Wednesday 14 January 2015

Financially-Savvy Ways to get your Dream Car

Buying your vehicles for your business with your hard-earned money can significantly bore a hole into your business savings and leave you in a heap. There’s a way to manage the vehicles you need to do your business without overwhelming your budget. You can look for the right credit group to offer opportunities for financing your purchase, or you can opt to try leasing, instead.

One of the more well-known car financing method is by obtaining a personal or car loan from a banking or credit institution. Such deals require you to pay a certain amount monthly for a set duration, and once the loan is fully paid, the title for the car’s ownership is yours.
Another car financing option is by using credit cards or taking a loan from the equity in your mortgage. If you have equity in your home, you can consider this, but keep in mind that this could raise the amount you pay on your mortgage. Car leasing is another term for long-term rental of the car. Consider this option if you frequently use your car for your job, and at the same time prefer a change at some point to a newer, later model.

If you’re using these cars (or any vehicle type) for business, learn the pros and cons of these various car financing and leasing options before going into one of these ventures.  Consult with your accountant or a professional financial advisor to ensure you are getting your money’s worth.

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