Finance Center

Auto Financing Options: Should You Lease or Buy?

Choosing your next vehicle is the first major task in the car-buying process. Paying for your car is the next major task. How do you pay? What financing options are available to you? Our finance center team at Covert Chrysler Dodge Jeep Ram offers a breakdown of buying vs. leasing and auto financing 101.

Buying Your Next Car

Buying your vehicle affords you certain perks of full membership. You can select whichever trim you like. You can customize your ride with your favorite accents, such as

  • Exterior/interior colors
  • Upholstery type
  • Chair type
  • Driver assist and tech services (which might include features like pre-collision assist with AEB, blind spot monitor, rear cross-traffic alert, Apple CarPlay, and more)
  • Appearance and performance packages

Plus, when you own your vehicle, there are no daily mileage limits. The vehicle, being yours, becomes an asset you can use later as collateral or as a trade-in for purchasing a newer vehicle.

Leasing Your Next Car

Leasing a vehicle has unique benefits that might better suit your lifestyle and finances. Lease periods are shorter and typically incur lower monthly payments. This allows you to lease the upper trim of a brand-new model boasting cutting-edge safety and tech.

Loan vs. Lease Terms

The term of your loan or lease is the amount of time it takes to pay down the loan or all the payments in the lease period. Offered in 12-month increments, loan terms range from 24 to 84 months. Lease terms tend to span three years or less.

Financing is a pathway to vehicle ownership, but so is leasing. At the end of your lease period, you’re welcome to:

  • Lease yet another brand-new model
  • Purchase your lease at a lower cost

How to Get the Financing Process Started

It’s always best to pre-qualify for financing. When you apply for pre-qualification, our extensive network of lenders quickly takes notice. They’re always eager to help someone purchase the vehicle they need and deserve.

We share this feeling. We collaborate with our network of lenders to find you the most viable offers and loan terms. We clarify each development, so you’re always in control.

We Can Work with You and OK Credit

Don’t be dismayed by OK credit. Auto financing exists because very few of us can buy even an inexpensive vehicle in a single dealership visit. You can improve your creditworthiness by paying off older accounts in whole or part, making on-time payments, and restricting your credit usage to below 30%.

If your credit is less than stellar, that’s fine, too. You might still qualify for financing.

  • With special terms and rates
  • If you have a creditworthy co-signer
  • Make a down payment of at least 20%
  • Have a trade-in

Have You Valued Your Trade-In?

It’s a good idea to know the value of your trade-in. Covert Chrysler Dodge Jeep Ram financing team is happy to value your trade-in for you. In addition, you can value your trade-in with industry-respected guides like the Kelley Blue Book.

You can apply your trade-in value as your entire down payment or combine it with any other type of acceptable down payment. With your creditworthiness improved, you can get better loan terms, rates, and payments. We also run seasonal sales specials, so check back often for discounts, coupons, or deals that can lower your next new car price tag.

Why Choose Our Financing Center Team

We’re committed to finding solutions for every possible glitch in the auto financing process. We rally to help you realize the dream of vehicle ownership. Visit us today for answers about financing, buying, or leasing or to enjoy a test drive.

Phone Numbers:Sales Hours:
  • Mon - Thu9:00 AM - 8:00 PM
  • Fri - Sat9:00 AM - 7:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat8:00 AM - 3:00 PM
  • SunClosed
Covert Chrysler Dodge Jeep Ram is located at: 8107 Research Blvd • Austin, TX 78758
Covert Chrysler Dodge Jeep Ram 30.352832, -97.713552.