It can be a big relief to be able to pay for a car over a long period of time. It can take a lot of time saving money before you’re able to purchase a brand new model, and finance can seem like a bit of a lifesaver.
The only problem is the amount of interest that you have to pay back, which is often a substantial amount. You’re also committed dot paying a certain amount every month and if there are any financial changes you could find yourself in debt. Any car purchased on finance should be carefully considered, reviewing the amount you can afford on a monthly basis.
You may find that it’s better to opt for a second hand model, and whilst it may need more maintenance over time, you’re likely to still save a significant amount of money, which you can put aside to buy a new car outright in the future.