AutoParts And Autos On Layaway-No More High Interest Payments
People who have bad credit are often faced with the prospect of purchasing a car with a very high interest rate. However, people with good credit also need to pay an interest rate over time. In some cases ,paying over time will exceed the value of the car they have purchased. This occurs since there are a few automobiles that decline in value faster than others. An option may be to purchase an auto on layaway.
Purchasing a car on layaway is pretty simple and straight forward. The biggest advantage is that you don’t have to worry about interest rates or especially refinancing your automobile if you aren’t able to make payments. Getting a car on layaway works the same as if you were to purchase a laptop on layaway. You choose a car that you like, make a down payment which is usually 25% or less on the value of the car. You and the dealer then agree upon a payment plan and the duration of the layaway. Once your payment is complete you can drive away with your new car without having to worry about anything else. For instance, you could get a 2005 Chevy Cobalt Cp five speed with air conditioning and have it paid for before you ever drove it off the lot!
A layaway plan for automobiles works great if you don’t need a car in a hurry. Many of us already have cars so even if we delay getting a car for a few years it’s not going to make a big difference. Add to that the fact that you will save thousands of dollars on interest which you would have to otherwise pay.
Purchasing Auto Parts on Layaway
Purchasing that dream sound system for your car does not require that you pull out your credit card. It’s better if you made a deposit and got it on layaway. Today, you can purchase almost any auto part on layaway. But this only makes sense if you plan to purchase something really expensive. If your engine needs to be replaced immediately, then you might have to purchase it with your credit card. You can’t wait a year for a new engine. However, the majority of things including rims and tires ,can be purchased on layaway and that will save you a bundle on credit card interest rates.
Do the Math and you will see the difference.