Car Loans New Orleans, LA

November 16th, 2018 by

New Orleans, LA, Shoppers Get Car Loans in These Situations

It may be right around the corner, or it may be a few years away, but eventually, you’ll need to shop for a new car. Don’t let this process scare you. Though it’s truly an important decision, you can make the right choice in a make and model. You can also have confidence in your financial decision. When you look for something new, you can either lease or buy. If you’re leaning toward looking into car loans, follow the advice of experienced New Orleans, LA, shoppers. There are certain instances when people normally choose a loan over a lease.

You Have Less-Than-Perfect Credit

In an ideal scenario, you wouldn’t have any credit worries. You would be close to debt-free, and you’d pay all of your bills on time. This is certainly the goal with New Orleans, LA, residents, but it’s not always the reality. If you’ve had some difficult financial times, your credit might not be where you’d like it to be. But even if you have mediocre credit, you can still get into a dependable vehicle. With a loan, the dealer will have more leniency than he or she would with a lease. You can have a score in the 600s or even below and still find a loan that works for you.

You Plan on Driving a Lot of Miles

Do you work far from home? Does your employment require that you spend a lot of time on the road? Do your daily duties take you from place to place? Do you enjoy a couple of road trips a year? If you answered yes to any of these questions, a lease probably isn’t the best move. With a lease comes a strict rule that you can’t exceed a certain number of miles during the year (usually 10,000 miles) or during the lease term (usually between 30,000 and 36,000 miles). If you go over this cap, you’ll pay a penalty. But this restriction doesn’t apply to car loans. So, if you know you’ll rack up the miles this year, buy your next car.

You Want to Hang Onto Your Car for Several Years

You probably know that most leases last three years. Once it expires, you can lease something else. But if you’d rather drive the same car in New Orleans, LA, long after you pay off the loan, you should purchase it instead of leasing it.

When you need a new vehicle to drive in New Orleans, LA, you can either look into car loans or leases. The staff here at Ray Brandt Toyota can help you choose.

Posted in Car Loans