Once you know for certain that you want a Ford vehicle, it’s time to think about the financial aspects. Here we go over your two main choices: getting a Ford lease or opting for Ford financing.
What Does it Mean to Have a Ford Lease?
Leasing a car is kind of like a very long test drive or an extended rental. It’s not complimentary, however, as you will have to pay for the privilege.
To do this, you will need to put up some money for a down payment and then create a monthly payment plan. One of the big advantages of leasing a vehicle is that it is usually less expensive compared to buying.
This is because those payments only reflect the car’s loss of value over the course of the lease, not its entire value. Perhaps the only negative with leasing is that there will be a yearly mileage restriction that you will need to adhere to or face fees.
What Does Ford Financing Involve?
When you finance a vehicle, it immediately becomes yours and no longer belongs to the dealership. This involves taking out a loan from a bank or other type of lender. Once you know how much you can include for a down payment, you can borrow the rest.
In addition to paying back the money you borrowed, you will also need to pay interest. Like leasing, financing requires monthly payments. Trading in a car is typically a good way to reduce the loan amount and cut your payments every month.
If you’re not sure whether leasing or financing is the right move for you. Kearny Mesa Ford can help you figure it out. Get in touch to learn more about your financial options.