Leasing vs Financing Information

Couple Buying a New Car | Leasing vs Financing Information

At The Autobarn Volvo Cars Oak Park, we're here to help you make the best car buying decision for your family, lifestyle, and budget. While you are weighing the decision to lease or finance your next Volvo, our team is here to help you make an educated, car buying decision. Determining which is better for you can consist of asking yourself a few simple question:

How much can I afford a month?

Leases generally carry a less expensive monthly payment for the same vehicle. Monthly payments for financed cars can be higher; however, both buying options depend on your credit score and available down payment.

How much of a down payment can I afford?

Down payments can help lower your monthly payment. On a financed car, a down payment also helps you pay less interest paid over the life of the loan. Down payment requirements are also generally lower for leased cars. It is recommended to put at least 20% down to help you down the road. If you put down less than 20% at the time of purchase, you may owe more than your car is worth at the time at the time of trade-in. However, how much money to put down is ultimately up to you and what is best for your financial situation. Our team at The Autobarn Volvo Cars Oak Park specializes in personalized financing options for all budgets.

How long do I plan on owning this car?

If you enjoy driving a new car frequently and having the latest technology, then leasing is probably right for you. When you lease new Volvos every few years, you'll always be able to get the latest technology. Financing a new Volvo is a long-term investment. If you take out a car loan instead, you will own the car at the time of loan end. This buying option offers vehicle equity gained after each payment.

How often do I plan on using this car?

Is this car for business, recreational use, or both? Determining this will let you calculate the overall mileage you think you'll put on your car monthly. Leased cars have set mileage limits before incurring extra cost, where as financed cars don't have these limitations.

Leasing with The Autobarn Volvo Cars Oak Park

When you visit The Autobarn Volvo Cars Oak Park, we're always here to help you with the Volvo lease process. We can help place you in the right car for the right monthly payment and explain to you the full benefits of leasing through use, including our Volvo end-of-lease process.

Leasing Information | The Autobarn Volvo Cars Oak Park

What are the benefits of leasing a Volvo?

Benefits of leasing a car include:

Lower monthly payments
The latest in technology features for your safety and infotainment
Warranty coverage
Lower down payment requirement

At the Volvo end-of-lease process, you may be eligible for a 9-month payment waiver and we'll help you choose from one of our three great options at your disposal when you bring your leased Volvo car to our Chicago-area dealership, so let us be your go-to lease return center and address your questions and concerns.

Volvo End-of-Lease Options

You have three choices of how to handle the return of your Volvo lease: Lease another new Volvo, purchase a new Volvo, or purchase your leased Volvo.

Lease a New Volvo

Did you fall in love with your Volvo lease and you want to lease the same model again, upgraded to the newer model year? You can do exactly that at The Autobarn Volvo Cars Oak Park. You can lease a newer version of your current model, or make the switch from one Volvo to another. Either way, stick with Volvo because there could be some additional loyalty incentives to take advantage of if you do!

Purchase a New Volvo

If you loved your Volvo lease but you wish to have more customization flexibility and no mileage limits on your next vehicle, you can buy a new Volvo from our Oak Park car dealership. Return your Volvo lease to us, then browse our new Volvo inventory to find a vehicle that will allow you to cruise confidently for years and miles to come - all without being beholden to any contractual obligations or limitations.

Purchase Your Current Volvo

Extend the relationship of your current Volvo lease and take it home for good! If you wish to simply purchase your current Volvo lease, you can sit down with our Volvo financing team to discuss how we can transform your current lease payments into a monthly financing plan.

Financing with The Autobarn Volvo Cars Oak Park

Get started on your auto financing with our online finance application here. We understand that financing your new Volvo car or SUV or used vehicle can be confusing and can take quite a bit of time in our finance center. To help cut down on the time spent in our office, we suggest utilizing our online finance application and getting a head start on the auto financing process.

What are the benefits of financing a Volvo?

Benefits of financing a Volvo include:

You own the Volvo at loan end
No mileage restrictions
You can sell it once it is paid off
No more monthly payments once it is paid off

At The Autobarn Volvo Cars Oak Park, our online finance application is easy, convenient and secure. Whether it's late at night, the middle of a busy weekend, or you're at work in Chicago and can't escape, our online finance application is available to be completed at your convenience.

Our team is about more than just the bottom line. We care about creating a pleasant, educated, and satisfying experience for all of our customers, which is why we treat every person who walks through our doors as a member of the Autobarn family. We'll provide a stress-free and haggle-free Volvo sales experience whenever you visit us, which means you can shop for a new Volvo without worrying about the high-pressure environment that other Illinois Volvo dealerships base their business model on. From start to finish, our team will be here to help you find the car of your dreams, so you can drive away happy.

Visit The Autobarn Volvo Cars Oak Park to learn more! if you have any questions or would like us to go over the application process with you, feel free to contact us or stop by our Oak Park dealership today!