Is a Car Loan or Lease the Right Option for You?
If you're like the majority of car buyers, you're not going to have the cash on hand to outright pay for your next car. After all, buying a car is one of the biggest investments that many of us will make in our life time. That said, there are two financing options when purchasing a car: taking out a loan to pay for the whole car, or signing a lease to pay for a portion of the vehicle's value. Which is right for you? Our financing team is always happy to answer any questions that you may have about paying for your next car, but we also want you to be informed ahead of your visit. That's why we've compiled a quick guide below to outline the differences between taking out an auto loan and signing a lease.
Benefits |
You have the option to purchase your vehicle at the end of the lease for an agreed-upon price, but you can also choose to either lease or purchase a new vehicle entirely instead. Choosing to lease is the way to go if you're the kind of buyer who wants to upgrade their vehicle periodically and you have a shorter commute. And keep in mind that you can choose to purchase your vehicle if you still love it at the end of the lease. |
Benefits |
An auto loan is the right choice if you're a long-term investor. If you want to outright own your car and know exactly what you want from your next vehicle, a loan is right for you. |