Auto Financing or Leasing Islip 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

Sheepshead Bay Car Service
(718) 646-6666
3173 Coney Island Ave
Brooklyn, NY
Sikorsky Auto Repair
(845) 354-3797
475 Route 306
Monsey, NY
U Need Car Svce
(718) 479-2200
88-06 205
Hollis, NY
Mario's Car and Limo Svc
(718) 432-8888
217 W 259th St
Bronx, NY
Phil's Auto Service
(716) 877-5505
155 Marion St
Buffalo, NY
A AA Classic Towing & Auto Repairs
(718) 891-3226
603 Brighton
Brooklyn, NY
Cibao Radio Dispatch Corp
(718) 478-2300
11244 Roosevelt Ave
Flushing, NY
Snappy Automotive Repair
(315) 824-2172
1083 Route 12
Hamilton, NY
Northport Auto Repair Inc
(631) 754-5006
670 Fort Salonga Rd
Northport, NY
Richmond Car Service
(718) 356-6666
61 Englewood Ave
Staten Island, 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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