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There are two main options you will have when looking to financing a car. One is to buy the car, which lets you own the vehicle, so you can drive it as long as you’d like. You can also customize your vehicle any way you like and add various accessories when you own your car.
The other option is to lease your vehicle. This lets you drive the new car you want for a few years, then upgrade to another new ride once your lease finishes. Because you aren’t buying the car, leases typically offer lower payments and since you will get to drive a new car often, you will get to enjoy having the latest tech features.
With a new car, you can choose from the two options mentioned above—you can lease or buy it. When buying, you don’t have to pay for the entire price of the car upfront, either. Financing your car lets you leave a down payment, or a portion of the vehicle’s cost to start. Then, by getting an auto loan, you can pay off the rest through monthly payments that fit your needs.
With a lease, you are essentially borrowing the car from the dealership for a period of time. You will have a set mileage you can drive your lease for. Then, when your lease finishes, you’ll just bring the car back to the dealership and decide what car you’d like to lease or buy next!
When getting a used car, you can finance your car just like you would if you were buying a new car. You will be able to make a down payment and then cover the rest of the costs with an auto loan. You may even find that by getting a used car you can comfortably pay for a larger portion of the car’s value with your down payment. That means you’d have to borrow from a lender and can limit the number of payments you’ll need to make over time.