“I Want To Get Into A New Vehicle – What Are My Options?”
Congratulations, you have decided that it’s time for you to get a new pair of wheels, hooray! You’ve done your research online, maybe you’ve come down to the dealership and have taken your choices out for a ride. Finally you’ve sussed out your next ideal road companion for you and your needs, perfect. Now comes the next question, what’s the best way to pay for it? Even if you’ve got the cash sitting around to pay in full up front, it’s worth considering what Lease and Finance terms are available to you. Depending on your budget and lifestyle, one may be a more appealing fit for you. Lets lay out the basics with this Lease vs Finance post from your friends at the Straightline Dodge Finance Centre.
Lease Vs. Finance
In the simplest terms possible, financing a vehicle is essentially taking out a loan for the full cost of the vehicle and paying it off at a monthly rate over a period of time decided by the term. At the end of your payment period, you are the outright owner of that vehicle. Leasing on the other hand is more akin to ‘loaning’ a vehicle from a dealer in the sense that at the end of your lease term you return the vehicle back to the dealer, even though you are responsible for the vehicle as though it was yours for the duration of the term.
Let’s Look at Some Pros and Cons…
There are a few key reasons why someone may prefer to lease or finance a vehicle, so let’s take a look at some deciding factors that come into play with both scenarios.
When it comes to Financing you’re looking at investing in and owning your vehicle outright over the course of a long-term loan. Because the goal of financing is to work through the entire cost of a vehicle, a down payment is often required, and the buyer is responsible for the GST cost on the vehicle. For this reason, finance agreements typically means a little more cash upfront to get your vehicle. Once you’ve completed your financing term, your vehicle belongs to you 100%.
Leasing on the other hand often comes with lower payments relative to a financing plan, this means you can get off the lot in a new vehicle with a little more capital left at your disposal for other things, or you can opt to lease a higher level vehicle for what would be the financing cost of your original option. Fewer fees are required up front in a lease agreement, and the customer doesn’t have to worry about GST. People who lease vehicles have the option of getting into a new vehicle every year, keeping up with improvements made to new model years. At the end of your lease term, your vehicle is returned back to the dealership and your investment has been seamless transportation for the duration of your lease.
Get Approved Today at Straightline Dodge
At Straightline Dodge, our Expert Finance Team is always here to answer your questions and guide your to the best fitting deal to help you drive off in your next new or pre-owned vehicle. They have the experience and the resources to make sure you get best for your lifestyle and budget goals. Visit us at 11116 88 Ave, Fort Saskatchewan, AB T8L 3K8 or give us a call at (780) 628-7780 for more information, but make sure to click he button below if you’d like to get started on getting approved right away!