Every month the Original Applewood Motors sees hundreds of customers, and many come to us with the same question: what’s the difference between financing and leasing?
Sadly, most other dealership don’t do a very good job of explaining the difference between these two types of financial plans - and which one works best for your situation. Thankfully Original Applewood Motors has put together this simple breakdown of the two so you have a better idea which one works best for your situation.
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In the end, if you’re looking to constantly drive the latest and greatest vehicles for a shorter period of time, before returning them to upgrade to the next vehicle - then leasing will work best for your situation.
On the other hand, if you’re looking to own your vehicle but simply don’t have all the cash to pay for it outright, then financing is the better option. Not only will that vehicle be yours to keep once the financing is paid off, but you can customize it to your heart’s content! Either way, contact our Finance Department and our team of financing specialists will be more than happy to help set up your financing or leasing plan.
This is another question we get asked on a consistent basis, and the answer is - it depends. Leasing is typically cheaper in the short term thanks to lower monthly payments and fewer initial fees. However, leasing is designed for you to ‘own’ the vehicle only for a few years, meaning that over time financing becomes less expensive as you pay off the vehicle.
In the end, which financial plan is cheaper end up being determined by what you intend to do with the vehicle and how long you intend to own it for. If you’re still not certain which would work best for you, contact our Finance Department today and we’ll be happy to help you make a decision!