Tyler, TX drivers: There is a myriad of reasons that lead people to invest in an automobile. Whether you're a commuter who needs a reliable ride to help you get things done or a family seeking a spacious and comfortable ride to help accomplish your daily duties, there are many ways to get yourself behind the wheel and on the move. Depending on your situation, the path to owning a vehicle can be confusing and difficult to navigate. Let's demystify the process of getting yourself a new or used vehicle and learn how Tyler Ford can help make your automotive goals a reality.
Auto Lease and Loan Finance Center in Tyler, TX
Leasing and Buying at Tyler Ford
Leasing
Leasing is a word that is often used but rarely understood. The word leasing is often associated with property, like leasing an apartment. But when this word is used in the automotive world, things can get cloudy.
Simply put, leasing a car is like renting a car. The duration of the lease is set ahead of time, and monthly payments are made to the dealership. Typically, leases will last 36 months (three years). This agreement states that you will take ownership of this vehicle for the duration of the lease, keeping it in optimal condition. An annual mileage limit will be determined as well. Drivers will have to determine their usage before signing the lease, ensuring they've given themselves plenty of mileage to spare. Plus, a lower mileage limit will lower your monthly payment. Also, a down payment is customary when leasing a new vehicle, which will also help to lower your monthly rate.
If you don't intend to ever own a vehicle or use one for longer than three years, leasing might be a good option for you. Plus, it allows you to experience the latest and greatest in automotive performance and technology, as leases are typically offered with vehicles from the latest model year. With leasing, you don't have to compromise on quality, all while paying a low monthly rate.
Financing
For drivers interested in owning a vehicle but want to pay it off over time, financing is the way to go. Financing allows you to get the vehicle you want but make payments gradually to better fit your budget. Once you've found the ideal ride, our finance team will determine a monthly rate that works for your unique situation. There is an interest rate associated with financing, but based on your credit score, this can be a modest amount in addition to your monthly payment. A down payment is expected to offset the monthly rate. Your down payment can be as little as a few thousand dollars to a more substantial amount of the overall cost of the vehicle.
If you plan on using a vehicle long-term, financing is a great option. If you're in a stable living and employment situation, the perks of financing are evident. You can continue to save money while making monthly car payments, so you can get around the Jacksonville area. Lease agreements can be as short as two years and as long as seven, depending on your situation. Carrying debt for a long time can be burdensome, so consider a shorter finance agreement to make life easier. This will require a larger down payment to ensure a lower monthly rate.
Which should I choose?
Financing is a major investment, like buying a house. Again, this is the best choice for people in stable living and housing situations with steady employment. If you have a family, financing a vehicle is a good choice.
Leasing is a rental. This is a short-term commitment. Leasing is a good choice if you intended to work in an area for only a few years but need wheels to make your way around on a regular basis. If you have disposable income and making your investment back isn't a concern, leasing allows you to reap the benefits of an automobile at a low price.
Visit our Dealership
At Tyler Ford, we have a wide range of new Ford models for you to choose from. Learn more about financing or leasing through our dealership now! We accept trade-ins for new and used vehicles.