Lease vs. Finance

Having trouble deciding whether to lease or finance your next Acura car? Warwick drivers stuck between the two should first consider the basics:

  • Financing: Taking out a loan for eventual ownership of the vehicle.
  • Leasing: Essentially renting a car for a set term.
Benefits and Disadvantages of Financing

Benefits and Disadvantages of Financing

When you finance your Acura, you’ll enjoy the following perks:

  • No monthly payments once your loan is paid off.
  • No mileage restrictions or limitations on customization and wear and tear.
  • No need for excellent credit, as there are loan options for those with poor credit or no credit at all.

Despite these advantages, there is certainly a downside to financing, which includes:

  • More expensive up front and each month.
  • Rapid depreciation from the moment you drive off the lot, which may impact you if you sell the car later.

Benefits and Disadvantages of Leasing

Likewise, there are some serious benefits to leasing your new Acura, such as:

  • Lower monthly payments, a smaller down payment, and no need to worry about selling or trading in your car down the road.
  • Warranty coverage for the duration of your lease term, so you don’t have to worry about costly repairs.
  • Ability to upgrade to the newest models with the latest technology and performance upgrades more frequently

Still, there are some drawbacks involved with leasing:

  • Mileage restrictions limit how much you can drive within a year.
  • Fees assessed for excessive wear.
  • No equity earned with a lease.
  • Need for excellent credit to secure a lease.
Benefits and Disadvantages of Leasing

Connect with First Acura for More Financing Information

Get in touch with First Acura near Cranston for more information on how to lease a car, what it means to take out a loan, and what’s involved with returning a lease.

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