When it comes time to get a new vehicle, one of the biggest decisions you'll need to make is whether to apply for an auto loan or a lease. Both options have key advantages to consider. Here's an overview of what you can expect from each financing method to help you decide which is the right fit for your needs and budget.
What Advantages Can You Expect from a Loan?
Taking out a loan to purchase a new car comes with several notable benefits:
- You own the vehicle - With an auto loan, you own the car outright once you finish paying off the loan.
- No mileage restrictions - There are no annual mileage limits like with a lease.
- Lower insurance costs - Insuring a vehicle you own may cost less than insuring a leased vehicle.
- Freedom to modify - You can customize or upgrade your purchased vehicle however you want.
- No end-of-lease fees - Avoid end-of-lease disposition fees and excess wear/tear charges.
Benefits of Choosing a Lease
Leasing a new car also has some advantages for Amelia, OH drivers to consider:
- Lower monthly payments - Lease payments are often lower than car loan payments for the same vehicle.
- Drive a new car more often - Leases usually last 2-3 years. You can lease more often to drive new vehicles around Mason, OH.
- Includes maintenance - Leases often bundle routine maintenance and repairs.
- No down payment - Many leases do not require a large down payment like loans.
Obtain Auto Financing Through Our Batavia Dealership
When you're ready to explore your options for financing a new Chrysler, Dodge, Jeep, or RAM vehicle, the finance experts at our dealership near Milford, OH are here to help. Our dealership in Batavia serves customers from Cincinnati and the surrounding areas. Contact our financing center or stop by our location to get pre-approved and start the financing process today.