If you want to finance your next vehicle near West Lafayette it can difficult to know whether you should choose a car loan or auto leasing. Both have their advantages, but unless you're familiar with each, you may be missing out on some opportunities. The best way to find the financing that works best for your lifestyle and your budget is weighing the benefits of both types of financing against your own personal needs.
Let's run through some of the benefits of leases and loans to help you decide which would be best for your daily driving needs in the Danville, IL, area.
Auto Leasing
If you're interested in having low monthly payments while also enjoying a brand-new car, then leasing might be the best choice for you. What you pay for a leased car is not so much dependent on the final price of the vehicle but instead is based on the depreciation of the car and any taxes. This means that your monthly payments will be lower than if you chose a loan for the same vehicle.
Since lease terms mostly end before a new car's warranty expires, you can save money on repairs and maintenance covered by the warranty. If Lafayette drivers choose to lease, they can move from one new car to the next without worrying about paying extra for maintenance covered by the warranty.
Car Loans
The main advantage of a loan is that you own the vehicle once you're done paying off the loan. Ownership allows you to drive as much as you like, avoid monthly payments, and eventually sell the vehicle. If your payments outpace the depreciation of your car, then it's possible to even build equity. Loans are a good idea for those that can pay more upfront and want to work towards the benefits of ownership.
At Mike Alsop Chevrolet, we have plenty of exciting finance opportunities for you to consider. You will be able to find Chevrolet leases that come with affordable rates so that you can enjoy all the latest features that our new Chevrolet models have to offer. Speak with our finance experts to learn what rates would be best for your lifestyle.