Ready to get a new vehicle and unsure where to start? You’ve got lots of big decisions to make, including if you prefer to finance or lease your new vehicle. We’re highlighting the perks of each and how to get started on your Jeep® loan application at Mike Toler.
Jeep Loan
When you opt for a Jeep loan, that’s also known as financing your vehicle. That means that you are borrowing money from a lending institution to buy a new vehicle. If approved for the total investment, you can take the vehicle home today and then you are responsible for making monthly payments to your lender until it is paid in full.
Jeep Lease
A lease is essentially a long-term rental of a vehicle. Most leases last two or three years. At the end of the lease, you must return the vehicle to our dealership, where you can opt to buy it, if you’d like. The cost of your lease is determined by looking at the value of your vehicle and subtracting its estimated value at the end of your lease.
Which is Best?
There are perks to both financing and leasing. It depends on your needs from your next vehicle.
- Buying: Lets you work towards owning your vehicle. You can eventually live without a car payment and have equity in your vehicle. Plus, it doesn’t have the restrictions you’ll find with a lease.
- Leasing: Is typically more affordable than buying. It allows you to stay in the newest vehicles with updated designs and technology. Plus, you’re typically covered by warranty during your lease.
Ready to apply? You can get preapproved on our site or reach out to our Jeep dealership in Morehead City, NC, we’re happy to help!