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If you’re in the market for a new car, but can’t pay cash up front, then you have a choice between leasing and financing. But how do you know what’s the best choice for you? Leasing is good for people who want to replace a car every few years typically. The car will stay under warranty during the lease term, so unexpected maintenance is usually covered. The lease payment will typically be less than a traditional car payment, but there will usually be mileage restrictions. Financing is the most popular choice, with terms available between 48 and 60 months typically. The car payment will depend greatly on your credit score. As you make payments, the equity you have in the car builds, and at the end of payments you own the car.

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How to Choose Between Vehicle Leasing and Financing