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This is the most common form of vehicle financing. The buyer borrows a specific amount of money from a lender and agrees to repay it over a fixed term, usually with interest. The loan terms include details such as the interest rate, repayment period (typically ranging from 36 to 72 months), and monthly payment amount.
Leasing is another method of vehicle financing where the buyer essentially rents the vehicle for a specified period, typically 2-4 years. Monthly lease payments cover the vehicle's depreciation during the lease term plus interest charges and fees. At the end of the lease term, the lessee may have the option to purchase the vehicle for a predetermined amount (buyout price).
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