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Buying a Car

To Loan or to Lease?

There are many important differences to consider when you are deciding whether to get a loan to purchase a car or lease a car from a dealership. Use the chart below to help you make the best choice for your budget and needs:

Area of Difference

Car Loan

Car Lease

Ownership Car belongs to the bank that gave you the loan until you have paid off the loan. Then, the car becomes yours. You are essentially renting the car from the dealership. The lease is like a rental agreement. You make monthly payments to the dealership. But the car does not belong to you. When the lease ends, you have to return the car to the dealership.
Wear and tear No additional costs for wear and tear in your loan agreement. Most leases charge you extra money for any damage they find at the end of the lease that goes beyond “normal wear and tear.”
Monthly payments Payments are higher; however, at the end of the loan, you own the car. Payments are lower. This is because you are not purchasing the car; the dealership still owns it. Once your lease ends, you turn the car back in and the dealership can sell it or lease it to another customer. You may decide to purchase the car at the end of the lease; however, the total cost ends up being more than it would have been if you bought the car instead of leasing it.
Mileage No mileage restrictions. Restrict the number of miles you can drive the car each year. If you exceed the mileage allowed, you have to pay the dealer for each mile over the limit, in accordance with your lease. For example, a dealer may charge you 15 cents for every mile that you drive over 24,000 miles in 2 years. If you drive the car an additional 3,000 miles, you would owe the dealer $450 for those miles.
Auto insurance rates* May cost more during the loan than it will after the loan is paid, because the lender may require more coverage, but usually still less expensive than auto insurance for leased cars. Usually costs more if you lease a car than it does if you buy. Most car leases require you to carry higher levels of coverage than purchase agreements do. Some insurance carriers may also calculate leasing to be higher risk than purchasing.
Cost Probably will cost more in the short term than a car lease; your total loan and monthly payments are likely to be higher. However, once the loan is repaid, the car is yours. Probably will cost less in the short term than a car purchase; your total loan and monthly payments are likely to be lower. However, if you exceed the mileage on a leased car, and/or decide to buy it outright once your lease has expired, it will end up costing you more.

* Make sure you find out what the requirements are, and get a cost estimate from your insurance company before you decide to lease or buy. Remember, you will have to have insurance coverage from your new car before you can legally drive it away from the dealership.

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