Used Toyota Carina for sale

Is it better to pay cash or finance a car?

You are viewing our long list of second-hand cars available on the Philippine market today with one aim: to find the perfect vehicle that matches your and your loved ones' needs and lifestyles. Undoubtedly, you are in the right place since Philkotse.com is one of the largest online marketplaces for cars wherein private car owners and certified car dealers list their items for sale.

But before you even decide on what brand and model of a car suits you best, you have to look into your budget as this will be the first factor that will affect your buying decision. That being said, you also have two paying options: cash and car financing. Which is better?

We will have a quick look at this common dilemma that most car buyers face. That way, you can have a better financial decision and management plan.

Paying in Cash

Definitely, you wouldn't be looking at a car for sale by Toyota Philippines if you do not have a budget at hand. You have long been deciding to purchase one and have been saving just so you can own and drive your own car. It goes without saying that paying one time or in cash is one of the wisest decision because you no longer have to think about monthly payments, which may add up to your utility bills, as well as paying for interests.

However, there is a thin line of a drawback here; you might run out of cash, and in case of an emergency, you have nothing at hand. As such, before paying that new or pre-owned Toyota Carina in cash, make sure that you:

• still have spare money to use for your necessities, which is equivalent to at least three months of your monthly needs plus an emergency fund;
• “drained” out all your savings;
• and have allotted money for car maintenance, whether you bought a new or used unit;

Those are just some of the most important things that you need to keep in mind before handing over that cold cash to the car seller.

Car Financing

Car financing has been one of the reasons why more Filipinos are able to buy one or more cars in a year. Apparently, you only have to worry about the down payment, at times you're not even required to pay for one. Unfortunately though, in contrast to paying in cash, you would have to continually pay for that Toyota Carina on a monthly basis, plus the interest.

With that in mind, here are some tips to keep in mind when opting for car financing to help you pay for your car:

• As similar to paying in cash, you must make sure that you still have spare money to use for your necessities, which is equivalent to at least three months of your monthly needs plus an emergency fund.
• In relation to that, your monthly payment should not be equivalent to or higher than your expected monthly income.
• If you have enough cash, pay a higher down payment than what the company requires, or pay for a down payment even if the car is at a zero down payment promo.

Cash or Go for Financing to Pay a Brand-New and Used Toyota?

Unlike in the past, we are lucky enough to be given the option to pay a brand-new or second-hand car for sale in cash or with the help of financing companies or banks. The decision which the best one solely depends on your source of income, savings, and monthly expenses. Just consider the tips we have provided, and you'll be on your way to making the right decision.

For more tips, car reviews, and more, browse through our fully loaded and friendly website. Thank you for visiting Philkotse.com, and we hope we've helped you enough and that you find your car soon!