When it's time for a new vehicle, one of the biggest decisions is whether to finance or lease. Each option has its own advantages depending on your lifestyle and preferences. At Brilliance Honda in Crystal Lake, we can help you understand the differences to determine the best choice for you.
How Does Financing a Vehicle Work?
Financing a vehicle means taking out an auto loan to purchase it. You borrow money from a lender, which you pay back in monthly installments, typically over four to six years. Once you've paid off the loan, you own the vehicle outright. Many of our customers prefer financing, so they can ultimately have full ownership and drive their model around Schaumburg as many miles as they’d like.
There are several benefits to financing your next car. When you finance, you can:
- Build equity in the vehicle with each payment
- Customize or modify your car however you like
- Drive without mileage restrictions or limits
- Sell or trade in your vehicle at any time
How Does Leasing a Vehicle Work?
Leasing a vehicle is a bit different. When you lease, you only pay for the portion of the vehicle's value that you use over the lease term, which is usually two to three years. You make monthly lease payments and return the model to us at the end of the lease. If you prefer to always drive a new vehicle through Elgin and beyond, consider leasing your next car. It's a popular option for many Barrington drivers.
Leasing a vehicle offers its own set of perks, such as:
- Typically lower monthly payments compared to financing
- Always driving a new or nearly new vehicle
- Less responsibility for maintenance and repairs
- The ability to easily upgrade to the latest model every few years
Choosing What's Right for You
Ultimately, the choice between buying versus leasing comes down to your individual needs and preferences. Consider your budget, driving habits on St Charles, IL streets, and long-term goals.
If you're still unsure, visit Brilliance Honda of Crystal Lake to discuss your options with our knowledgeable finance team. Drivers can browse our extensive new inventory to find the perfect model to lease or finance. With our wide selection and expert guidance, we make it easy to get behind the wheel of your ideal vehicle and take on your Libertyville, IL travels. Get started online through our finance pre-approval application. Visit us today at 680 W. Terra Cotta, Crystal Lake, IL to find your next vehicle and drive home happy. We look forward to seeing you here soon.
