Leasing vs. Financing A New Vehicle
Leasing vs. Financing A New Vehicle
When it comes time to upgrade to a new vehicle in Toronto, Ontario, or the surrounding areas, you might wonder whether you should finance or lease it. At Roadsport Chrysler, Dodge, Jeep, and Ram, we offer an extensive selection of new vehicles, and we strive to help our customers secure the most favourable financing and leasing options. Visit our showroom to view our excellent selection of vehicles, and let our experts assist you in deciding whether to finance or lease your next vehicle.
What Is Leasing?
Leasing a vehicle can be seen as a long-term rental agreement that usually is only available for new vehicles. You will still have monthly payments with leasing, but they are lower than financing payments. Also, the leasing term tends to range from two to four years in length, and at the lease end, you will have the opportunity to return or purchase the vehicle.
What Is Financing?
Financing is when a customer borrows money to purchase a vehicle, and in return, the customer pays back the lender in monthly installments that include an interest charge. The interest rate that a customer is charged can vary depending on many factors, such as whether the vehicle is used or new, credit score, down payment amount, the purchase price, the term of the loan, and more.
Benefits Of Leasing or Financing Through A Dealership
To explore the available leasing and financing options for your specific situation, make sure to contact us to book an appointment with our dealership's Finance Centre. There are many benefits to choosing the dealership for your next finance or lease, such as the ability to negotiate the terms and rates, completing the entire transaction in one location, and there are usually promotional interest rates that are competitively low. Although these are fantastic benefits to choosing the dealership, there are many more benefits to choosing a dealership for your financing or leasing needs rather than a bank.