Differences Between Leasing and Financing | Edgewood, MD

Are you ready for a new car, but are unsure whether leasing or buying is the best choice for you? The finance experts at Thompson Toyota in Edgewood, MD have compiled a comparison of the advantages and disadvantages for leasing and financing. First browse our new inventory to find a Toyota car, truck, or SUV to upgrade your daily drive with, then continue reading below to learn which method is best for you and your budget and lifestyle.

If you have any initial questions, don't hesitate to give us a call at (888) 415-2641.

Leasing Advantages

Leasing is an excellent option for those who want a new car every few years. When you lease a car, you are only paying for the depreciation that occurs during the term of your lease. At the end of the term, you simply turn in your vehicle to the dealership. A lease agreement may also require little to no down payment, and monthly payments are often lower than when you finance. Check out our Toyota lease deals to see if you qualify for savings.

Leasing Disadvantages

While leasing can be a great option for the reasons above, there is some more information to take into consideration. At the end of your lease, the vehicle should be returned in the same condition it was received in, or there could be a considerable cost incurred. Additionally, there is typically a mileage restriction with lease deals. This may not be ideal for someone who drives long distances often. Shoppers with low credit scores may also have a difficult time qualifying for a lease. 


Financing Advantages

If you are planning to keep your car for a long time, buying may be the better option for you. After your loan is paid off, you will officially own the vehicle. There is also no mileage restriction and you don't have to worry about excessive wear and tear on the vehicle. Check out our factory direct incentives to see if you qualify to save on your new car purchase.

Financing Disadvantages

Buying a car often requires a large down payment, which can be difficult for some buyers. The length of a loan can also be longer if you are trying to get your monthly payments to fit a budget. When you buy a new car, you are also subjected to market fluctuations when you decide to sell it or trade it in.


Why Buy at Thompson Toyota?

Positive customer experience is a top priority at Thompson Toyota in Edgewood, MD. We have been family owned and operated for four generations because of our valued customers. Our dealership offers specials, factory direct incentives on select models, and even a rewards program. We also offer a variety of services from financing to our collision repair center


Why Lease at Thompson Toyota?

 

Our Toyota dealership in Edgewood, MD offers new vehicle specials to help you get a deal on your next lease. The experts in our finance center will work with you to create a lease plan that works for you. Check out our new vehicle inventory to find a model you want to lease. Schedule a test drive with us by calling (888) 415-2641


Apply for Financing

You can easily apply for financing from the comfort of your home with our online finance application. Save time at the dealership by getting pre-approved today. Simply fill out your basic information, and a representative will contact you as soon as possible. Do you have a trade in? Value your trade with our online tool.

Have you decided which method is right for you? Whether you choose to lease or buy your new car, Thompson Toyota in Edgewood, MD is here to service your needs. If you have any questions, give us a call at (888) 415-2641 for more information about how our Toyota dealership can help.

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