Let an Excellence Auto Group financing expert help you finance your next vehicle.

The world of auto loans and car financing can be quite confusing. You have many items to consider, such as how much you can comfortably afford and what kind of terms you prefer.

First you have to decide, do you want to buy or lease. It's a common dilemma: buy versus lease, which is better?

Here is a brief overview

When you buy, you pay for the entire cost of the vehicle, regardless of how many miles you drive it. You typically make a down payment, pay sales tax in cash or roll the tax into your loan, and pay an interest rate determined by your loan company, based on your credit history. You make your first payment a month after you sign your contract. Later, you may decide to sell or trade the vehicle for its depreciated resale value.

When you lease, you pay for only a portion of the vehicle's cost, which is the part that you "use up" during the time you are driving your car. You have the option of not making a down payment, you pay sales tax only on your monthly payments (in most states), and you pay a financial rate, called money factor, that is similar to the interest on a loan. You may also be required to pay fees and possibly a security deposit that you don't pay when you buy. You make your first payment at the time you sign your contract - for the month ahead. At lease-end, you may either return the vehicle, or purchase it for its depreciated resale value.

Please use our loan calculator on the right to find a payment plan to fit your budget

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recommends:

Travelocity, Priceline, My Auto Loan and Esurance.

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