Should You Rent or Finance a Vehicle?

Should You Rent or Finance a Vehicle?

With more rental companies popping up each month, many individuals are beginning to doubt whether or not purchasing a vehicle is their best option. Between car-pooling with coworkers, using public transit services, and sharing/renting cars, the question arises: How necessary is it to finance a vehicle? To answer this question, you really need to think about a few things.

Firstly, determine how often you require a vehicle. This includes taking care of weekend errands, driving to work, visiting friends and family, or even going out to dinner. Next, calculate the number of hours you need access to a vehicle per week, including the time it spends idling or parked. Although some companies offer rates as low as $10 an hour, over the course of a day, between gas, mileage, insurance and other extended charges, this bill may grow quite large. As well, vehicle availability is always in question. Not only must you book in advance, but getting to the retailer proves to be a challenge for many.

Financing a vehicle, on the other hand, liberates you completely. At any time and for any duration, you may drive out of city, province, or even country. Although you assume full responsibly for maintenance, gas, and insurance, depending on your driving habits, the cost to rent may still exceed that of financing. Furthermore, you open the door to new job opportunities, which helps to cover any addition costs month-to-month. Many companies, especially those with “on-call” shifts, request that employees own a car. It adds a level of reliability and flexibility, so think about this if you are actively job hunting.

Unfortunately, many people feel tied down by auto loan payments. Similarly, some fear that the state of their credit will inevitably lead to rejection. For this reason, many choose to rent despite the fact financing is still a viable option. Trillium Auto Group guarantees each and every applicant’s approval for automotive financing. This means you can stop worrying about bad credit and start satisfying your transportation needs. Trillium Auto Group offers many vehicles and programs, so contact us and learn more today!