Is leasing right for you? Maybe it makes more sense to go the BMW finance route? If you’re not sure which is the best choice, learning more about each option can help.
What Does Leasing Involve?
If you think of leasing as a long-term rental or perhaps an extended test drive, you’ll get an idea of what it entails. You enter into an agreement with a dealership to have the car for a certain period and make monthly payments during that time.
Leasing provides a lot of flexibility, as once the agreement is over, you can just turn it in and walk away. You can also keep leasing the vehicle, upgrade to a newer model, or try out something completely different.
It should be noted that because you don’t own the car, you can’t make any customizations and there will be annual mileage restrictions.
What Does Financing Involve?
With financing, you’re buying a car. You will apply for a loan from a bank or financial institution to get the money you need. Unlike leasing in which a down payment isn’t always required, you will need to have some initial money when financing.
Putting up between 10 and 20 percent of the purchase price is usually a good idea. And the more you have on hand, the less you will need to borrow. This will also let you shrink your monthly payments. The best thing about financing is that the vehicle is yours and you can do with it what you like.
Which Option is Best for You?
If you still can’t decide whether to lease or finance a vehicle, BMW of Fort Washington can help you figure it out. Visit us to talk to one of our BMW financial representatives and to check out all the great vehicles we have in stock.