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 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
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 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.
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:
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.
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.
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.
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.
