Finance vs Leasing

Learn the differences between financing and leasing and find your best deal at Colby Chrysler Center.

Should You Finance Or Lease Your Next Vehicle In Colby, WI?

Many Owen area drivers are caught in a dilemma on whether to buy a car or lease one. We offer various options for our clients, making sure they get the best offers and ensure they understand their financing options well. Below we discuss the benefits of leasing and loaning a car. Contact our finance specialists any time with questions about which choice might be best for you.

Draw A Budget To Know What You Can Afford

Make a budget to know if your expenses will allow you to buy or lease a car. Write down all your income and expenses and check whether your extra income can allow you to finance your car. Also, check whether you have a car you can trade-in that will cut down the costs. Just make sure the vehicle you want to trade-in does not have negative equity.

Know Your Credit Score

If you have decided to finance or lease a car, it is important to check your credit history and get a credit report. This comes into play when especially you are going to get a loan on your car. The leasing company also checks this to make sure they can trust you with their vehicle. Request your credit report from the necessary authorities and clear any debts or bad history you might have.

Do You Need A Loan Co-Signer?

If you have a very shallow credit history, a co-signer may be required to finance or lease the vehicle. The co-signer should also have a good credit score. If you delay the payments, the co-signer's credit score will also be affected.

Leasing A Vehicle Near Abbotsford

Leasing allows drivers to use the car for an agreed time and mileage for a portion of the vehicle's price. Before you lease, one should consider a few factors such as:

  • Expected annual mileage. If you surpass the mileage agreement, you will pay an extra fee on the lease. Drivers who are sure to drive a lot of miles aren't advised to lease, as this will be more expensive than financing a loan on the car.
  • Dings and scratches are up to you to repair. Your lease end value is based on reasonable wear and tear, so anything beyond that would be an extra expense when the lease is up. 

Financing a Car

Before you finance the vehicle, you should be aware of the options that you have. You may:

  • Borrow directly from a bank, a financial company, or a credit union. This will require you to pay back the money at an interval with interest according to your contract with the institution. It would help if you were careful with the lender you chose, so you must compare different lenders to know their terms and rates.
  • Apply for financing through Colby Chrysler Center. We'll arrange the contract on the terms of payment and services the payments through a bank or a finance company. This is beneficial as it is convenient for the client. Marshfield, WI shoppers often prefer this route, as we can often offer financial incentives for financing through our dealership.

Contact Colby Chrysler Center For More Information

Contact our finance specialists today and get the best offers on Jeep, Dodge, Chrysler, and RAM vehicles, whether you decide to loan or lease them.

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