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Thursday, July 15, 2021

Toyota Finance Tips: Loans vs. Leases

 

If you've found a new car you love here at Keyes Toyota, you have a big decision to make. Do you take out a loan and buy it, or do you lease? We can help you figure out whether Toyota financing or a Toyota lease works better for you.

What Happens When You Buy

When you buy a new Toyota car, you place a down payment and then take out a loan. Usually, you put down 20% of the car's cost, and then you finance the rest. This loan has an interest rate, or APR, and you pay that interest as you pay off your car. So obviously, the lower the APR, the better.

Once you pay off your loan, the car is all yours and costs of ownership drop considerably. You basically just have to keep up with things like fuel costs, insurance payments, and maintenance costs.

Since you own your car, there are also no limitations on how much you can drive it while you pay it off. You can also customize your vehicle with accessories or a new paint job too. Buying is a great idea if you don't want limitations and you plan to keep a car for a long time.

What Happens When You Lease

At first, leasing seems awfully similar to buying. You usually have to place a down payment and then pay each month to lease your Toyota car. However, leases tend to be less expensive. They can be a great way to get more car for your money.

Because the car needs to go back to the dealer, there are also some limitations on what you can do with it. There are usually yearly mileage limitations that you can't exceed without paying extra fees. You also can't add anything to your vehicle, and you may have to pay for excess wear and tear. At the end of your lease, you can choose to extend your lease, buy your vehicle, or get a new car entirely.

If you have any more questions, visit our Toyota dealers in Van Nuys! We would be happy to help.

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