Difference Between Leasing & Buying
Expert Financing at Sun Toyota Near Holiday, FL
Despite the low prices at Sun Toyota, drivers appreciate being able to finance their new or used cars. The loans and leases at Sun Toyota help make new and used vehicles affordable for all drivers, and our finance team works hard to find financing for every buyer - regardless of their credit score. So, when you’re looking for an affordable way to pay for your car, the finance team at Sun Toyota near Elfers is ready to help. But, before you choose a loan or lease, it’s always a good idea to know how they differ.
Why Lease a New Toyota
If you aren’t paying cash for a new car, you have two choices: loans and leases. Leases are only available for new cars. When you lease a vehicle, you only pay for the time you have it and then return it to the dealership at the end of the term. Therefore, lease payments are usually lower than car loan payments.
Our lease programs come from Toyota Financial Services, and they figure the payments by deducting the residual value (the car’s value at the end of the lease) from the sticker price. In order to keep the residual at a high level, Toyota Financial Services places mileage and wear-and-tear limits. So, most leases are for two or three years, usually with mileage limits between 10,000 and 15,000. If you exceed the mileage limits, you’ll receive a per-mile fee when you return the leased vehicle. The same goes for excessive wear and tear.
Leases have several benefits. If you lease a vehicle, you get a new car every two or three years, so you get the latest innovations and a new car warranty. You never have to worry about trade-ins; you simply return the car to the dealership at the end of the lease term. If you are interested in leasing, we recommend checking out the latest new car specials from Toyota Financial Services, as they tend to have low down payments, interest rates, and terms.
Benefits of Buying a New or Used Vehicle
The financing option is a traditional car loan, which is available for new and used cars. Our finance experts have access to car loans from Toyota Financial Services and from other local and national lenders. Car payments in an auto loan include the sticker price minus the down payment, divided over a set term. If you make your payments on time, at the end of the term, you’ll own the vehicle.
Car loans have no limitations on mileage, wear and tear, or customization. You can sell or trade the car at any time. Best of all, loans are available for people with a range of credit scores.
Finance Your New or Used Toyota at Sun Toyota in Beacon Hill, FL
Sun Toyota in Beacon Hill, FL, makes car financing easy, especially when you complete our online finance application. If you are curious about what financing you qualify for, consider getting pre-qualified, and then you can shop for the new or used car that fits your budget.