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
Gateway Get A Way Private Car Svce
(718) 236-2900
6324 14th Ave
Brooklyn, NY
Lalenee Car Service
(718) 725-2224
13406 101st Ave
South Richmond Hill, NY
Ecua Taxi Limo
(914) 944-4500
73 Cronton Ave
Ossining, NY
Yonkers Family Car Service
(914) 963-3265
432 Riverdale Ave
Yonkers, NY
Demarco's Auto Service
(607) 484-0544
209 Main St
Binghamton, NY
37 St Auto Repair
(718) 706-0505
4127 37th St
Long Island City, NY
Beach Car Service
(718) 945-2222
9113 Rockaway Beach Blvd
Rockaway Beach, NY
La Familia Taxi
(845) 425-4411
146 N Main St
Spring Valley, NY
Manhattan Car Svces
(212) 343-9696
189 Franklin St
New York, 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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