Auto Financing or Leasing Rochester 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

Luis Auto Repair
(585) 254-5680
479 Lyell Ave
Rochester, NY
Deep Rock Auto Service
(585) 235-0920
39 Deep Rock Rd
Rochester, NY
B & B Auto Repair
(585) 232-2342
238 Portland Ave
Rochester, NY
Speedy Auto Service
(585) 647-6400

Rochester, NY
Renewz-It Auto Service & Parts
(585) 288-0306
1387 Culver Rd
Rochester, NY
North East Collision Auto Center Inc
(585) 338-1185
1460 Clinton Ave N
Rochester, NY
J P Auto Repair and Sales
(585) 325-3884
510 Hudson Ave
Rochester, NY
Goodyear Auto Service Centers
(585) 424-3912

Rochester, NY
F & W Auto Repair
(585) 254-3381
Lake Avenue B35
Rochester, NY
Goodyear Auto Service Centers
(585) 424-3910
400 Jefferson Rd
Rochester, 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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