Auto Financing or Leasing Penfield 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

Personal Touch Car Svce
(718) 528-6100
11634 Springfield Blvd
Jamaica, NY
Action Car Sales & After Service
(718) 368-0072
2313 E 19th St
Brooklyn, NY
Miron Purchasing Group Inc
(718) 437-0200
1276 50th St
Brooklyn, NY
Mobil Car Service
(718) 486-6061

Brooklyn, NY
Audubon Car & Limousine Svce
(212) 923-8787
2129 Amsterdam Ave
New York, NY
New Day & Night Car Service
(212) 694-4000
452 W 145th St
New York, NY
Jose Auto Repair
(914) 437-7785
120 Clinton Pl
Yonkers, NY
Mikes Auto Repair & Diagnostics
(718) 589-5191
390 Tiffany St
Bronx, NY
Transportation Equities Inc
(845) 424-4100
Route 9D
Garrison, NY
Everton Car Care Products
(718) 756-5426
746 Utica Ave
Brooklyn, 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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