Finance Center

What Is the Difference Between Leasing and Purchasing?

There are a few differences between these two purchasing options. However, the one that is right for you will depend on your personal financing situation and your lifestyle.

Leasing

When you lease a vehicle, you are essentially renting a driving option. That is because the dealership retains ownership of the vehicle. For this reason, leasing can often be a more affordable option on a monthly basis than financing.

In addition, leasing a vehicle from us offers flexibility and affordability. If you enjoy driving the latest models and appreciate lower monthly payments, leasing could be the perfect option. It's akin to Montpelier's annual Bean Days Balloon Festival-a spectacular sight that changes every year, bringing with it a sense of anticipation and fresh experiences. With leasing, you can enjoy that fresh new car feeling time and time again.

However, leasing also comes with a few different parameters. For instance, you have to keep the leased vehicle in good condition. You also have to abide by mileage parameters, too.

Purchasing

Purchasing is often the default option for many drivers because it is the way you gain ownership of a vehicle. However, most drivers will have to take out an automotive loan to cover the initial cost of the vehicle. After you have paid off this loan, you will officially own the car.

When you shop with us, you're not just buying a car; you're investing in a long-term relationship. Ownership gives you the freedom to customize your vehicle, drive as many miles as you wish, and keep your car for as long as you see fit. It's like having your own little piece of Montpelier's Pioneer Days Festival-filled with joy, longevity, and personal style.

Taking out a loan involves having your credit checked, and the monthly amount depends on various factors.

So Which Option Should I Choose?

While there is no objective answer to this question (it entirely depends on your budget and your driving habits), there are some specific benefits that you will want to consider when choosing an option.

For instance, if you are looking for a vehicle that is professional and sophisticated for your job, leasing is a great option. Furthermore, leasing is excellent for folks who live in the city, as you typically won't be driving extensively every day.

Alternatively, purchasing is an excellent option for people who want to invest in a long-term vehicle. Furthermore, if you want ownership of your vehicle and how often (and far) you drive it, this is the best option. This will allow you to drive everywhere, from Hicksville, OH, to Hillsdale, MI.

What to Expect when Financing with Us

We've streamlined our financing process to make it straightforward and carefree. As soon as you walk through our doors or reach out to our finance team online, you'll be greeted by a group of dedicated professionals ready to guide you.

To start, we sit down with you to understand your automotive needs and financial situation. Just like picking out the perfect car requires considering various models, colors, and features, crafting the right financing plan involves careful deliberation about terms, rates, and conditions.

Once we understand your needs, our team springs into action, leveraging our vast network of lenders to secure a deal that fits your budget. Typically, all you need to bring with you are essential documents like a valid ID, proof of income, and proof of residence, although we'll let you know if we need anything else.

This efficient process, designed with you in mind, typically takes less time than a family outing to Williams County's Harrison Lake State Park, allowing you to drive off in your new vehicle sooner than you think.

Harnessing Online Tools and Resources

We're proud to offer a suite of online tools to complement our in-person services and make your financing journey as seamless as possible. We believe in harnessing technology to make car buying more convenient and progressive.

Our online payment calculator helps you estimate your monthly payments by factoring in the price of your dream car, your down payment, your preferred loan term, and the anticipated interest rate. This tool brings transparency to the process, ensuring you have a clear understanding of what you can expect before you even step into our dealership.

Ready to take the next step? Our online pre-approval form is a secure and easy way to start the process from the comfort of your home. Plus, if you have a vehicle to trade in, our trade-in value estimator can give you a fair market estimate. Think of it as having your own personal financial assistant, available 24/7, ready to provide you with the information you need.

Ready To Learn More?

If you would like to learn more about our selection of vehicles, or if you have specific questions about financing, we invite you to visit us at Derrow Shirkey Ford Lincoln, located in Montpelier, Ohio. Our team would be happy to help you schedule a test drive with your favorite model on our lot. Just contact us!

Visit us today, and we can assist you with all of your vehicle-related needs, from finding and financing your dream car to assisting you with maintenance down the road.

We are proud to serve drivers in Archbold and Bryan, OH.