When it comes time to get a new car, one of the biggest decisions you'll need to make is whether to finance or lease your vehicle. Our dealership in Philadelphia wants to help you weigh the pros and cons of each financial option.
Should You Consider Financing a Vehicle?
Financing involves taking out a car loan to cover the entire purchase price of a new or used car minus any down payment you make upfront. You'll then make monthly payments over a set repayment term, usually 24 to 72 months, until you've paid off the loan in full and own the car free and clear.
Here are some potential benefits of financing:
- You'll own the car once the loan is paid off
- No mileage restrictions
- You can modify or customize the car however you want
Before deciding to finance, be sure you can afford your monthly loan payments and that you plan to keep the car for several years after the loan gets paid off. Our dealership near Levittown, PA can help pre-qualify you for financing so you know your budget upfront.
Why Leasing a Car Makes Sense
With leasing, you essentially rent the vehicle from the dealership for a fixed term, usually 24 to 48 months. At the end of the lease, you return the car instead of keeping it. The lender bases your payments on the car's depreciation during the lease term plus any rent charges, taxes, and fees.
Some key benefits of leasing include:
- Lower monthly payments compared to financing
- You can drive a newer car around Burlington more often
- Basic maintenance may be included
- No down payment in some cases
The downside is that you must adhere to annual mileage limits and return the car in good condition to avoid extra fees. Leasing makes the most sense for Cherry Hill, NJ drivers who like frequently upgrading to newer vehicles.
Get Pre-Qualified for Automotive Financing in Philadelphia
Our dealership wants to help you decide if financing or leasing is the better option for your needs. Please stop by our dealership near Camden, NJ or fill out our online pre-qualification form to get started.
We'll be happy to discuss your options in detail and see if we can get you approved for on-the-spot financing. With our help, you'll be driving off in your new Kia car or SUV in no time. Don't hesitate to reach out to us with any questions!