What Is a Vehicle Lease?
Leasing a new model can be foreign to a lot of drivers, but it might be the right choice for you. Leasing is similar to a long-term rental. Instead of purchasing the vehicle, you'll essentially be paying to drive it for a few years.
Leasing entails creating a tailored contract that includes all of your leasing terms, such as annual mileage limits and the amount of time you'll be leasing the model. Even though you'll have complete use of the vehicle for a set amount of time, you won't own the vehicle. There are typically two main types of leasing programs to choose from:
- Closed-End Lease: This is the most popular choice for drivers and allows you to return your vehicle at the end of your contract. However, if you wish to purchase the vehicle at this time, you'll have the chance to do so.
- Open-End Lease: With this option, you may be required to purchase the vehicle after your lease is complete. It's a great choice for those who want to commit to a vehicle for several years.
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Financing a Vehicle
The next option is financing that involves taking out a loan to pay for your chosen model. Financing is fairly straightforward, and you'll get to call the car your own. Financing professionals will review your credit history and speak with lenders to create a plan with monthly payments and interest rates that work for you. Once the vehicle is paid off, it's yours!
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Benefits of Leasing
There are a lot of perks that come with leasing a model. First of all, monthly payments generally tend to be lower than with financing. This is because, instead of paying off the full value of the model, you're only paying for the depreciation while it's in your possession. Down payments and taxes are usually lower as well.
Leasing also often comes with warranty coverage, allowing you to change up your vehicle every few years. There are also possible tax benefits for drivers who lease vehicles for business purposes.
Benefits of Financing
The biggest benefit to financing a model is that the vehicle is completely yours to do with as you please. This means you'll have no mileage limits and can customize the vehicle to your heart's content. Additionally, a secured loan may also help elevate your credit, and you can sell your vehicle anytime you choose.
Is it Better to Finance or Lease?
It's clear that drivers in Flemington, Rowland Mills, and East Amwell Township can benefit from both leasing and buying. To find out which choice is better for you, contact our finance department today. Our team is happy to help you explore your options and see which plan will fit into your lifestyle.
Leasing a new model can be foreign to a lot of drivers, but it might be the right choice for you. Leasing is similar to a long-term rental. Instead of purchasing the vehicle, you'll essentially be paying to drive it for a few years.
There are a lot of perks that come with leasing a model. First of all, monthly payments generally tend to be lower than with financing. This is because, instead of paying off the full value of the model, you're only paying for the depreciation while it's in your possession. Down payments and taxes are usually lower as well.
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