Should I Lease or Finance My New Car?


When the time comes to purchase a new vehicle, you are definitely going to have some decisions to make. Deciding whether to lease or finance is a little bit easier when you consider the following factors.

The Overall Cost
Ultimately, financing a car is going to cost you more money in the end. You are buying the car, so you will have to make monthly payments until the entire cost of the car is paid off. With a lease, you are making payments for a shorter amount of time, and you are not paying the entire price of the car. You can generally make lower down payments with a lease as well.

Getting Approved
Speaking of the cost, you also must determine which plan you are more likely to get approved for. Of course, applying for pre-approval can give you a decent idea of the cost. In most cases, getting approved for a lease will be a little bit easier than obtaining approval for financing. Since you do not need to pay as much money overall, the restrictions are usually not as strict.

The Amount of Miles
You own the car when you have a finance agreement. Barring any extenuating circumstances or specific programs, you should not have a limit on the number of miles that you can drive each year. However, with a lease, these limits are common. The limits are usually rather generous, and you can often negotiate for more so that they are not too constricting. Still, if you have a job that requires you to drive many miles on a regular basis, a lease just might not be an option.

How You Use Cars
If you are a person who tends to go through cars in rapid succession, then a lease is probably a better choice for you. Many lease agreements last for 36 months, so at the end of that time period, you will be free to purchase or lease a new vehicle. If you want to hold on to your car until it grows old, choose to finance your car.

Choosing whether to lease or finance your car is definitely a topic that you want to think about. A car is a huge purchase, and a rash decision could lead you down a path that you do not want to go financially.

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Penske Automotive Group Launches Financing Program to Help with Maintenance and Repair Services


Penske Automotive Group will now provide a new payment option for maintenance and repairs to customers of its U.S. dealerships, thanks to the CarCareONE credit card program established in conjunction with GE Capital Retail Bank.

“We are pleased to offer the CarCareONE credit card program, providing a convenient payment option to our customers for planned and unexpected automotive maintenance and repair services,” said Rob Kurnick, president of Penske Automotive Group, in the companies’ official press release. “GE Capital brings a strong understanding of our industry and deep expertise to our U.S. dealers to assist us in growing customer loyalty in this important, recurring part of our business.”

The Penske CarCareONE credit card can be used for full-service vehicle maintenance, repair services and replacement costs at Penske Automotive Group dealership locations in the U.S. and Puerto Rico. The program provides a range of benefits, including exclusive savings, electronic billing, and online account management options.

Qualifying cardholders can take advantage of promotional financing offers such as six-month deferred interest financing on purchases of $299 or more and 12-month deferred interest financing on purchases of $750 or more.

Applications for the CarCareONE credit card can be completed in-store or online.

GE Capital Retail Bank provides financial solutions to retailers to help grow their customer sales and will service the account and manage the credit card program.

To read more about the program and GE Capital Retail Bank, please find the official press release here.

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