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Financing vs Leasing a New Car

Choosing between going for a lease or buying a new car is usually a tough call. Although buying a new car means it’s yours entirely, leasing is not as expensive. Both options have their benefits and disadvantages that you need to consider before deciding.

Therefore, in this guide, we will cover both options to see which one fits your preference, pocket, and lifestyle. Keep reading to find out which is best for you, considering financing vs leasing used cars or new ones.

What is financing?

Car financing is like any other area of taking loans to pay for what you want. This, in essence, is not paying outrightly for the car. In this case, you will have to pay monthly fees to cover the car payment for a few months to some years, depending on the car’s worth plus accumulated interest.

With that, you might end up paying more than the actual worth of the car. However, it is all easier since you do not have to break the bank to cover the payments. To find out more information, you can always visit your local leadership. Simply do a quick Google Search. For instance, search for car financing Lethbridge to find the ones in your city.

What is leasing?

Car leasing is almost similar to financing. However, in this case, you do not own the car, and after the lease period, you need to return the car to the leasing company. So, if there is a car you would like to own but is more expensive than your budget, you can go for leasing.

With leasing, you can also pay monthly to cover the fees. However, it is usually less expensive than financing. Like what we mentioned with financing, you can also do a similar car leasing Lethbridge search for your leasing companies in your area.

Advantages of Financing and Leasing

Both options have their advantages. For financing, you own the car, and you can use it until you feel like getting a new one or passing it down. Aside from that, there are no additional fees to incur because of policies, terms, and conditions.

Leasing, on the other hand, gives you the chance to drive the cars in its most trouble-free years. You also get to drive the latest model covered by the manufacturer’s new car warranty. The lease might even come with additional features like oil change and scheduled maintenance.

Should You Lease or Finance a Car?

Before you decide on which one to go for, you need to check yourself to know what you can afford and how it will aid you financially. Also, you should consider your lifestyle. Do you run a business? Do you work 9-5? What is your route? Once you answer these questions, you should know if you need to lease or buy a car.

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