An auto loan is relatively straightforward. You make a down payment, make monthly payments, and pay the agreed-upon interest rate. Once the last payment is made, you have full ownership of the vehicle. While you should know that payments are higher than with a lease, there are many perks. The two biggest are your ability to customize your vehicle and not worry about the number of miles you drive around Fishers and Noblesville.

With a loan, you are buying the vehicle itself. Leasing will mean you are only paying for the use of the vehicle for a set number of years. Payments are lower, but there will be a limit on the number of miles you can drive. Drivers around Westfield, IN, who like to change vehicles every few years are well-served by leasing their new Buick, Chevrolet, or GMC.