A Lease or a Loan? Which Financing Option is Best for You?

When you go shopping for a car, there's a good chance you won't show up to the dealership with thousands of dollars in cash rolled up in your pocket. Most people rely on financing options when they buy a car. When you're deciding on the way to pay for your next vehicle, you'll have to make a decision about whether you want to buy it with a car loan or seek out a lease agreement.

Which one is best for you? That depends on your situation and your needs. A car loan is great for people with more space in their budgets. The monthly payments will be larger, but they don't last as long, and you get to keep the car when you're done. You can eventually find yourself in the enviable situation of owning a car without a car payment.

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On the other end of the spectrum, lease agreements offer lower monthly payments that can be easier for drivers with smaller incomes to afford. The catch is that you have to give the car back at the end of the lease. You'll also often have to deal with things like annual mileage caps and other small restrictions.

If you'd like to learn more about your financing options, get in touch with the finance center at Byers Mazda in Columbus, OH. Our finance staff can help you determine what options you have available. Don't hesitate to get in touch with us today.

Categories: Finance, News
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