Loans VS Leases
What is the difference between a loan and a lease?
Loans and leases are similar, but they are not exactly the same. With loans, there is typically a down payment and then monthly payments to follow that lead to ownership of the vehicle. These payments go toward the total price of the vehicle. Loans are popular for drivers who want to own a vehicle without paying for the vehicle all at once.
With leases, monthly payments are made to use the vehicle. A lease's monthly payments do not go toward buying the vehicle. Leases are popular amongst drivers who want a newer vehicle for a short period of time - but without actually owning the vehicle. Additionally, there are typically restrictions on how far the vehicle can be driven within the term established when the contract is signed. Leasing a vehicle is similar to renting a house; you won't own the vehicle, but you can use it.
Should I choose a loan or a lease?
Depending on the price of the vehicle you want, how much and how long you plan to drive vehicle, and how long you plan to keep the vehicle will determine whether a loan or a lease is better for you.
Paying for a vehicle is challenging; that is why loans and leases exist. Mitchell Chevrolet offers loans so that drivers can pay over time for their vehicle rather than all at once. We also offer leases because some drivers do not want to own their vehicle because they will only need it for a short period of time and they don't want to pay for the entire vehicle. You need to decide which type of driver you are.
Get a Loan If:
- You want to own your vehicle.
- Making a down payment is alright with you.
- You don't want to pay for your vehicle all at once.
- You want freedom to decide how many miles you will put on your vehicle.
- You want to keep your vehicle for a long period of time.
- You plan on customizing your vehicle.
Get a Lease If:
- You don't want to own your vehicle.
- You want to have cheaper monthly payments but still have a vehicle to drive.
- You don't drive over 15,000 miles each year.
- You don't want to keep your vehicle for a long period of time.
- You would rather pay each month to use a vehicle rather than pay each month to own a vehicle.
- You don't plan on customizing your vehicle.
- You don't want to make a down payment.
No matter if you choose to loan or lease a vehicle, Mitchell Chevrolet's friendly staff will gladly guide you through the financial process. Our best efforts go into making sure our customers achieve 100% satisfaction. Let Mitchell Chevrolet be your chosen dealership and our associates be your closest advisors. If you still need help deciding what to do, just give us a call or stop by.
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Mitchell Chevrolet, Inc.
400 8th St
Marlinton, WV 24954
- Sales: (877) 222-1398
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