Leasing VS Buying a Car – Which is the best choice for you?
Those who need access to a car on a regular basis have two options in front of them:1. Purchase a car 2. Lease a car
Both these options have their own set of advantages and disadvantages. However, if you are trying to decide which of the two is better option for you the answer to this will depend entirely on your individual circumstance. For those, in Chicago, IL, who are looking to acquire a car, first you need to understand how buying and leasing processes work and why you should buy or lease a car.
The Car Purchasing Process
Purchasing a car is a very straightforward process. Here are some general steps you need to take:
- You need to pick a car on the basis of your budget and need
- Once you have narrowed down the options, you can figure out which cars fit into the category
- After further research, you can determine which of the cars that you have shortlisted is the best option for you
- Then all you have to do is approach the dealership, apply for a car loan if needed, and buy your car
- If you are dealing with our dealership then simply apply for car loan and rest will be assured by our team
- Certainly, you can choose to purchase with cash
The Car Leasing Process
While most assume that leasing a car is complicated, you will be surprised to find out that it is not. Let’s see how it works:
- Many are unaware of the fact that you can lease a brand new vehicle
- Once you have determined the car that you wish to lease and have approached a dealership, not much remains for you to do
- You will be asked to make a down payment which may be around just 20% of the car's value, followed by monthly payments
- When your lease term is concluded you can simply return the car to the dealership
Why Purchase a Car?
Here is why you should purchase a car:
- Those who need to drive a lot should also buy a car as they do not have to pay an excess wear fee as needs to be done while leasing a car.
- Your credit rating doesn't matter if you want to buy a car.
- If you do not have the best rating, you will still be able to purchase a car.
Why Lease a Car?
Here is why you should lease a vehicle:
- If you have a good credit rating but don't want to take out an auto loan.
- You have a limited amount of daily driving.
- Your car remains under warranty, so you don't have to worry about extra maintenance costs.
- Your monthly payments will be much lower than if you had purchased the car.
- Reduced financial burden.