When it comes to purchasing a vehicle, one of the biggest decisions is how to pay for it. At Gary Barbera's On the Blvd, we offer flexible financing options to meet the unique needs of drivers from Jenkintown to Cherry Hill, NJ and all points in between. The two main choices are financing with a car loan or leasing. Let's take a closer look at the differences between these options.
Financing with a Car Loan
When you finance a vehicle with a car loan, you are borrowing money to pay for the full price of the car. You'll make monthly payments, typically for 36 to 84 months, until the loan is paid off. At that point, you'll own the vehicle outright. One advantage of financing with a loan is that there are no mileage restrictions, so it's a good choice if you plan to drive a lot. It's also a smart option if you plan to keep driving the vehicle in the greater Philadelphia area for years to come.
Leasing a Vehicle
If you opt to lease a vehicle, you'll make monthly payments just like with a loan. However, these payments will generally be lower because you're only paying for the vehicle's depreciation during the lease term, which is usually 24 to 48 months. At the end of the lease, you'll return the vehicle to the dealership. Leasing offers the flexibility to drive a new car every few years and can be a good choice if you want lower monthly payments. Leasing also often includes warranty coverage, so you won't have to worry about paying for certain repairs, so it’s great for value-conscious Pennsauken, NJ drivers.
Factors to Consider
When deciding between a loan and a lease, there are several factors to keep in mind. Your credit score will impact your financing options and rates, so it's important to know where you stand. With a loan, having a larger down payment can help reduce your monthly payments. When leasing, the amount due at signing will affect your monthly payment. Be sure to also consider how long you plan to keep the vehicle and how many miles you drive annually. Many of our customers in the Langhorne area find that leasing works well for their needs, while others prefer the long-term benefits of a car loan.
Apply for Financing Online
No matter which financing route you choose, Gary Barbera's On the Blvd makes it easy to get started with our online financing application. From the comfort of your home, you can apply for financing online in just a few simple steps. Once we receive your application, our experienced financing team will be in touch to discuss your options and help you find the best possible plan for your budget.
At Gary Barbera's On the Blvd, we're committed to making the financing process as smooth and stress-free as possible. With a wide range of loan and lease options available, we're confident that we can help you find the perfect financing solution for your next vehicle purchase. Apply for financing online today to get started!