If you’re looking for pre-owned cars, you should determine the best payment option for your situation. While paying cold hard cash is the cheapest and most straightforward way to buy a car, it's not a feasible option for everyone. If you’re like most people, a vehicle—whether pre-owned or new—is a significant investment, so consider the following options before signing on the dotted line:

• Hire Purchase: This car finance plan requires you to put down a small deposit and make monthly installments over a period of 12 to 60 months to pay off the rest of the car’s value. Under this payment option, the buyer does not obtain ownership until they have paid the full amount.

• Personal Contract Purchase: This also involves an initial deposit and monthly payments. However, you can expect the monthly costs to be lower. PCP bases the amount you have to pay on how much value the car is predicted to lose within the contract period. As such, you have to agree on an annual mileage limit as part of the deal.  

• Personal Loan: This payment option involves borrowing from a bank or building society. You can choose to either cover the whole cost of the car or just a part of it. Personal loans offer good fixed interest rates, especially if you have a high credit rating.

• Loan Purchase: Loan purchase works just like a personal loan, but instead of borrowing money from a bank, you borrow from a dealership. Whereas banks have strict standards regarding credit approval, dealerships are less stringent. Loan purchase is a good option for buyers with low credit scores who might have a hard time negotiating with banks. 

Crescent Ford in High Point, NC, can help you find your dream vehicle and a payment option that will work for you. Their first focus is making sure you walk away satisfied and confident in your purchase. They have an extensive inventory of brand new and pre-owned cars, including Ford trucks, hybrids, and SUVs. They also offer reliable auto repair services. Call (336) 869-2181 or visit their website to learn more about their services.