When it comes time to get a new car, one of the biggest decisions you'll need to make is whether to finance or lease your vehicle. Both options have their own set of pros and cons that you'll need to weigh carefully. In this blog post, we'll discuss the key differences between financing and leasing to help you determine which is the better choice for your needs and budget.
Benefits of Financing Your Next Vehicle
Financing, also known as taking out an auto loan, allows you to borrow money to pay for the entire purchase price of a new or used car minus any down payment. Here are some of the biggest benefits of choosing to finance:
- You own the vehicle - Once you pay off the loan, you own the car free and clear.
- No mileage restrictions - With a financed car, you can drive as many miles around Hamilton as you want without penalties.
- Low monthly payments - Financing stretches costs out over several years, so your monthly payments are low.
- You can sell or trade in the car anytime - You have the flexibility to sell or trade in the financed vehicle before you finish paying it off.
New Car Leases Offer Advantages
Leasing a car means you pay for the vehicle's depreciation during the lease term, usually two to four years, plus rent charges and fees. Leasing offers some perks over financing for many Middletown drivers:
- Lower upfront costs - You pay less money out of pocket when you lease instead of finance.
- Pay for only what you use - Your monthly payment reflects the expected depreciation for the lease term.
- Drive a new car more often - Leasing allows you to swap your car for a new one every few years.
- Get a nicer car for less - Lower monthly payments may allow you to lease a pricier model.
Our Finance Team Can Walk You Through the Loan or Lease Process
The finance experts at Jeff Wyler Acura of Fairfield are here to guide you through the ins and outs of financing versus leasing. We'll help you understand all the costs involved, estimate your monthly payments, and determine whether it makes more sense for you to buy or lease your next Acura vehicle.
You can fill out our online credit application to apply for pre-approved financing before you even visit our dealership in Fairfield. We serve customers from all over the Cincinnati metro area, including Milford and beyond. Contact us today to start the financing or leasing process and get behind the wheel of your aim car or SUV.