When you go shopping for a new car, one of the issues you'll inevitably have to face is finance. How you buy your car is almost as important as the vehicle you buy. Good financing can make an expensive vehicle more affordable and even give you the resources to buy something better. Most drivers will have to decide between two different kinds of financing: car loans and lease agreements. The big question, of course, is which one is right for you?
What's the Difference Between a Loan and Lease?
There are distinct differences between a loan and lease that can determine which one will be best for you. If you're looking for a longer-term vehicle commitment and don't mind a bigger monthly payment, a loan might be your best option. While the individual payments might be larger, you get to keep the car when the loan's paid off. That can add up to years of driving payment-free.
When you drive your vehicle home using a lease, meanwhile, you'll experience lower monthly payments but also more restrictions. Mileage caps and maintenance requirements are common and, most importantly, you'll have to give the vehicle back at the end of your lease term. It's less like you're buying a car and more like you're renting one long-term.
These restrictions are also accompanied, however, by some other significant boons. In addition to lower monthly payments, many leased vehicles also come with thorough warranties that can cover many of the maintenance costs you'd be expected to handle on your own with a car you owned.
Get in Touch With the Finance Team at Causeway Lincoln
Would you like to know more about the lease and loan options available in Manchester Township and Hammonton? Get in touch with the finance experts at Causeway Lincoln in Manahawkin, NJ. We're always happy to help our customers in Beach Haven and Barnegat.