Auto Financing 101: How Should You Pay to Drive Your Ride

Auto Financing 101: How Should You Pay to Drive Your Ride

Leasing Vs. Loans

Leasing vs Financing: What’s Right for You?

Found the ultimate Chevy vehicle that caters to your commutes, weekend fun, and/or adventures? The next step is finding the financial plan to drive your dream car home—but the ultimate question remains, “Should I lease or finance?” After all, both options get you behind the wheel of the cruiser that caught your eye—but both allow you to drive in completely different ways. Follow along with us today as we explore the intricacies of both financial styles—and don’t forget to also stop by the Spitzer Chevy Lordstown finance center, where one of our experts can discuss a financing plan optimized to your budget to help with your decision.

Leasing a Car: The Low-Commitment Option

The easy way to think about a car lease is as a long-term rental: you agree to a short term (usually between 1-3 years), make monthly payments, and can then return the vehicle at the end of your lease agreement. You’ll also need to follow a mileage limit during this time, but if you use your vehicle for the occasional weekend getaway or for nearby commutes, this is usually not an issue for most drivers.

Along with short terms, you’ll also pay a lower down payment (sometimes nothing) and smaller monthly fees when compared to a loan of the same vehicle, which makes loans an exceptional and affordable option. Plus, since you return the car within 36 months in most cases, you often won’t need to worry about the costly maintenance that comes with outright buying a car, which also helps you save money in a long-term sense.

When your lease ends, you have a few choices—you can either return your leased vehicle and exchange it for another Chevy from the current model year (making a great choice if you want to always ride with the newest tech and powertrains) or all-out buy the leased vehicle if you fell in love during your term. If you return your vehicle, you’ll need to pay for any excess wear and tear—but again, this isn’t much of a problem if you use your cruiser for commutes or short adventures.

Closeup view of a dealership employee handing off new car keys

Getting a Car Loan: The Freedom to Drive in Your Style

If owning your car is more your pace, you’ll want to consider a car loan. When you finance a vehicle, you’ll still pay a down payment and monthly costs until your loan terms are paid off. However, instead of returning your cruiser, you keep your ride—allowing you to travel for hundreds of thousands of miles more. Since you technically own your car, you’re free to make virtually any permanent changes that come to mind without a wear and tear fee, which includes a paint job, a gearbox swap, tuning out your motor, adding accessories like a spoiler or molds, changing your upholstery, tinting your windows, and plenty more. Want to take a cross-country trip or commute about an hour out? Not an issue since you’re not confined (and won’t be charged) to the miles you drive. Also, since you own the vehicle, you’re free to sell your ride at any point and pocket the cash if you need the money.

What Cars Can I Finance or Lease?

When you work with us at Spitzer Chevrolet Lordstown, you can get behind the wheel of virtually any Chevy from the current model year that comes to mind—whether you want to get the job done with a Silverado, enjoy a clean drive in the Bolt EV, or take an adventure in the Equinox SUV, we have plenty of options. We also have a massive used car inventory to choose from as well. Remember, there’s no wrong answer between leasing or buying, so consider what you need from your drives, feel free to speak with one of our finance center experts, and test drive any vehicles that stand out to you.

Driving the Car You Love: Explore Options in North Jackson

Still on the fence about leasing or financing? Stop by the Spitzer Chevrolet Lordstown finance center in North Jackson, OH, where one of our experts will help you make a choice based on your personal budget and situation. While you’re here, we’re dedicated to your needs—so feel free to ask us any questions you have about leasing a car or even exploring loan and lease terms, and we’ll help in any way possible. Contact us today to get started!

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