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Should You Buy or Lease a Car?

Buying vs. Leasing at The Ricart Credit Factory

When it comes time to get your next vehicle, you'll likely face the same decision many drivers face every day, the choice between buying and leasing your next vehicle. Here at The Ricart Credit Factory, we have a wide selection of incredibly valuable used vehicles, waiting to satisfy their next owner. While our selection of used vehicles presents some of the best deals available, most people will still need to finance the vehicle, whether in the form of a loan for the purchase of the vehicle, or a lease contract for the vehicle.

Knowing which is best for you is up to you, but we've collected some information to help you have an easy time making this decision.

Leasing

There are many benefits to leasing your next vehicle. With a lease, you're only responsible for paying for a percentage of the vehicle's value, whereas a car loan is based on the full price of the vehicle. As such, lease payments are almost always less expensive than a loan payment, because you're only paying for the vehicle's depreciation during the lease term, as well as interest charges. One other benefit of leasing is that at the end of the term, you're free to walk away from the vehicle, or you could finance the purchase of the vehicle if you really loved your time with it. While the future value of a leased vehicle doesn't affect you financially, you will be responsible for paying for any extra charges for exceeding normal wear and tear.

Buying

The frequently traveling, long-distance drivers will probably be more interested in buying the vehicle outright rather than try to limit their lifestyle to fit into the terms of a lease. While loan payments are usually higher, once you're done with them, the car is yours and the cash value of it is yours to do with as you see fit. Wear and tear won't impact you too hard, though it could affect resale value. The responsibility of finding a way to sell it or trade it in and the end of your time with the vehicle falls to you, but the vehicle will have given you many great years on the road.

As you can see, there are many benefits to both options, here at The Ricart Credit Factory we have great car loans available for Columbus, OH area drivers, and our finance application ahead of time, then come see us at 4255 S Hamilton Rd. Columbus, OH and we'll get you into your next vehicle.

Find Out What's Best For You

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