You've come to Paul Bailey's Chrysler Dodge Jeep Ram to find a new car to call your own. After all of the research and test drives, you have finally come to your decision. Now, there's one last decision to make: will you apply for an auto loan or a lease?
These are the two most common payment plan options for customers at our dealership. Both leases and loans allow shoppers to get cars in exchange for monthly payments, but the two have their important differences to consider.
What to Know About Leasing
Leasing is popular for shoppers who want a lower monthly payment for a new car. The exchange, however, is that you won't actually own your vehicle. With a lease agreement, you'll be able to essentially rent a car from us long-term. These terms usually last two to three years. Since you're only paying for the cost of depreciation during that time, you'll likely get a lower monthly payment than with a loan. That means potentially getting a nicer car for less money. However, you won't be putting your money toward ownership.
What to Know About Buying with a Loan
Unlike a lease, an auto loan will give you ownership of your vehicle. A lender will provide the cash necessary to complete the purchase. Then, you'll reimburse the loan with interest via monthly payments. These payments are typically higher than those of a lease, but your money will go toward a car that you actually. It's a great solution if you want to own a car but don't have the cash to buy it outright.
Get Help with Either at Paul Bailey's Chrysler Dodge Jeep Ram
If you need helping to decide between a lease or a loan, come chat with the finance team here at Paul Bailey's Chrysler Dodge Jeep Ram near Providence and North Kingstown. We'll help you sort out your priorities and choose the appropriate payment plan.