Competitive Auto Financing Near Park Forest
When they require competitive auto-financing rates, Park Forest drivers head straight to Terry’s Ford of Peotone. Our finance department can be found from Park Forest by following these simple directions:
- Head south on Western Ave toward Elm St.
- Turn right onto Monee Rd, then take another right onto W Stuenkel Rd
- Turn left onto S Governors Hwy, take a further left onto Peotone Beecher Rd, then find us on the right.
Of course, many drivers aren’t sure whether leasing or buying represents the right move, so we’ve written this handy guide.
The Benefits and Drawbacks of Leasing
Leasing comes with a number of compelling benefits for Park Forest drivers, such as:
- Price: Since payments don’t represent the whole value of the vehicle, you’ll be paying less each month. The down payment should also be low.
- Convenience: When your lease term is up, you’ll be given a number of options to help you move on.
- Warranty: Most lease terms last between three and five years. This often matches the original warranty offered with the vehicle.
- Features: The freedom to change to the newest vehicle every few years means that you’ll be able to benefit from the latest technology.
However, drawbacks include:
- Mileage Restrictions: Leasing terms come with a fixed number of miles you’re allowed to drive each year – typically 9,000, 12,000, or 15,000.
- No Major Alterations: Making anything but the slightest alterations to your vehicle will not usually be allowed by the lease contract.
- No Equity: You’re essentially renting the vehicle, instead of building up value.
The Benefits and Drawbacks of Buying
- Equity: Your auto financing rate might be a little higher, but you’ll own the vehicle when the loan is paid off, meaning you can drive with no monthly payments at all.
- No Mileage Restrictions: If you need to make frequent long journeys, buying will almost certainly be the right option.
- Freedom to Alter: Since the vehicle is yours, you’ll be able to make even major alterations if you so choose.
The issues with buying a car outright include:
- Cost: There’s no getting around the fact that your monthly payments and initial down payment will both be greater than with leasing.
- Potential Lost Value: It’s tricky to gauge what a car will be worth in several years’ time, so you could end up paying more than it’s worth.
Find Affordable Auto Financing at Terry’s Ford of Peotone
Whether you’re looking to lease or buy, the team at Terry’s Ford will find the best rates available. Just contact one of our finance team today for further information. We hope our Park Forest customers stop in soon!