Auto Financing or Leasing Binghamton NY

Learning the differences between auto financing and leasing will help you decide which option is best for you. Read this article and know more.

Local Companies

Jacks Affordable Auto Repair
(607) 775-5505
681 Court St
Binghamton, NY
All County Express Car and Limousine Service
(914) 631-2277
68 Beekman Ave
Sleepy Hollow, NY
Riteway Private Cars Svce Corp
(914) 965-5551
1598 Bronxdale Ave
Bronx, NY
Bay Street Auto Center
(718) 447-8917
830 Bay St
Staten Island, NY
New Paisa Car Service
(718) 335-0544
2616 23rd Ave
Astoria, NY
Demarco's Auto Service
(607) 484-0544
209 Main St
Binghamton, NY
Sheepshead Bay Car & Limo Svc
(718) 769-2700
3173 Coney Island Ave
Brooklyn, NY
Washington Car Service Inc
(212) 740-4444
2304 Amsterdam Ave
New York, NY
Hollis Car Service
(718) 740-3551
10938 201st St
Saint Albans, NY
Scott and Shanes Auto Service
(585) 342-3720
556 Norton St
Rochester, NY

Provided by:

It's like buying a new pair of shoes. Everyone has an opinion on the topic, but the best advice is to scope out which is the right fit for you.

Ownership

Leasing: You do not own the vehicle. You get to use it but you have to return it when your lease ends. If your lease vehicle has a purchase option, you may be able to purchase your vehicle during the term of the lease or at lease end.

Buying: You own the vehicle and you get to keep it when you pay off the amount owed under the financing contract.

Up-front costs

Leasing: The money you pay before you take possession of the car may include the first month's payment, a refundable security deposit, a capitalized cost reduction (like a down payment), taxes, registration and other fees, and other charges.

Buying: Up-front costs include the cash price or a down payment (if you finance), taxes, registration and other fees, and other charges.

Monthly payments

Leasing: When you lease a car, you are paying only for the vehicle's depreciation during the lease term plus rent charges (like interest), taxes, and fees and charges that may be owed during the lease. This usually makes monthly lease payments lower than monthly loan or other finance contract payments.

Buying: When you finance your purchase, you are paying for the entire purchase price of the vehicle, plus interest and other finance charges, taxes, and fees. This means that you're probably going to end up spending more on a finance monthly payment than on a lease monthly payment.


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