Why Lease?
- What is a Lease? A car lease allows you to use the vehicle for an agreed period (typically between 12 and 24 months) and a certain number of miles. After the lease term is over, you return the vehicle.
- What are the Payments Like? When you lease, you’re only paying for the portion of the vehicle you use during the lease term, so monthly payments for a lease are usually lower than if you purchased the car.
- What are the Upfront Costs? Upfront costs at lease signing may include the first month’s payment, a down payment, taxes, registration, and other fees.
- Are There Mileage Limits? A lease typically includes mileage limits; if you exceed your lease’s allowed mileage, you will likely be charged a fee based on how many miles over you’ve gone.
- Can I Cancel the Agreement? Depending on the specifics of your lease agreement, you may be able to cancel early, but you will likely face an early termination fee.
- Who Owns the Vehicle? The dealership owns the vehicle, though you may have the option of purchasing it outright at the end of your lease term. Most drivers elect to turn in their vehicle and lease a new one.
Why Buy?
- What is an Auto Loan? You receive a car loan and make payments until the loan and its interest are paid off, at which point you will own the vehicle.
- What are the Payments Like? When buying your car, the monthly payments will typically be higher than those of a leased vehicle, since you’re paying for the entire value of the car along with interest and finance charges.
- What are the Upfront Costs? Upfront costs typically include a down payment, taxes, registration, and other fees.
- Are there Mileage Limits? When you buy a vehicle, you face no limits on how much you drive it.
- Can I Cancel the Agreement? You have the option of paying off the entire balance of the loan at any point without facing a penalty.
- Who Owns the Vehicle? After you’ve paid off your loan, you own the vehicle.
Why Balloon Finance?
- What is Balloon Financing? Balloon financing is a compromise between buying and leasing, wherein a larger lump sum payment is due at the end of the loan in exchange for lower payments throughout the loan term. It’s a good option if you don’t have the money for a large down payment, but are confident that you’ll have the money to pay off the balance of the loan at the end of its term.
- What are the Payments Like? A balloon loan is a residual payment loan with lower monthly payments than a typical auto loan, but with a lump sum payment due at the end of the loan term.
- What are the Upfront Costs? Upfront costs typically include a down payment, taxes, registration, and other fees.
- Are there Mileage Limits? Since a balloon loan is still a method of purchasing a vehicle rather than leasing, there are no mileage restrictions or penalties.
- Can I Cancel the Agreement? As with a tradition auto loan, you can pay off the balance of the loan early if you wish, but you’ll have to cover the costs of the larger balloon payment at the end, too.
- Who Owns the Vehicle? After you’ve paid off the entire car loan, including the larger balloon payment, you own the vehicle.
Learn More With Ray Brandt Kia
Before deciding to buy, lease, or opt for balloon financing, consult with the experts at the Ray Brandt Kia finance center. We’ll discuss your options, help you get a good interest rate, and advise you on the best choice for your situation. If you are still working on improving your credit score, find out if you can lease a new car with poor credit today. We’re just a short drive from New Orleans, and we encourage you to visit our dealership soon or contact us online with any questions.
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504-356-7072
Call Now1884 Westbank Expy • Harvey, LA 70058
Get DirectionsToday's Hours:
Open Today! Sales: 9am-6pm
Open Today! Service: 7:30am-3pm
