At Kia North Danvers, we offer one of the widest-ranging selections of new Kia models for sale near Lowell. Whether you're after a fun-to-drive Kia Sportage for day-trips out of Lawrence, a family-friendly Kia Carnival for your Lynn commute, a spacious Kia Telluride to take on vacation from Burlington, or an exciting Kia K5 for cruising the highways around Hampton, NH, you can find it here. We're even home to a broad inventory of top-quality pre-owned cars, trucks, and SUVs, from Volkswagen, Chevrolet, Honda, and other popular brands.
Drivers from Essex County and beyond seek us out, especially for how affordable we make financing and leasing new and used vehicles. If you're wondering which option's right for you, we've made it easy to understand the differences between them.
Financing and Leasing Basics
When you finance, you take out an auto loan to purchase a vehicle outright. That means that you borrow the cost from a lender and pay taxes and registration fees. You also typically make a down payment.
When you lease, you sign a short-term agreement, usually lasting two to four years, to drive a vehicle until its lease period expires. At that point, you pay its remaining lease-end costs and then either return or purchase it. You can also lease a new vehicle.
The bottom line: financing is for drivers that want to own; leasing is more like long-term rental.
Pros and Cons of Purchasing vs. Leasing
There are benefits and drawbacks to both options; which is better depends on your preferences.
- With auto loans, monthly payments may be higher because you're paying the vehicle's cost, plus interest. What's more, you're responsible for service costs, especially once any factory warranty expires. However, once a loan is paid off, your vehicle's yours to keep and customize however you like. You can also sell or trade it to us practically any time, using the proceeds to pay off any loan balance that remains.
- With leases, in contrast, you may need to make the first month’s payment, a down payment, and fee payments. Plus, your contract may limit how many miles you can drive annually and stipulate what kind of wear and tear constitutes damage beyond the norm, charging extra fees for both. However, your monthly expenses may be lower overall because you're only paying depreciation costs and interest or rent during the lease term.
At any rate, we recommend estimating payments before buying or leasing to get an idea of your prospective costs.
Why Choose Kia North Danvers?
Whether you decide to finance or lease, you can count on us to keep the process fast, easy, and hassle-free. Our team works with a range of banks, credit unions, and other trusted lenders across northeastern Massachusetts. When you're ready, we'll be glad to help you acquire an affordable rate with flexible conditions. We'll explain your options in simple, straightforward terms, too. That way, you can get to know both well and make a confident decision.
You can even save time during your visit by getting started on paperwork from the comfort of your home. Value any trade you plan to make using our handy ClearCar tool and fill out our convenient online credit application. We'll have tailored options for you to review when you stop by.
Schedule Your Test Drive Today
Let us show you the definition of an unforgettable car-shopping experience. If you'd like to learn more about what's required to lease a new Kia or buy a used model, feel free to get in touch with us. We look forward to hearing from you.