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Cash or Savings

Many people prefer to save up and pay for their car outright, rather than having to pay interest on a loan. If you do decide that this is the best option for you, there are a few things to bear in mind:

  • Always make sure you have enough savings left over after you’ve paid for your car to cover any unforeseen emergencies.
  • Even if you don’t have enough savings to buy the car outright, it’s still worth using what you have to pay the biggest deposit you can.
  • Buying with a credit card gives you the added benefit of credit card purchase protection. So even if you still plan to use savings, using this method may be the safest option. Just make sure you pay your bill in full the following month.
  • Not all dealers accept credit card, but if they do, you could find yourself being charged a handling fee.
  • It often makes more financial sense in the long term to use cash, as you avoid paying interest on anything borrowed.
  • It’s important to remember that if you take out car finance, the company you’re borrowing from actually owns your car throughout your contract. If you pay cash, you’re the sole owner and don’t run the risk of losing it should you fall behind with your payments.

Getting to know your options

There are lots of different ways to finance your new car, so if you’d like to know more about what’s available, this handy guide from the Money Advice Service will have all the answers.

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