When it's time to get a new car in Cincinnati, one of the first decisions you'll need to make is whether to take out an auto loan or sign a lease. Both options have their pros and cons. Here's what you need to know about auto loans versus leases to decide which is the better choice for you.
Pros of Auto Loans
Taking out an auto loan to purchase a car has several advantages for Florence drivers:
- You own the vehicle - Once you pay off the loan, the car is yours to keep or sell.
- No mileage restrictions - With a loan, you can drive as many miles around Monroe as you want without penalties.
- Lower monthly payments - Loan payments are usually lower than lease payments for the same vehicle.
- You can customize - You can customize a car you own with upgrades like new wheels without restrictions.
Should You Sign a Lease?
Leasing a car does have some benefits to consider as well:
- Lower upfront costs - You may not need a down payment to lease like you would to purchase.
- Drive a newer car - Leases run 2-4 years. You can get a new car more frequently.
- Lower monthly payment - With leases, you're only paying for the vehicle's depreciation.
- No hassle selling - The leasing company takes care of selling the car when your lease ends.
Leasing makes the most sense for Harrison drivers who like having a new car every few years. You'll pay less per month than financing the same car. Just be aware of mileage limits and wear and tear fees when the lease ends.
Get Pre-Approved for Financing Through Our Dealership
Whether you decide an auto loan or lease is right for you, the financing department at Jeff Wyler Superior Hyundai in Cincinnati can help. Get pre-approved for financing so you can shop for your new car with confidence. We serve customers from Amelia and all over the area. You're welcome to stop by our dealership or apply online today.
