Demystifying the Leasing Process for Muskegon Area Drivers - Should You Lease or Buy With a Loan?
Plenty of drivers from Muskegon, Whitehall, Montague, Ludington, and Fremont, MI choose us as their go-to place for the best selection of new and used Chrysler, Dodge, Jeep, or Ram models, but you might be surprised to learn that not everyone knows before they walk through the dealership doors which auto financing solution is right for them - they ask us, "Should I Go for an Auto Loan or a Lease?" If you find yourself somewhere in this camp, let us help you move closer to your answer. While we can't decide which solution is best for your situation, our finance department will work with you to figure out that answer.
Benefits of Leasing a New Chrysler, Dodge, Jeep, or Ram Vehicle in the Muskegon, MI Area
Leases differ from auto loans in quite a few ways. Neither is inherently better than the other, but they do serve different purposes. Leases are great for folks who prefer lower monthly payments and want a fresher, newer car every few years; on the other hand, purchasing with an auto loan often brings bigger monthly payments, but you own the car until you sell it.
- Lease Payments: When you lease, your monthly payments tend to be lower than buying because you're actually only paying for the cost of depreciation, as opposed to the entire value of the vehicle, as you would with an auto loan.
- Terms & Conditions: When you purchase with a loan, there aren't many restrictions on how you can use your vehicle (besides the legal ones!), but when you lease your vehicle, you'll agree to some Terms & Conditions. These articulate how long you'll keep the vehicle, how many miles you're allotted to drive over the course of the lease contract, and when you'll be expected to bring the vehicle back. If you drive more than the agreed-upon amount of miles, there can sometimes be associated fees at the end of the lease, so this is something to keep in mind for those who drive a lot!
- Warranty & Maintenance: One place where leasing might have an advantage over buying would be when it comes to warranties and maintenance and repair service. Because leases tend to be rather short (2 - 3 years), it's very likely that your vehicle will remain under the manufacturer's warranty for the entirety of your lease, which could end up covering any surprise repairs, potentially saving you tons of out-of-pocket money!
You don't have to decide now, but take a moment to see which financing option feels the most comfortable for you. If you still have some questions you'd like to ask, don't hesitate to reach out to us at (888) 637-9461, or even come on into the dealership to speak with someone directly. We're easy to find, located on 3146 Henry Street, Muskegon, MI. We look forward to helping you find that perfect auto financing solution!