Lease vs Finance

How Financing Works

Starting with traditional financing, you will be working to make payments on a vehicle that you will own. With a finance plan, you will negotiate:

• Down payment
• Monthly payment
• Interest rate
• Term length

In order to find a deal with terms and conditions that you are content with, you'll be able to work with local lenders to see which offers you the best deal. Once you are happy with your terms, you'll sign the dotted line, take your vehicle home, and move one step closer towards eventual ownership.

Is Financing or Leasing Better?

Essentially, you can look at financing like buying a house. You will make a down payment and make subsequent monthly payments to pay back the loan that allowed you to make the purchase. Leasing, conversely, is more like renting a property. You'll pay monthly, like rent, in order to use the vehicle.

So, which is the better option? Well, that really is up to you, and your wants and needs as a local driver.

For those who value complete liberty over their vehicle, financing is the better choice. With financing, you can change the paint, add accessories, and take the car wherever you want because you are the owner. Additionally, financing is a great choice if you know you love a specific model.

Leasing on the other hand, could be a better option if you are someone who finds themselves frequently interested in new cars. With the flexibility to explore new models every few years, your car will always be up to date with the latest and greatest features. If you end up loving your leased vehicle, you could always explore buying it from the dealership rather than giving it back, too.