Financing vs. Leasing | Harlingen, TX

Financing vs. Leasing | Harlingen, TX

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You have two options for driving home in a new vehicle from Bert Ogden Toyota: buying (usually financing) or leasing. Both are great options — the one that is right for you will depend on your wants and needs.


Financing a Vehicle

Financing a car, truck, or SUV means you will have a higher down payment and higher monthly payments. However, you will outright own that vehicle once you have paid it off. That means you can drive it how you want, customize it how you want, and retain 100 percent of the profits when you decide to sell it, either privately or to a dealership as a trade-in.

Financing a vehicle is much more common. Depending on your credit score and current promotions, you may be able to secure a very low APR to keep the cost of interest down.


Leasing a Vehicle

When you lease a vehicle from the dealership, you are essentially “renting” it for a predetermined amount of time (3-5 years). As such, you will not be paying for the total amount of the car, but rather the difference between what the vehicle costs new and what it is expected to be worth at the end of the lease. That means a low (or no) down payment and smaller monthly payments. However, you cannot sell the vehicle at the end of the lease; instead, you turn it over to the dealership.

By leasing, you may be able to afford a model that would otherwise be out of your price range or a higher trim or package that you might not have otherwise purchased. Depending on your lease contract, routine maintenance may be completely covered.

Lease vehicles also have mileage restrictions (usually 12,000-15,000 a year), as well as customization restrictions.


Whichever route you decide is better for you, Bert Ogden Toyota will help make either a reality for you.