Hello,

When you’re looking at acquiring a new car, you may have two options for financing. One option, buying the car, means that you will make payments over four to five years that include interest payments on amounts owed. When you finish making payments, the car is yours to sell or keep. The other option is to lease a car, which means that you will technically be renting the car. You payments cover the amount the car will decrease in value over the length of the lease. This usually means you will make smaller payments, but when the lease expires, you won’t own the car. One thing to consider is if you like to change cars frequently or if you really do want to keep a car for a long period of time. Even if car payments to buy a car might be higher, if you really want to keep the car, you’ll usually pay less money to simply buy it outright or through payments. Several years of lease payments and then several more years of car payments typically mean you’ll pay more over time for your car. On the other hand, if you like to get a new car model every few years, it may make more sense to lease a car for a couple of years. There are many things to consider when you are deciding to buy or lease a car. Leases tend to have very rigid requirements. You may be required to service the car regularly. You will be expected under most circumstances to keep the car and make payments for the length of the lease. You usually need better credit if you want to lease a car because your down payment is smaller than it would be if you purchased a car.

Thanks,

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