Dealership
Leasing a Vehicle can be a great option that is often overlooked. We are commonly told growing up that leasing is a bad idea or that you should always finance to purchase your vehicle. There are a lot of Leasing myths that are still told today. With the uncertainties that arise from the changing world around us, leasing a car can offer a safer solution. Just ask yourself, “What will you be doing in five years from today?
The first step into looking at a lease is understanding what a lease is. Looking at the benefits compared to a financing option and looking beyond the numbers. There is always a risk with any financial decision, and a lease might be the right solution for your life here in Red Deer, Alberta.
When you choose a vehicle lease option instead of purchasing the vehicle, you agree to “rent” the vehicle for a specific rate for an agreed-upon amount of time. Leasing does not require a loan approval or large down payment; instead, unlike your typically financing options, the payment goes toward using the car or truck instead of the vehicle’s ownership.
Basically, you are looking at a long-term rental that can be as short as two years and as long as six years. Once the term-ends, you will have an option to either purchase the vehicle (at market value), lease or finance another Toyota vehicle or return the vehicle provided in your lease.
Leasing a car does not increase your insurance cost. You are required to protect the asset (the vehicle) you are leasing and are required to have collision and comprehensive insurance.
One of the biggest advantages is the positive impact leasing a car can have on your credit. Keep in mind this advantage only comes if you are making your payments on time.
The residual value is the market value of the leased asset (the vehicle) after the lease term has ended. Basically, it is the price of the car if you wish to purchase it after your lease period.
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413 Lantern St. • Red Deer County, AB T4E 0A5
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