum into a vehicle, it means you have more cash for other projects and passions, without tying up thousands of pounds into you motor.

Whether you opt for cash or finance totally depends on your personal circumstances and your situation. If you are considering car finance on a new or used BMW or MINI, make sure you can keep up with the monthly repayments and that you have fully researched your options.

For help, advice or to ask any questions about car finance, get in touch with the team of experts at Stephen James, where we will be more than happy to help you.