Leasing vs. Financing: What’s the Difference?

November 16th, 2016 by

Auto FinancingHarmony Acura offers terrific leasing and financing options for your next vehicle, but which is the best choice for you? We’ll highlight the key differences when it comes to leasing vs. financing, so you can make an informed decision. Read on for all the pros and cons of each choice.

What to Know About Leasing

Is leasing the right option for your lifestyle? Think about how often you like to have a new vehicle. Leasing is ideal for those who enjoy the luxury of a new vehicle every two to four years, since that is the length of a typical lease. It is also helps us to know how often you plan on driving. If you don’t worry about long commutes and frequent road trips, then leasing is a great option. Some leases have restrictions on your annual kilometers driven. Consider these other factors when making your decision:

  • Leasing a car is not the same as owning a vehicle, as you have to turn in the keys after an agreed amount of time.
  • If you don’t have the hefty cash up front that comes with buying a vehicle, then consider a lease. You still have to pay select fees, but it is not as expensive as the upfront requirements of financing.
  • Those with a tight budget will find that they pay lower monthly payments with a lease instead of financing.

What to Know About Financing

Those who want to own their vehicle to should finance. Ownership brings freedoms that leasing does not, like customizing the vehicle to your exact specifications. If you have a dream vehicle you have been keeping your eye on, then let’s talk about what you can expect from financing.

  • Financing means you put money down on a car at our dealership, and then you will continue to make monthly payments until the car is paid in full.
  • After your final payment, you receive a title that proves your ownership over the vehicle. It’s no longer the possession of the lender.
  • Monthly payments allow you to build your credit.
  • Enjoy months or even years of no car payments once the vehicle is paid off. You are free to customize it as you please, and you can sell it without third party interference.

Need More Assistance? We’re Happy to Help

Harmony Acura is ready to get you into a model today, so drop by the dealership to pick out a great Acura! Let us show you more about leasing vs. financing today. Contact us online to talk to us about the different options.

Posted in Tips