Buy or Lease?
Shorter terms on newer vehicles make leasing a smart choice.
Buying is the most common way to finance a vehicle, but leasing can offer important advantages – particularly for people with credit challenges or no established credit history.
Leasing is like an extended test drive that lets you keep your options open:
- Buy the vehicle at the end of your lease if you love it
- Return the vehicle at the end of your lease vs. having to trade it in or sell it privately
Leases typically have a shorter term, so you can improve your credit faster and move up to a better vehicle at a lower rate sooner. But because many people are less familiar with leasing, they think buying is a better option. Nothing could be further from the truth.
Benefits that leasing can offer over buying:
- Buy the vehicle at the end of your
- lease if you love it
- Return the vehicle at the end of your
- lease vs. having to trade it in or sell it
- privately
When buying makes sense:
Leasing isn’t for everyone. If you tend to be hard on your vehicles, like to modify them, or typically keep them until they die, purchasing a vehicle may be a better option for you.
Just remember, “buying” a car doesn’t mean you own it. Until your loan is fully paid off, the bank owns your vehicle.
What to Watch Out For
Some bad credit lenders and dealers may offer you “deals” that can hurt your credit or set you up for failure. Find out about the 5 ‘Deals’ to Beware Of
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