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Pros and Cons of Financing vs. Leasing a Vehicle
Investing in a vehicle is a big decision, regardless of the point in life where you are at. You may feel that the toughest decisions when it comes to buying a car are between the brand, type, and color of the vehicle. Truth is, these are the easier choices to make. The real problem is choosing between financing vs. leasing a vehicle. There are significant costs that you need to consider when it comes to paying for a used or new vehicle. If you’re dreading the prospect of having to save up for the full price of a vehicle upfront or if having to secure a vehicle loan is particularly daunting, then leasing could be a great option. That being said, leasing cars aren’t for everyone either. What makes one option better than the other? Read on to know the pros and cons of both, financing a vehicle vs. leasing it: 1. Pros of leasing a vehicle The monthly payments will be typically less than that of a vehicle loan. Under the leasing option, it is easier to be driving a new car every 2-3 years. Those who lease cars are almost always protected by a warranty. Those who lease cars do not have to worry about selling or trading the car later on.
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