If you have your heart set on a certain model after an exhilarating test drive at James Martin Chevrolet, you may be wondering what your next steps are. Our finance department can help you navigate whether you should should take out a loan or opt for a Chevy lease.
What’s the Difference?
When you’ve picked out the new Chevrolet car you’d like to purchase, the next step is to look at finance options. You can choose either a lease or a loan.
A leased vehicle is returned to the dealership after an agreed upon time period. A vehicle loan, on the other hand, is similar to a mortgage. A loan is paid off over a period of time and when the it is paid for in whole, you gain full ownership of said vehicle.
Advantages of Leasing
So, if you don’t own a leased Chevy model outright, then why go for one? A lease is perfect for people who:
- Like to upgrade cars to the newer models every so often
- Don’t want the hassle of selling a used car
- Don’t want a long-term financial commitment
Oftentimes, a Chevy lease can be cheaper month-to-month than purchasing a vehicle with a loan, especially if you don’t have a trade-in or a large down payment.
Advantages of a Loan
An auto loan is the way to go if:
- You want to own your vehicle
- You drive a lot (leases have mileage restrictions)
- You want to make modifications to your vehicle
- You want to build equity
Whether you want to buy or lease a new Chevy car, our team at James Martin Chevrolet is here to help. Contact us today to get the financing process started.
