Is it better to lease or buy a car?
Leases and loans are simply two different methods of automotive financing. One finances the use of a vehicle; the other finances the purchase of a car. Depending on your situation, one may be better than the other.
If you like driving a new car every two or three years, prefer a lower monthly payment amount, or drive under 10,000 miles per year, then leasing might be the best option.
If you want to keep your car for over three years, prefer no longer making payments once your loan is paid off, and don't want to worry about mileage limits, you should probably consider purchasing your next vehicle.
How much should a car down payment be?
Putting at least 10% down on purchasing a new or pre-owned vehicle is recommended, but as little as $500 can be sufficient in many cases.
There is no harm in putting down as much as possible, though, and we would suggest putting down around 20% to help lower your monthly payments.
You don't necessarily need to have this cash on hand, though. If you are trading in a vehicle, the value of your trade-in will help cover most of, if not all, of your down payment.
How long is a typical car loan?
Typical car loan terms range from 24 to 84 months, the most common being 48 to 72 months.
Shorter loan terms offer lower interest costs, and you'll have complete ownership of your vehicle sooner but have a higher monthly payment amount.
Longer loan terms will reduce your monthly payment amount, making pricier vehicles more accessible, but you will be making payments for longer and pay more in interest over the life of the loan.
We will work with you to craft a plan that best fits your budget.
Can I finance a used car?
Absolutely. We offer financing on all of our vehicles, both new and pre-owned. Banks see lending through a dealership like ours as less risky than lending to a private party. So when you finance a pre-owned vehicle through us, you are more likely to get approved and will probably get better loan terms.
Can I trade in my car that's not paid off?
Yes. Trading in a financed vehicle is very common. We will pay off the lien holder and get the title for your vehicle, which is one less thing you have to worry about when you trade in your car with us versus selling it privately.
If your car is worth less than what you owe, the remaining loan balance will be deducted from your trade-in value.
