Lease vs Financing: Which One Is Best For You?

Lease vs Financing: Which One Is Best For You?

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Financing vs. Leasing

At Summerside Chrysler Dodge, we pride ourselves on helping our customers lease or purchase their next vehicles in accordance with their budget. If you're based in or around Summerside, Prince Edward Island and in the market for a new motor, we can help you determine whether leasing or financing is best for you. Find out more about the perks and costs of leasing and financing below, and feel free to visit our website for all the answers to common car buying questions you'll need.

Leasing

If want to enjoy the latest amenities at the wheel of a new model every few years, then car leasing may be best for you. Not only does leasing allow you to drive the latest and greatest vehicles on a recurring basis, it also keeps you covered by your vehicle's factory warranty plan and leaves you with lower monthly payments in the short term than those of a financing agreement. That said, leasing a car with bad credit may take some doing, as it leaves your dealer without the security of collateral. Rest assured, though, our finance department can work with you to arrange a leasing agreement that allows you to enjoy your new vehicle with a clear head.

Financing

Those who treat their vehicle as a long-term companion and want the freedom of owning it outright will want to arrange auto loan financing through our dealership. Leasing may leave you with lower monthly payments in the short term, but your financing costs even out in the medium term and amount to less than leasing costs in the long term, as you continue to drive your vehicle once your payments are completed. This spreads out your costs even further over time and averages out to much less than those of a lease, all while building resale and trade-in value. You'll also have an easier time obtaining financing with bad credit than leasing with a lower score, but you'll have to cover your service and maintenance expenses once your purchase's warranty expires.

Contact

Summerside Chrysler Dodge (1984) Ltd.

3 Water Street
Directions Summerside, PE C1N4K4

  • Sales: (902) 436-9141

Those who treat their vehicle as a long-term companion and want the freedom of owning it outright will want to arrange auto loan financing through our dealership. Leasing may leave you with lower monthly payments in the short term, but your financing costs even out in the medium term and amount to less than leasing costs in the long term, as you continue to drive your vehicle once your payments are completed. This spreads out your costs even further over time and averages out to much less than those of a lease, all while building resale and trade-in value. You'll also have an easier time obtaining financing with bad credit than leasing with a lower score, but you'll have to cover your service and maintenance expenses once your purchase's warranty expires.

Whichever course of action suits you best, you can always lighten your financial load by trading in your current vehicle to our dealership and working it into your new deal. We'll be happy to take your car off your hands, and you can always obtain an estimate on its value with our user-friendly trade evaluation tool before visiting us. For more information, feel free to reach out to us at Summerside Chrysler Dodge.


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