Choosing a new vehicle can be a difficult decision. It can also be challenging to decide if a Volvo lease or financing is best. Fields Volvo Cars Northfield is outlining each option to illustrate the pros and cons.
Leasing Overview
Most auto leases typically last two or three years. When you first sign your contract, you’ll decide how long you want to drive the vehicle, and you’ll also set a mileage allowance. After your predetermined term is up, you must return your lease to the dealership.
Pros to Leasing
Since leasing is temporary, you can save substantially on a lease. It’s also a convenient way to consistently upgrade to a new Volvo vehicle, without the hassle of selling. Plus, you’ll have all the benefits of driving a new vehicle with a new design, new technology, and new engineering.
Financing Overview
To finance a vehicle, you’ll apply for a loan to cover the cost of your vehicle. Auto loans generally last five or six years, although they can last up to 96 months. You’ll have a lien on your vehicle until it’s paid off, but then you will own it outright.
Pros to Financing
You benefit from building up equity when you’re financing. That way, you can use your vehicle as a trade-in on a future purchase. Financing also doesn’t have the restrictions of leasing, such as the mileage allowance. You can also customize your vehicle however you’d like, and you don’t have to worry about wear and tear fees.
Apply for Volvo Financing or a Lease in Northfield, IL
There are certainly perks to leasing and financing. We’d be happy to help you determine your perfect fit. Visit Fields Volvo Cars Northfield to get started today!