Shopping for your next vehicle brings many exciting choices. One of the biggest decisions you will make involves how to pay for your car or truck. At Lebanon Ford, we help customers understand the difference between leasing and financing every day.
What Is Leasing?
When you lease a vehicle, you essentially rent it for a set period. Most lease terms last two to three years. At the end of your lease, you return the vehicle and can choose a newer model. Many drivers enjoy leasing because they get to drive the latest vehicles with updated features and technology.
Benefits of Leasing
- Drive a newer vehicle more often
- Lower monthly payments in most cases
- Warranty coverage throughout your lease term
- Less worry about long-term maintenance
What Is Financing?
Financing means you take out a loan to purchase the vehicle. You make monthly payments until you pay off the loan. Once you complete your payments, you own the vehicle outright.
Benefits of Financing
- You build equity and own your vehicle
- No mileage restrictions
- Freedom to customize your vehicle
- You can sell or trade your vehicle anytime
Making Your Decision
Consider your driving habits when choosing between leasing and financing. Do you drive many miles each year? Financing might suit you better. Do you love having the newest features? Leasing could work well for your lifestyle. Contact Lebanon Ford to learn more.