If so, here are some frequently asked questions that will help you get started:
Are monthly payments necessary?
In today’s economy most people are not in the position to pay cash for a
new or pre-owned vehicle. We can help you establish a payment strategy to
purchase your new vehicle. Two options exist, loan or lease.
What’s the difference between a loan and a lease?
When you finance a vehicle or take out a loan the initial down payment and
principal on the loan cover the total cost of the vehicle including tax and
Lease payments, however, apply only towards your use of the vehicle. The
total sum of payments covers the vehicle’s depreciation over the time you
drive your new car. This is typically less than the overall price you pay when
you finance a vehicle.
What is transfer of ownership and when does this happen?
When your vehicle is paid in full, the loan ends and full ownership is
transferred to you. Your lender will send your title that had been held during
the finance contract.
When a lease period ends, you must turn in the vehicle to the lender, unless
the lender offers to sell the vehicle afterwards. During the entire lease period
the lender maintains ownership and allows you to use the car; much like a
long term rental. Ownership can be transferred only if you chose to purchase
the vehicle after the lease ends.