Leasing vs Buying Your Toyota: What Are the Advantages and Disadvantages?

Differences Between Leasing and Financing Your Toyota 

Do you have your heart set on the Toyota brand? Does the 2020 Toyota Tacoma check all the boxes? Do you love the style and versatility of the 2020 Toyota RAV4? Bangor-area drivers who choose Downeast Toyota may want to know – what are the differences between leasing and financing your Toyota? Find the right financial fit for you and your family with this quick financial guide to Toyota lease and finance incentives

READ MORE: Where To Buy or Lease a Toyota in Bangor ME 

What Is a Toyota Lease? 

Are you new to the automotive world? You may not be familiar with how vehicle leases work. A vehicle lease is an extended rental where you make affordable monthly payments rather than finance the full price. When you qualify for a Toyota lease, you will pay for the depreciation of the vehicle expected to occur with interest. Toyota leases tend to be 24 – 36 months long with a 10,000 – 12,000 mile per year limit. Lease specifics will vary by the year and model you choose to lease. Additional fees can be applied for excessive wear and tear or mileage overages. 

Advantages of a Toyota Lease 

  • Lower Monthly Payments 
  • Brand-New Toyota Car, Truck or Crossover 
  • Toyota Warranties and Coverage 
  • Easy to Trade In When the Lease Ends 
  • Save Money on Sales Tax 
  • Lower Down Payments 

What Is Toyota Buying or Financing? 

Would you prefer to own your 2021 Toyota Venza – free and clear? You may prefer to purchase or finance your Toyota. Buying – or financing – is the traditional method, in which you will negotiate a price for your car with a trade-in or down payment. Most consumers will have to secure a loan from local banks, credit unions or finance companies, which will include interest on the loan. The lender will send payment to the dealership and payments will go to the lender. 

Advantages of Financing a Toyota 

  • You Own Your Toyota Car, Truck or Crossover 
  • No Mileage Limits 
  • Customize Your Toyota Car, Truck or Crossover 
  • No Payments When the Loan is Paid Off 
  • Sell or Trade Your Toyota When You Want 
  • Refinance to Save Money 
  • Easy to Finance 

READ MORE: Where To Buy Toyota Certified Used Vehicles Bangor ME 

What are the differences between leasing and financing your Toyota? Learn more about Toyota lease and finance incentives with this quick overview by Downeast Toyota and find the right financial fit when you search the Downeast Toyota inventory!

September 29, 2020
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