When you are planning to buy a car, often you will be thinking long-term. You may know that you’re getting a new job which will allow you to keep up future payments, or conversely you may be looking to keep any upcoming payments to a minimum because of other factors, such as a mortgage perhaps. As a result, you’re looking to try and time an agreement so that it begins when you are in the strongest financial position to begin paying for your new car, so you may wish to wait a little bit before driving the vehicle to suit your planned payment schedule. But what if you were in a position to drive away now and begin payments at a later date, possibly even six months down the line?
This is an option that we provide for drivers as part of our car finance plans, and there are several real benefits to this. The first, of course, is that the driver does not have to begin paying for the car for some time. So, if you do happen to have some major payments coming up for other luxuries, you won’t necessarily have to find all of the money for everything at once; you could pay off that loan or that once-in-a-lifetime holiday, and start paying off the vehicle a bit later on. It also reduces the impact of the purchase you have made, allowing you to adjust to life with your new car before having to begin paying it off. This is particularly useful for a new driver, who may not have been required to enter such a long-term agreement before.
Secondly, let’s face it; the main reason why you are buying a car is because you just want to be out on the road and driving it. It could be that you’re just desperate to get out there, or it may be that you’ve been waiting a long time since you have passed your driving test, or it may be that you require a car at short notice. Alternatively, perhaps a previous long-term agreement has ended and, with a family and a job, you simply cannot function without your own vehicle. All of these embody why it is so valuable to have the option of driving away now and paying later, because it allows you to get behind the wheel as soon as possible, without the stress of having to suddenly find the money to pay it off. Of course, you will need to pay for the vehicle, but if you’re working with limited time and you just need a car, this aspect of our finance plans will help you no end.
Lastly, it will allow you to test how the car operates prior to payment. While the agreement will be in writing and the terms and conditions cannot be changed once you have signed on the dotted line so to speak, if it turned out that you did encounter a major functionality problem with the vehicle, or if you found that the car was simply not up to scratch, you would have the time to work things out and fix any issues before you begin paying off the car as per the agreement. To reiterate, this is not a situation where you could just send the vehicle back if you suddenly found that you didn’t like it. But if the car did not operate to the standards that would be considered acceptable, it is much better to be in a position where you spot the problems before the payment cycle begins than to notice the flaws once you’ve already a few expenditures in.