As a resident of Huntsville or Decatur, AL, you're seeking a payment plan that won't compromise your month-to-month expenditures. The first step toward selecting the proper payment route is understanding the brass tacks and basic details each offer. There are certain perks that leasing a new model offers rather than financing said model and vice versa. After learning more about leasing and financing, please feel free to contact a member of our sales team or financing-dedicated professionals to better-familiarize yourself with how this payment option could apply to your vehicle of choice.

What are the Main Differences Between Financing and Leasing?

  • Monthly Payments Differ: While financing is hands down the more traditional payment route, this payment option also brings with it higher monthly costs. However, when it's all said and done and your vehicle has been paid off in full, you may choose to sell it or trade it in and its value is yours to keep. Leasing rates might be lower month-to-month, but you'll hold no equity in your model's value.
  • Leasing Periods Generally Max Out at Three Years -- Financing Your Vehicle Means It's Yours to Keep: Perhaps you're uncertain as to whether you'll need a vehicle down the road, or maybe you're simply not interested in tying yourself down to one specific model. Leasing offers you and others around the Decatur, AL area the ability to reassess your transportation needs after three years. You may choose to purchase the vehicle at a reduced rate, or simply upgrade to the next cutting-edge model.
  • Leasing Holds Fees and Mileage Limits While Financing Doesn't: If you're the head of a young family with pets and children who create messes in their wake more often than not you might want to consider financing your model. If your vehicle's interior is damaged considerably, you may be subject to repair fees with your leased model. Furthermore, many leased models require that you travel under a set amount of miles with additional fees for each mile exceeded.

Interested in examining each payment plan further? Call our Chrysler, Dodge, Jeep, and Ram dealership located near Madison, AL to do so at your earliest convenience.

Categories: Finance