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
Spring Valley Auto Repair
(607) 746-3757
3937 Spring Valley Rd
Delhi, NY
11th Street Car Service
(718) 499-3800
475 5th Ave
Brooklyn, NY
Kevins Auto Repair
(315) 548-4452
114 Main St
Phelps, NY
Bnei Joseph Car Svce
(718) 972-8282
4311 16th Ave
Brooklyn, NY
Demarco's Auto Service
(607) 484-0544
209 Main St
Binghamton, NY
Jms Auto Repair Inc
(718) 937-9145
5103 Van Dam St
Long Island City, NY
Safeway
(718) 336-1010

Brooklyn, NY
Raso Car Service
(718) 748-9191
7205 3rd Ave
Brooklyn, NY
New Paisa Car Service
(718) 672-4027
2616 23rd Ave
Astoria, NY

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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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