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The choice of whether to buy or lease your next car is a big one. It's important to find the right fit so that when you get to the Chevy dealer, you're prepared. more The Upsides and Downsides of Buying Ownership Once you've paid off the loan, your new Chevy belongs to you, no strings attached. There are no mileage limits, so you can drive as far as you want. Plus, you can personalize, customize, paint, or accessorize the car however you want. Long-Term Savings Buying a car can save you money in the long run. After you've paid off your loan, you can say goodbye to monthly payments. Plus, you have equity in your car. If you choose to sell it, you could get some of the money you paid into it back. Higher Costs Upfront On the other hand, buying can be more expensive at first. You'll have to have a higher down payment, cover taxes, and pay any fees from the sale. Your monthly payment will usually be higher than leasing the same car, too. Depreciation and Maintenance The two biggest downsides of buying your car are depreciation and maintenance. Cars lose their value over time, and the sharpest drop is in the first few years. Over time, your car's value should stabilize, but until then, you could owe more on your loan than the vehicle is worth. The Upsides and Downsides of Leasing Lower Costs One of the biggest benefits of leasing is how cheap it is compared to buying a new car. Your monthly payments should be lower, and your car is always under warranty, which means you won't have to shell out for major repairs. No Ownership Of course, at the end of your lease, you don't own the car. In fact, unless you decide to buy it, you'll have to return it, with nothing to show for all the payments you've made. Charges for Mileage and Condition Leases usually come with mileage caps that limit how far you can drive each year. If you drive too far, you'll be paying extra. That's also true if you return your leased car with more damage than could be considered 'normal wear and tear.' If you haven't taken great care of your leased car, you could face quite a few extra charges when you turn it in. Should You Buy or Lease at the Chevy Dealer? No one can decide which choice is better except you. Think about how you usually drive, your finances, and how long you plan to keep your car. It's all about what works best for you! Whether you decide to purchase a car or lease one, a new Chevrolet is an excellent choice. Visit Ted Britt Chevrolet in Sterling, VA, to browse our inventory.

When you're ready to buy your new or used car, you'll need to apply for car financing at your local Chevy dealer. This process doesn't have to be hard, and you should be able to find a great interest rate no matter what your current financial situation is. You will simply need to figure out what you can afford to pay and play around with the calculators on your dealership's website, then you can complete your application. Figure Out Your Situation Before you can start applying for credit, you need to find out more about your financial situation. The size of your loan and interest rate will depend on several factors including the assets you already own, current debts you have, and your employment status. People who are full-time employees and have a high salary are likely to have easier access to credit than those who are employed part-time or self-employed. more Another crucial factor will be your credit score. If you have very good credit, you should have no trouble when applying for a loan through your dealership. However, we will be happy to help all of our customers, and we understand that sometimes, you might have a lower score due to factors outside your control. In any case, make sure you're aware of your situation, so we can work with you to find the best deal possible. Find Out How Much You Can Pay Aside from your current situation, you will also need to consider how much you're willing and able to pay every month. Draw up a budget and see how much money you can allocate to your car payment without causing any hardship to you and your family. Then, see how much money you already have available, or how much your current car will be worth when you trade it in. A down payment can reduce your monthly loan costs and your interest rate. Use the Calculators On the dealership's website, you will see two different calculators you can use to help you make a decision. The first one is the payment calculator, which can help you estimate what your monthly payment is. Plug in different terms, interest rates, and down payment amounts to see how this could change your figures. The second calculator shows you your buying power, so you can determine which car you can afford. That way, you can narrow down the search before visiting the dealership in person. Apply Online or Visit the Dealership When you've determined what your financial situation is and what you can afford to pay, it's time to apply for your loan. You can either use the online application form or visit the dealership and speak to the finance team directly. If you have bad credit or this is the first time you're applying for a loan, it might be worth meeting with us in person. Getting financing for your new Chevy car doesn't have to be hard, especially if you go through your local dealership. To find out more about our options, call us at Ted Britt Chevrolet. We will be happy to answer any questions you have and advise you on the best way to obtain the loan you need.