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If you’ve homed in on the new Toyota Highlander as your next vehicle, you’ve definitely made a solid choice. The Highlander is currently one of the most popular models in the entire Toyota lineup at the time of this writing. Now that you’ve settled on that, perhaps you’ve reached the point where you have to decide between paying cash for the Highlander or financing your purchase.
Many of our buyers at Limbaugh Toyota have faced this same decision and we’ve helped guide them through the process. So, let’s take a look at some of the benefits of each approach in the space below.
The advantage of paying cash for a new Toyota Highlander is relatively simple and obvious: You incur no long-term debt. Once you have purchased the vehicle, there are no monthly payments whatsoever. This is a great option if you have saved up a large sum of money and can cover the entire cost of the SUV.
The downside?
Well, for starters, you might need that lump sum of money if an emergency or life-changing event should come to pass. Many shoppers aren’t in a financial position to pay cash for a new vehicle like the Highlander, so consider yourself fortunate to have this option.
When you choose to finance any new vehicle purchase like the Highlander, you’re spreading out the entire cost of the transaction into more manageable monthly payments. This can make it easier to own the vehicle if you don’t have a sizeable amount of cash to devote to the purchase. In addition, financing offers flexible terms. You can often finance the purchase over 24, 36, or 48 months (and often even longer).
Another advantage of financing the purchase is that dealerships like Limbaugh Toyota typically have access to very low interest rates via factory-related lenders. The manufacturers obviously have a vested interest in helping make it as easy as possible to get their new cars, trucks, vans, and SUVs, so they all have financing arms that offer low interest rates to help.
In some cases, there are also bonus cash savings or discounts you can receive if you choose to finance with a particular manufacturer’s financing arm. These discounts aren’t available otherwise.
If you’d like to discuss more of the pros and cons of each approach with a qualified professional from our dealership – just contact us online. As noted above, we’ve helped thousands of customers make this decision and come up with the solution that works best for their individual needs and budget.
