Shopping for a new vehicle comes with lots of decisions, including deciding how you want to pay for it. If you don’t want to pay upfront, you need to choose between financing and leasing. Our Chevy finance experts at Foundation Chevrolet are weighing in.
How Does Financing Work?
If you’re interested in borrowing money for your purchase, that is known as financing. You can apply for a loan at our dealership and then we’ll submit your information to the lenders we work with. Loans can range anywhere from 36 to 84 months. Your payments and rates will vary on a number of factors including your income, existing expenses, and credit score.
How Does a Lease Work?
Similarly, you’ll have to submit your buying criteria to be approved for a lease. However, unlike with a loan, you’ll only keep your lease for the predetermined term that you agree on and then it must be returned to the dealership. Leases often only last two to three years and come with mileage limits and may not be customized. However, you only have to pay for the vehicle’s estimated depreciation during your lease.
Which Should I Choose?
There are perks to both options, it just depends on which you prefer:
- Financing – helps you build up positive equity, will eventually be paid off (leaving you without car payments), and doesn’t have mileage/customization restrictions
- Leasing – is more affordable, is a flexible way to consistently upgrade vehicles, and usually has less maintenance and repair costs because you’re always in a new vehicle
Secure Chevy Financing or a New Lease in Wheat Ridge, CO Near Denver
While there are perks to leasing and financing, it’s important to weigh your options to decide which is right for you. Our financial experts at Foundation Chevrolet are happy to help. Stop in and see us to discuss your options today!
