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Is it time you get a new car? Is there a certain beauty you have your eye on? Chances are you are not going to walk into the dealership with a suitcase full of cash, you will probably need to either lease or get an auto loan. Either way you are going to be paying a monthly payment on the car.

Using Loans Versus Leasing Your New Car

The big question looms, buy or lease? Both have their advantages and disadvantages. However, when it is all said and done it is better off to buy that car. Here are a few reasons why:

  • When you lease a car you build no equity.

  • You will always make a monthly payment on the car, no matter how long you lease it for. When you buy a car, once you pay off the loan you do not have to pay anymore.

  • Made a mistake? Getting out of your lease early can be an extremely frustrating matter. A lot of leases have expensive fees for early returns.

  • Your lease might come with a specific number of miles you are allowed to drive and if you go over you will have to pay fees.

  •  When you lease, the car is expected to be returned in close to the condition that it was leased to you in. If it is not you could be paying a penalty.

  • If you lease, and you car is stolen or damaged, your insurance company may not cover all the costs, meaning you could owe money to the leasing agency.

  • Bad credit becomes more problematic when you lease then it would be if you were getting a loan.

Not that there are some advantages to leasing, like lower down payments and possibly slightly lower monthly payments, it makes much more sense to buy a vehicle than it does to lease it.

Get The Right Auto Loan

We have already established that it makes better fiscal to buy a car rather than lease. Now you need an auto loan, at we are here to help you. Get a free quote to see what kind of loan and payment you are in line for. Check our auto loan types section for information on the various types of auto loans that you can apply for. Still confused? Go to our auto loan FAQs section and get your questions answered.

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