Looking for a car but not sure if you should buy or lease one? Learn what Chevy financing entails, along with leasing, to see which is right for you:
What Does Financing Involve?
When you finance a vehicle, you take out a loan to pay for it. Typically, you will start with a down payment, which you can subtract from the money you will borrow. A trade-in vehicle is often a good way to get funds for a down payment.
Then you will pay back the loan over a period of time. The fee for borrowing money comes in the form of an interest rate. You may be able to lower this if you agree to a shorter loan term. However, this will result in higher monthly payments.
What Does Leasing Involve?
When you lease a car, you don’t own it. You get to drive it around for a while, but it still belongs to the dealership. This too involves a down payment. You will also need to think about how long you want to lease your car for; agreements are generally about three years.
Leasing is often a more affordable option than buying, as you’re just paying for the value of the vehicle over the course of the lease, not its entire value.
Which Option is Best?
There’s no right answer to this question. If you have found a car that you love and want to make it yours, financing is the right choice.
If, on the other hand, you need a vehicle but don’t want to commit to just one for very long, leasing is probably the way to go. Either way, you can come down to Andy Mohr Chevrolet in Plainfield and we’ll gladly give you more information on both options.
Connect with us
