What is the main difference between buying and leasing?
Financing a vehicle involves paying an auto loan with the agreement that ownership transfers from the lender to the borrower once the balance reaches zero. Until the balance is paid off, the lender holds the title. With leasing, the customer only pays the depreciation on the vehicle and must return the model to our dealership when the lease term ends.
What are the common differences between buying and leasing?
With a loan, a borrower may sign a loan contract to pay a certain amount each month for a set number of months. Leasing involves doing the same, but the terms of a lease are usually much shorter. An auto loan may run up to 60 or 72 months. A lease generally runs 24 or 36 months, although an extension may be possible at the end of the term. Our team will help you determine the specific terms and work with you to find the agreement that works best for your Lancaster, Pennsylvania, lifestyle.
Refinancing is always an option if you choose to take out a loan. Refinancing is common among many who finance a vehicle purchase. Refinancing involves procuring a new loan to pay your current one. The goal of refinancing usually consists of getting a lower APR, lower monthly payment, or extending the remaining months on the loan.
What are the mileage requirements for a leased vehicle?
Expect a leased vehicle's premium to come with specific miles you can drive around Harrisburg, Pennsylvania, and beyond per year and term. 12,000 miles a year for 36 months means the driver has up to 36,000 miles within the lease period. Anything over the maximum mileage will come with a predetermined per-mile fee.
Is there much difference between lease and loan applications?
An application for a car loan and lease is often identical. The applicant will be asked whether the application is for a lease or a loan, and the general information provided on the form will cover personal and financial information. Applicants will typically note their monthly income expenses and provide personal information so we can perform a credit check. The credit check would help determine APR. Your information will always remain secure, encrypted, and protected.
Are trade-ins possible with a lease deal?
A trade-in involves selling a vehicle to our dealership, with the sale funds going toward the remaining balance. Working out a trade-in deal when purchasing or leasing a Chrysler, Dodge, Jeep, or Ram model is possible. "Money up front" is also common with a lease offer, and it is no different from a down payment when financing a car, truck, or SUV. A high down payment combined with a trade-in could lead to low monthly payments, potentially making a loan or lease more affordable.
Can you purchase a leased vehicle when the term ends?
Yes, buying a leased vehicle is an option upon returning the vehicle to our dealership. Of course, you may also lease another model, as many appreciate the chance to upgrade the leased car to a newer model. Driving a new vehicle around York, Pennsylvania, and beyond is a benefit to choosing a lease.
Are test drives allowed with leases?
Yes, if you're interested in leasing a Chrysler, Dodge, Jeep, or Ram vehicle, you may absolutely test drive one.
Schedule a Finance Appointment at Our Dealership Near Wrightsville, Pennsylvania
Before buying or leasing, schedule a consultation through our finance center to learn more about your options. Our team is excited to meet with you and help support you throughout this important decision. Feel free to explore our new inventory online and arrange a test drive too. Choosing your car is the best part! We look forward to hearing from you online or over the phone soon.
