Wednesday, 17 August 2011 at 09:46

Additional blocks are also likely in case of customers whose credit worthiness is doubtful.

Renting a Car by Paying Cash
Rental car companies may allow the customer to rent a car by paying cash up front. Cash rentals will require a weekly or monthly deposit in addition to the calculated rental charges. Cash rentals confine people to a limited set of rental cars choices. People who are at least 25 years of age, have a valid driver's license and passport and the ability to make cash deposit, in addition to the cost of the rental, may be able to rent a car by providing a phone bill or utility bill as proof of address and a return ticket for airline, cruise or train travel. On returning the rental vehicle, in accordance with the terms and conditions of the rental car agreement, the additional cash deposit will be refunded to the customer.

It's evident that renting a car using a debit card is not particularly easy. Giving this dilemma a cursory thought will convince you that buying a car with cash is obviously the better choice as you would not be paying any extra money for buying your car in the form of bank interest. You just pay the amount for the car and your job is done. However, when you analyze the situation in a detailed manner, there is really not much of a difference in either of the two choices.

Auto loans usually come with a 7% APR and need to be paid off within 4 to 5 years. If you have cash amount for your car lying with you in the bank and you have an investment opportunity which could yield you 9% to 10% interest, the money-smart decision would be investing your money and buying your car through auto financing.

This option works for people with excess money and who do not have to worry about making loan payments for a period of 4 to 5 years. For them, buying a car with cash is the best option. Also, another advantage of buying a car with cash is that there is no psychological burden on you of being under debt or having to pay money every month towards loan payments.

Tips for Buying a Car With Cash

Do Your Homework
Before visiting your car dealer, figure out which car you are interested in. Do some online research, ask friends or family, compare prices, features and go through all available options before you zero-in on the car of your choice. Once you are sure of what you are looking for, car buying becomes easier at the dealer's office. While you are at the dealership looking at cars, do let the salesperson know that you are looking for a cash buyout. He will surely probe you about how you wish to pay for the car but tell him that you will decide the mode of payment once you like a car. If you have done your research and decided the car you want to buy, test ride it and go through its features.

Keep it Confidential
There is a reason behind not letting the dealer know about your cash buying intentions. So, keeping that in mind, take your decision wisely.

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