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What's Best for You: Loan or Lease?

Choosing the right option for you can feel like a challenge because there are a lot of options to choose from. We're here to help you explore the differences between the two and the benefits that each has to offer.

You might find yourself interested in trying out an auto loan. Why not? It's a tried and true method that will give you plenty of capability to control your destiny. When you buy your car, whether you go through the loan process or you pay out of pocket, you will eventually control the rights to your car outright. That means you can add to it, like a spoiler or decals, without causing negative effect on its value. You also can drive as many miles as you want because there is no limit on mileage with something you own.

A lease might be more appealing for a few reasons. You typically have a smaller down payment, if one at all, and smaller monthly payments. You can easily upgrade from a least to the latest model and experience all the latest technology that each new model year brings. Finally, a lease term is usually two to three years which means that any routine maintenance will be covered under the manufacturer's warranty and you won't have to pay out of pocket for it.