Buying vs. Leasing a Car

Posted: Monday, April 30th, 2018

If you’re shopping for a new or used vehicle, you’re probably wondering if you should buy or lease it. Keep the following financing and leasing facts in mind:

  • If you buy a car, you can later resell it and use the money for a downpayment on a new vehicle.
  • Leasing payments are often lower than monthly financing payments.
  • If you exceed a mileage allowance on a lease, you’ll have to pay a surcharge.

Perks of Buying

The main advantage of buying a car is that you own the vehicle once you’re done financing it, but these advantages also apply:

  • You can finance used cars, but it’s tough to get the best lease deals on a used model.
  • You can modify or upgrade your car at any time.
  • Financing a car will improve your credit as you make payments on time.

Car Leasing Benefits

Most people who lease cite low monthly payments as the main advantage. If you’re looking for the following benefits, leasing might be the better way to go:

  • After your lease term ends, you can lease a new car with up-to-date features.
  • If you take great care of the vehicle, you won’t have to pay extra in repair fees.
  • You don’t have to make a large down payment.

Visit Green Light Auto Credit for Financing

If buying a car sounds like a smarter choice for your needs, contact Green Light Auto Credit. We can help you get the low interest rate and low monthly payment you’re looking for, even if you have bad or no credit. Check out these tips for first time buyers before you apply for financing online.