Auto Loan Information
Have you browsed our new vehicle inventory and found the perfect Chevy sedan, crossover, truck, or SUV? Let the finance department at our Chevy dealership in Chicago, IL help you find an excellent auto loan or lease deal. At Mike Anderson Chevrolet of Chicago, we’re committed to providing a simple customer-focused solution to fit your budget, whether it’s a competitive finance rate, a custom tailored lease, or the peace of mind offered by one of our vehicle protection programs.
Buying vs. Leasing
Wondering whether buying or leasing is in your best interest? We’ve compiled some of the main differences between leasing and buying a new vehicle to help you make the soundest financial decision.
|Once your auto loan is fully paid off, the vehicle is yours to keep.||Ownership||You do not own the vehicle, and must return it and the end of the lease unless you decide to purchase it at that point.|
|An auto loan typically includes a large down payment, taxes, registration, and various other fees.||Up-Front Costs||This could include the first month’s payment, a refundable security deposit, a down payment, taxes, registration, and other agreed upon fees.|
|Because you’re paying off the entirety of the vehicle’s purchase price, a monthly auto loan is typically higher than a lease payment.||Monthly Payments||Monthly loan payments tend to be smaller because you’re paying off the vehicle’s depreciation only.|
|If you want to get rid of your vehicle, you’re responsible for selling or trading it in.||Vehicle Return||Lessees are to return the vehicle to the dealership and pay any end-of-lease fees that were initially agreed upon, as well as any wear and tear deemed “excessive.”|