An SUV is one mean muscle machine. It has the power and function of a light truck but is handled like a family vehicle. Not to mention, sport utility vehicles are some of the most beautiful vehicles that exist today.
Known for being tough and badass, this automotive vehicle is in a league of its own. If you’re on the pursuit for an SUV for you and your family, there is a perfect one out there. They’re categorized into compact, midsize, large, hybrid, crossovers, off-road, and 2-row or 3-row SUVs. They’re also classified further into standard or the luxury SUVs.
Although many have chosen to downsize their vehicles due to rising gas prices, unpredictable weather and the wear and tear caused by worsening traffic situations and road conditions, you do not need to jump on the bandwagon. If you need an SUV, get an SUV.
Here are five reasons to have one:
- These types have more space for people and cargo; and even your pets, too!
- They are better for off-road use and flood-prone areas.
- Designed to be safer than cars, it is would be a better choice if you have kids.
- It has better gas mileage. Now, that’s more for your wallet!
- SUVs are much cooler than cars.
Financing an SUV
Choosing an SUV is the easy part, you can easily fall in love with more than one. The struggle, really, is how you can afford the digits on the price tag. SUVs are expensive vehicles and this is one reason why it isn’t for everyone. But as I’ve said, “If you need one, get one!”
The solution there is having the right financing plan to help you afford it. You can purchase it outright, that is if you got a seriously huge bank account to pay for it. If you don’t, it’s not the dead end just yet. So, what are your financing options?
Auto-dealers will offer you an in-house financing program but, in most cases, they’re expensive. Banks, loan companies, and credit unions can offer you SUV loans at a much better rate. Recently, more online lenders offer SUV loans providing you with fast and easy loan cost estimates in just a few clicks of a mouse. Just like a conventional loan, standard requirements must be met by applicants before it is granted. A stellar credit report, good income flow, and stable employment would mean better chances of having your SUV loan approved.
What if I have bad credit?
If you have a weak credit, of course, it would be impossible to get a conventional loan. You’d either be declined or get passed around. Does this mean it’s the end of your dream SUV? definitely not!
Another loan type called a subprime loan can be your way to financing your SUV. In a subprime loan, there is no income or assets verification. Forget the paperwork, you just tell the lender how much you earn and they will take your word for it. Bad credit? No problem! There is no credit score requirement for a subprime loan. You can have a depressing score and still be up for approval.
This loan is known to be expensive. That cannot be denied. This is because the interest rate is calculated in a risk-based pricing, meaning, the worse the credit the more expensive the loan. Even so, this can still be a good way so you can start financing the SUV. If you have money you can use for down payment, this will greatly lower the interest rates.
Subprime isn’t the most ‘conventional’ way to finance a vehicle as the word itself suggests. But shopping for subprime lenders can help you compare different rates and terms and find one that works well within your means. One lender might offer you an expensive loan, another may offer something you can afford better. Don’t be afraid to talk to lenders and ask as many questions you need answers to. This is all for your SUV after all, the one you’ve been dreaming of having. As I’ve said, “If you need an SUV, get an SUV.”