Having your vehicle looking just the way you want is a priority for many owners and drivers, and with a variety of options for financing wheels, you don’t have to go through weeks of saving to try to get enough to make a purchase.
When it comes to financing wheels, there are several different options that most people have to consider. Some of these options make sense while others can have additional costs and hidden fee issues that end up costing you money.
Credit Cards
Buying with a credit card is typically not as cost effective as financing wheels through the company. This is because a credit card company charges a very high level of interest on the purchase that starts to kick in within 30 days of the purchase. Depending on when you make the purchase in the billing cycle it may even be sooner with some of the credit cards out there.
Even if you plan to pay off the wheels in a few months, and even if you don’t have other charges on the card, that interest, which can be in excess of 20%, is going to be costly over time.
Loans
Since wheels aren’t a major purchase, you will have difficulty in trying to find a bank that will help with financing wheels. What you may find is a short-term lender or a payday advance type of company that will offer you financing provided you meet their criteria.
What many people don’t realize is that this method of financing wheels is the most costly. Not only will you pay a set fee just to borrow the money for a few days or weeks, but you will also face incredibly stiff penalties if you are late on any repayment.
Financing Through the Company
While not all wheel and rim companies offer in-house financing, if this option is available it is a great choice to consider.
Not only will financing wheels through the company save on the interest, but most companies or third-party financing services through a reputable dealer don’t rely on a credit check. This means even if you don’t have top credit you don’t need to worry, you will qualify for the wheels and the low-cost financing offered.
Making the decision for financing wheels through a reputable dealer is always the most cost effective option. You won’t pay hidden fees or high-interest rates, and you can get the wheels you want without having to wait.
