When you get a new car loan, you borrow the money from a lender to buy the car. Then, you make monthly payments until you've repaid the total amount plus interest. After that, you own the car. When you lease a new car, you make payments to use the vehicle for a set time. A lease usually lasts for 2 or 3 years. After that period, you can choose to buy the vehicle or return it to the dealership.