When it comes to getting behind the wheel of a new car, many buyers choose between taking out an auto loan and leasing a new Audi. But what’s the difference, and which one is a better choice? Here at our Audi finance center at Audi Nashua, our professionals are happy to help you determine which route is best for your situation.
One simple way to think of an Audi lease is as being similar to a long-term car rental. The lease typically lasts anywhere from three to five years, a period during which you will pay a monthly amount to the lender.
The primary advantage of leasing over an auto loan is that the monthly payments are typically lower. One thing to remember about leases is that they come with restrictions, such as mileage restrictions and wear and tear restrictions. Thus, if you plan on driving more than 12,000 or 15,000 miles per year or putting a lot of wear and tear on your car, leasing may not be right for you.
When you buy an Audi car outright, you will more than likely take out an auto loan, which you pay back in monthly installments. The amount of loan, the monthly payments, and your interest rate will depend on a number of different factors, such as your credit score and the amount that you put down for the down payment. The main advantage of taking out an auto loan is that you will own the car outright when it is completely paid off.
Whether you want to buy or lease a new Audi, our finance professionals at Audi Nashua can help.