Car Renting vs Car Ownership: Which One Wins?
On the face of it, the answer seems obvious – car ownership. A deeper look into the question can however, bring forth a different answer. Truth is, it depends with one’s situation. Think about it this way. You are always on the move from one state to another because of the nature of your job. Your finances can’t allow you to finance a car. As a matter of fact, you have a poor credit score. You want to buy a car but you are scared that you will have to finance the car with a car loan which you may end up defaulting and worsen you credit score.
The situation above may seem or sound like a farfetched analogy. It is not. There is also the fact that the ever increasing gas prices, the ever uncertain auto insurance industry and stringent loan terms for people with low credit scores make the prospect of owning a car really hard. In fact, all these setbacks make the prospect of buying a car just that – a prospect. The wise thing to do here is to respect your budget. Rent a car for some time. It is more or less like a hand to mouth kind of scenario. Rent for the long term though as you will get discounts. This will give you time to settle your debts and work on them. With time, your credit score will have improved significantly. You can then apply for a car loan and finance a used or even a new car with ease.
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Then there is the couple situation. The thought of renting a car here may not be appealing. It may in fact be a bad idea. You can work on a joint ownership concept and finance a car. This can happen even when one of you has an unimpressive credit score. The bottom line as far as car ownership and renting is concerned is the fact that it all boils down to one’s situation. Analyze yours well, then go for what suits the moment without hurting your pockets.