Vancouver Car Finance
Is it better to Buy or Lease a Vehicle
Advantages of Leasing
Reduced Monthly Payments
When you lease a vehicle one of the big benefits are reduced monthly payments. Lease payments are much lower when compared to monthly loan payments. This is due to the fact that you are not fully buying the car. If you contracted to lease a $19K car for 5 years you would still owe approximately $8K as the cost of buying it out. Another good thing about a lease is minimal initial payment.
Only One Advanced Lease Payment
Leasing companies for the most part only require one up front lease installment and that can make a big difference when you are in a bind. Loans, comparatively, for bruised credit are frequently at a higher rate of interest and require a high down payment. If you are able to provide a 20% down payment, you can ask your lender to lower your rate. The best part about a loan is that you will actually own the car at term end.
Get a Problem Free Vehicle
Want a maintenance free vehicle – get a lease. Get a brand new car after every term. When your lease contract ends, you can just return the car or re-do your contract lease with the leasing company and request a different car. You can get a car with the latest features without paying as much.
Attributed to: https://guaranteedautoloans.ca/buy-or-lease-a-vehicle-which-is-better/
Advantages of Buying
You can own it and sell it to get some money back and you don't have to keep paying monthly fees forever.