Affordable installments when buying a car
If you are looking for a family car with which you can go shopping in the city or on holiday, pick an SUV (sport utility vehicle).
If you have not saved the entire amount, you are probably also thinking about how to finance the dream vehicle. In the following lines, we will tell you whether the loan will pay off, or rather the lease.
Unfortunately, there is no clear answer, because both variants have their advantages and disadvantages. First, you should be clear about what you expect from financing, what your terms are, and so on.
WHAT IS THE DIFFERENCE BETWEEN LEASING AND CREDIT?
The current offer of SUVs is quite diverse. The interest in this type of car is huge, after all, it is not surprising. You will go with it to the mountains and the beach, it will provide you with plenty of storage space and the interior is comfortable for all passengers.
However, the price of these vehicles is slightly higher, which is why many people decide to finance by leasing or credit. What is the difference between these products?
A loan basically means, that a banking or non-banking company lending you money at a certain interest rate. You buy the vehicle and immediately become the owner, but leasing has slightly different rules. With a lease, you become the owner only when you pay all the installments. The leasing company is the owner for the entire repayment period.
WHAT TYPES OF LEASES ARE THERE?
The first option is financial leasing. This means that you will buy the car after the end of the leasing contract. However, you need to make the first installment higher. This is the so-called down payment, which is usually around 30%.
The second option is operating leasing, which is used mainly by companies. Operating lease could be characterized as a long-term lease of a vehicle. Once the leasing contract expires, you return the car to the leasing company. The advantage is that you do not have to worry about, for example, service, insurance, tax and the like. Everything has its pros and cons.
WHAT IS MORE REASONABLE?
Leasing is usually more expensive, but it may not always be the case. It depends on whether you are a private person or a company. In the case of a company, you can make installments in the costs, so as a result the car will not cost you so much. Private individuals, in turn, choose a loan if they become another owner.
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