Thinking About Leasing A Car?
When it comes time to get a new car, the two most common options are to lease the car or to finance it. However, you might not know what the difference is between leasing and financing. Here's a quick guide on what it means to lease a car. For more information about financing a car, visit our Finance Department page.
What Exactly Does Leasing Mean?
In a nutshell, leasing is like renting a car from a dealership for long period of time, usually anywhere from 24 to 60 months. There are benefits of leasing as well such as a lower monthly cost and the initial down-payment might be lower as well. You will get a new car every few years and you don't need to worry about selling the car when you're done with it. You just need to hand your keys in and you get a new car. There are other benefits of leasing over financing.
Benefits of Leasing
- New car, all the time. Leasing a car means you always get to drive around in a nice new car. For many people, this is an emotional boost that can't be ignored.
- Lower Monthly Payments. For the same cost of a car loan, leasing provides lower monthly payments.
- Fewer maintenance issues. Because you're always driving a newer car, you usually don't have to deal with the regular maintenance issues that car owners face as their vehicles age.
Leasing Application
We want to help make your leasing process as easy as we can. Fill out our application form with some basic information, and our Leasing Specialist will contact you about what we can do to start your leasing process.
Leasing Vs Financing
Today we have a lot of choices when it comes to buying a new or used vehicle. The choice of financing over a variety of terms can be over-whelming. Both financing and leasing offer low rates and flexible terms. In most cases, a 48 month lease will offer the same payment as a 72-84 month finance. Leasing will also give you the option to buy out your lease, extend your lease or return it for a new vehicle. In essence, what makes leasing a great option is the flexibility that it provides you for when you need it.
Leasing Vs Cash
When you have money available, the best way to use it is to invest it in your mortgage, your retirement fund or pay down high interest debt like a credit card. A vehicle will depreciate over time and if you pay cash, that depreciation is your money disappearing. Leasing provides a way to have low payments, pay only for the usage or mileage you need and keep your cash for more important needs. Regardless of the mileage you drive or your budget, leasing provides a great alternative to paying cash.
Lease Transfer
Want to take over a lease or exchange your current lease? Let us know what you're looking for and we'll find it for you.
Leasing FAQs
Have more questions about leasing a car? Read our FAQ and see if we have answered your question.