Experienced people say managing bills begins before you make bills. If you think about it, that statement makes sense. Determining what to spend before spending allows families in Lakewood, Ohio and Westlake, Ohio to allow for saving. Similarly, the sensible act enables business owners in Fairview, Ohio and Rocky River, Ohio to plan to expand. And as the team at Ganley Ford West in Cleveland, Ohio explains, down payments give you such long-term budget control when you buy a new or used car.
Most consumers focus on the short-term effect of down payments. Many follow the layperson’s law that says every $500 you put down on a new or used car trims about $20 off of your monthly payment. We’ve all heard that correlation a time or two. And some less than savvy shoppers decide upon minimal down payments or none at all because of it.
Why does holding on to cash qualify some shoppers as less than savvy, you ask? Well, we could provide an elaborate response. But since the question is answered just as accurately with two words – interest savings – we’ll sum it up with that and tell you what we mean by it. And we’ll double that $500 you may have decided to hold on to previously to make our point.
Let’s you say buy a new or used car at Ganley Ford West in Cleveland with a 48-month auto loan and a seven percent interest rate. If you believe your past efforts at managing bills would constitute a higher interest rate, feel free to adjust our figures accordingly. The first of which is $300 since that’s about how much your choice to put no money down would cost you in a year. By the end of your loan, that would be $1,200 in addition to the monthly savings you passed on.
Add in the fact that down payments can sometimes prompt lenders to offer lower interest rates, and you can see where this is going. If you own a business in Fairview or Rocky River that requires you to buy a new or used car times three, four, or more, these figures compound quickly. And if you’re a parent in Lakewood with school tuition to pay or a college graduate in Westlake with student loans to pay off, lower monthly payments and long-term savings could surely make managing bills easier for you.
The bottom line is down payments make a difference when you buy a new or used car. How much of a difference is up to you. Just remember that managing bills now determines much of your future as today’s choices impact tomorrow’s options. For help with selecting the right vehicle for your life in Lakewood, Ohio or Westlake, Ohio, feel free to consult the team at Ganley Ford West. The dealership is the home of Plain Sight Pricing which allows energy that others waste on haggling to be invested in you. And this holds true for corporate buyers from Fairview, Ohio and Rocky River, Ohio too. To view their inventory, go to www.ganleyfordwest.com and call 216.941.9800 for more info or honest input.
Ganley Ford West
16100 Lorain Avenue
Cleveland, Ohio 44111
216.941.9800
www.ganleyfordwest.com