Are you shopping around for your first or next car? Before you drive away in your latest purchase, there's one big decision you have to make: how to pay for it. You'll find the advice you need to make the right financial decision in our Financing and Budgeting advice section.
Here are some useful bits of information you'll discover:
The ins and outs of car financing
Financing a car is similar to mortgaging your home. As most likely the second-biggest purchase you'll ever make, it's important to understand how financing works and if it makes sense for your situation. For example, vehicle financing is probably a better option for you if you have a sizeable down payment.
Deciding to finance your car also comes with other considerations, i.e., the higher maintenance costs that come with owning your own vehicle. If you have questions about car financing, our articles will help you understand what it means, what you need to be eligible and what's the difference between financing and a line of credit.
To lease or not to lease?
Leasing is another way to get your hands on a vehicle, but instead of owning the car, you are technically renting it for a set number of months. Your lease term can be as short as a few months or as long as five years. Leasing is often the most realistic way to get a car if you don't have a down payment. Although you don't technically own your vehicle, the bulk of your ownership costs are covered by the dealer.
If you want to know what's involved with leasing a vehicle, Kijiji Autos has the information you need to make an informed decision that's best for you.
How your credit history can influence your decision
Unless you saved your money to buy your next car in cash, your two main options are financing and leasing. But if you have poor credit, your options may be limited to leasing a vehicle because a strong credit score is not essential for approval. Learn more about how your credit score affects your car-buying options in our advice pages.
More financing and budgeting advice on Kijiji Autos
We've said a bit about the difference between financing and leasing a car, but there's a lot more information you need to understand on how these two payment options work. Check out Kijiji Autos' Financing and Budgeting category for useful information and advice on getting a car in your province.
