Looking to Lease or Finance?
Lease VS Finance
There are a number of things to consider when you are deciding if you should lease or finance a car or truck. A Toyota lease gives you a number of advantages including lower monthly payments over financing for a comparable vehicle, while financing gives you the benefits of owning a vehicle for yourself. What is the difference between financing & leasing?
If you want to lease a vehicle then get pre-approved for a low percent lease with Strathcona Toyota's online credit application.
Advantages of Leasing
- A lease will generally give you lower monthly payments and less up-front costs than financing the same model. Even low percent financing may have higher payments than a comparable lease.
- You can upgrade to the newest model every few years, often without having to pay significantly larger payments.
- When you lease a truck or car, you will typically pay less tax on a lease, as you only pay tax on the monthly payment as opposed to the full purchase price of a vehicle.
- A number of options are available at your lease end:
- 1. You can buy your vehicle for its purchase price
- 2. You can return your vehicle
- 3. You can lease or finance another Toyota vehicle
If you choose to purchase your vehicle at lease-end, there are a number of financing options available at Strathcona Toyota.
Advantages of Financing
- When you finance a vehicle, you have the freedom of unlimited kilometers and all the other benefits associated with owning you vehicle, including the ability to equip it with your desired aftermarket accessories.
- You gain vehicle equity.
- There are no penalties for excess wear and tear and you are free to drive an unlimited number of kilometers each year.
- Financing has a lower carrying cost than leasing, as with a lease you are not repaying the entire value of the vehicle.
If you are still unsure of the route for you, come in and talk to one of our specialists. To set up an appointment today, call 250-287-9527.