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Paying cash for a car can be a good move to eliminate monthly payments and other issues, but you should make sure it's best for your financial situation first.
Edmunds presents the pros and the cons of paying cash for a car.
The best way to buy a used car, according to money expert Rachel Cruze, is to pay with cash. However, if you have never paid for a used car using cash you might not fully understand the ins and ...
In the used car market in the United States and Canada, buy here, pay here, often abbreviated as BHPH, refers to a method of running an automobile dealership in which dealers themselves extend credit to purchasers of automobiles. [1] Typically, purchasers of cars at BHPH dealerships have poor credit history, and loans have high interest rates. [1]
A car dealer orders vehicles from the manufacturer for inventory and pays interest (called flooring or floor planning). Dealer holdbacks are a system of payments made by manufacturers to their dealers. [5] The holdback payments assist the dealer's ability to stock their inventory of vehicles and improve the profitability of dealers.
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). There are two primary methods of borrowing money to buy a car: direct and indirect. A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased.
Buying a car can be costly, but Brian Preston, CFP, CPA and author of "Millionaire Mission," devised a creative solution to help manage the expense. "If you can't pay cash for a car, I recommend...
Instead, knowing the total cost you’re willing to pay for the car is better. Cruze agreed with knowing the total price you want to pay for a car before you enter the dealership. But, she ...