Down payments, monthly payments, insurance – you know to expect all these things when you buy a new RAM 1500, regardless of whether you take out a loan for purchase or lease. So when it comes to RAM financing, what do drivers need to know about loans vs. leases?
The dealers at John Greene Chrysler Dodge Jeep® RAM have compiled some need to know facts for RAM truck shoppers about loans vs. leases.
Owning Versus Leasing
The biggest difference between a loan and a lease is that with a loan, you own your model. You’ll owe money to your lender to pay it off, but the truck is yours. With a lease, you’re paying for temporary possession of a vehicle, but in the end you’ll be giving it back.
Monthly Payments are Different
While it’s not 100 percent, since it depends on your loan and lease terms, most drivers will pay less in monthly payments with a vehicle lease than they will with a vehicle loan.
Down Payments are Key
Whether you’re leasing or purchasing, the size of your down payment can have a big impact on your monthly payments. With a loan, a larger down payment can make it feasible to take out a loan over a shorter period and pay your vehicle off faster, and with a lease, a larger down payment can lower your monthly payments for your whole lease term.
RAM Financing near Hickory, NC
Whether you’re leasing or taking out a loan, our experts can help you find the best RAM financing option for you at our RAM, Jeep, Chrysler, and Dodge dealership. Hickory, NC drivers can call today to learn more about our lease and vehicle loan options!