Have you been weighing your RAM financing options and wondering if you should pay cash instead? We’re highlighting both options at Cook Chrysler Dodge RAM so you can see which may be the best path for you.
Paying Cash for a New Vehicle
When you pay cash for a new vehicle, you will have to cover the entire amount upfront, before you can drive it off the lot. However, once you do, the car is yours. There will be no lien, no risk of negative equity, and no car payments to make moving forward.
This is likely your best route if you can comfortably pay for the vehicle without depleting your savings. Without a loan, you won’t have to pay interest rates, which can help you save significantly on a new vehicle.
Financing a New Vehicle
If you are interested in financing a vehicle, you’ll need to apply for an auto loan from a bank, credit union, or other lending institution. They will cover the cost of the vehicle for you but then you’ll be responsible for paying them back in monthly payments until it’s paid in full. Until the vehicle is paid off, the car technically belongs to the bank, although you can drive it as you wish.
Financing is most likely your best option if you don’t feel comfortable paying for the total amount upfront. You don’t want to run into an emergency and not have the money you need because your savings was drained.
When you are looking for quality RAM trucks for sale in Aberdeen, MD, we’ve got just what you need. We encourage you to visit our dealership to shop our extensive inventory of rugged RAM trucks today!
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