Are you in the market for an exciting new luxury vehicle to drive all over Toms River? Then you should visit Volvo Cars Manasquan, where you can check out many of the latest, most exciting new Volvo models. After deciding which Volvo vehicle you want, you can pay for it through leasing or financing. But which payment method is right for you? Leasing and financing both have distinct advantages depending on the customer, so keep reading to find out which payment method is right for you.
What is Leasing?
When you lease a new Volvo vehicle to drive all over Lakewood, you don't take immediate ownership of it. Instead, you make monthly payments to the dealership to be able to drive the vehicle for the duration of the leasing period. During the leasing period, you need to stay below mileage limits. When the lease ends (usually after 36 months, though shorter and longer leases are possible) you have three end-of-lease options. First, you can return the vehicle to Volvo Cars Manasquan and head home with no further obligations. Second, you can trade in the vehicle for a new model to lease. Third, you can buy the leased vehicle and take ownership of it.
What is Financing?
When you finance a vehicle at Volvo Cars Manasquan, you take out a loan from a bank or financial institution so that you can pay for it right away. You then have to pay the loan in full over an extended period of time with interest added. While you are paying off the loan, the car's title belongs to the lender. Once you pay off the loan, full ownership of the vehicle is transferred to you.
The Pros and Cons of Leasing
For many customers in Brick, NJ, a major benefit of leasing is the financial flexibility it provides. If you choose to lease a new Volvo vehicle, you do not have to make any long-term financial commitments. If you would rather not take out a loan but you still want a brand-new luxury vehicle, leasing is an excellent option. Leasing a vehicle also gives you the option to trade it in for a new model every three years or so. For many customers, getting to drive a brand-new luxury vehicle that has the latest features every few years is a significant advantage of leasing. Leasing also provides a variety of lease-end options, including the ability to buy the leased vehicle outright.
Customers who would prefer to finance their Volvo vehicle instead of leasing it might site leasing restrictions as a reason. When you lease a vehicle, you can't make modifications to it. You also need to stay under mileage limits.
The Pros and Cons of Financing
Financing your vehicle puts you on the path to owning your vehicle. That is a huge plus for many customers. Even though the lender owns the title to the vehicle until the loan is paid off, you can still make modifications to the vehicle, and you never have to worry about mileage limits. Once the loan is paid off, the vehicle belongs to you, period.
Having to take out a loan might make some customers prefer leasing, especially since you can usually buy a leased car when the lease ends as well.
Learn More about Leasing and Financing Your Next Volvo Vehicle Today
Do you want to learn more about your options when it comes to buying or leasing a new Volvo vehicle? The experts at the Volvo Cars Manasquan Finance Center can answer all of your questions about financing and leasing. To find out more, contact us today!