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4 Reasons to Finance your Car

By Bidvest Bank
Buying a car is one of the biggest purchases you’re ever likely to make – and one of the most exciting. But before you get caught up in colours, models and makes though, it’s a good idea to spend some time thinking about how you’re planning to pay for it. While you may be in the happy position to buy your car cash, here are four reasons why vehicle finance may actually be your best bet. 

1. You can improve your credit score
Managing a car loan responsibly can help you to build or improve your credit record with your bank. A good credit history will give you a better chance of being approved for other financial products, like loans or credit cards, and could help you qualify for lower interest rates.

2. You can safeguard your cash flow
You may be tempted to use your savings to buy your car, but consider that you may need these funds in a few months time – for an emergency or to cover unexpected expenses. A car loan has set monthly payments, which means you can take a finance option that suits your lifestyle and allows you to budget accordingly. Plus, if you finance your car instead of paying cash, you can invest your savings and potentially, the return on your investment could amount to more than the interest you would pay on your car loan. 

3. You can buy the car you want
Vehicle finance gives you options. Since you’re not limited to cars you can afford to purchase with cash, you can look at features, options and price ranges that suit your needs, and buy the car that will serve you best in the long run.

4. You can enjoy added benefits
When you take vehicle finance, your bank may offer you added value benefits. For example, Bidvest Bank offers you maintenance plans that cover the cost of future services and repairs, as well as the option of an end of contract sale, which means you can resell your vehicle through Bidvest Bank’s online auction system.

Interested in professional vehicle finance through Bidvest Bank? As one of the top five leasing divisions in South Africa, we’ll help you find and secure your next vehicle at the best available rate. Find out more about our car finance options.