Lease vs Financing In Brooks, Alberta
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Along with choosing what vehicle to get in the first place, deciding between buying vs. leasing a car is one of the most significant decisions a prospective car owner needs to make. There are several key differences to consider when deciding between financing vs lease to pay for your ride. Financing a car is ultimately a pathway to car ownership, while leasing a vehicle is a shorter-term arrangement. You pay smaller monthly payments to drive the car for a specific period.
What is Vehicle Financing?
Vehicle financing and leasing are both ways to pay off a new car purchase. However, there are different aspects to each that you'll want to think about when it comes to your financial comfort and personal goals. Financing a car means that you'll work with a lender to pay off the car in monthly installments. You can generally make larger down payments and offer higher amounts each month than is required to pay off the loan faster.
What is a Car Lease?
If you're not sure you are ready to purchase a car fully, a car lease is a good alternative. When you lease a vehicle, you still pay off the car's cost in monthly increments. Unlike buying a car, however, you don't become the complete owner of the vehicle when you take out a car lease. Instead, you make smaller monthly payments and have the option of returning the car, renewing the lease, or leasing a new vehicle altogether when the lease ends.
To find out more about buying vs. leasing a car, don't hesitate to contact us today at Martin Chrysler. Our Finance Centre's friendly and knowledgeable staff can help you with all aspects of vehicle purchasing, including providing more details on the differences between leasing and financing to help you decide which option is better for your situation. Our staff can also help you apply for credit and complete a Finance Application to get started on getting the keys to your car.
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