Are you buying your first car or upgrading to a different model? If so, you will be thinking about which payment option is right for you. Here are the four most common ways you could fund your car purchase.
We recently asked people who follow us on Twitter about how they bought their last car. The results revealed that, while cash is still king, dealer finance is also a popular option.
When asked ‘When you bought your last car, how did you fund it?’;
43% used savings or cash
31% opted for dealer-arranged finance
23% funded their new car through a personal loan
3% relied on a credit card to make their purchase.
Of course, the payment method you choose will depend on your personal circumstances. You may have all of the above options open to you or perhaps just one or two.
We look at the three most popular choices, cash, dealer finance and personal loans.