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I think you should get an auto loan instead of leasing a car. You can get an auto loan easily at a lower interest rate and you would get a new car which would be your own . Where as in leasing a car you would get a used car and there are many other problems in leasing a car.

AnswerThere are many benefits to a traditional auto loan. An auto loan is easier to understand and easier to shop for than an auto lease. The complexity of leasing makes it easier for dealers to take you for a ride.

Another advantage of an auto loan over leasing is that you end up with a valuable asset that belongs to you ? the vehicle. After you have made all the payments on a traditional auto loan, you own the vehicle. In contrast, after you complete payments on an auto lease, you have to return the vehicle, lease it for an additional term, or find the money to purchase it. A traditionally financed auto loan is a fiscally more conservative approach than a lease. With the loan, you are investing in an asset; with a lease, you are not.

Also, with a traditionally financed auto loan, you can set the level of body damage and liability insurance you want. A leasing company might require you to take a coverage limit or deductible level that costs more than what you would otherwise want.

A big advantage of car leasing for some consumers is that you can generally arrange a lease that allows you to pay less per month for a given vehicle than you would pay with traditional financing for the same vehicle.

Another advantage of a car lease over a loan is that you don't have to sell the car at the end of the lease. You can simply turn it in to the leasing company. If you know that you will want a new car after, say, three years, you can lease for that period knowing that you can easily get rid of the car at the end of the lease. You don?t have to worry what the car will be worth. In contrast, with a purchase, you have to trade in the car or sell it at whatever the market will bear.

In some states, car leasing might seem to have an additional advantage: you pay taxes only on your payments, not on the full purchase price of the vehicle. That is true in the District (not in Maryland or Virginia). But this apparent advantage is generally roughly offset by the fact that the tax rate on lease payments is higher than the tax rate on a purchase. In the District, for instance, you pay a 10 percent rate on car lease payments and a six percent rate on the purchase price of an automobile.

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โˆ™ 2010-12-19 07:48:52
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Q: Should you get an auto loan or lease a car?
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Related Questions

Where should I get an auto loan?

The good place to get an auto loan is GMAC, Acura, Car Max and many of the car rental companies has good auto loans. They also have real good deals and rates on their auto loans.

Coverage on auto insurance when you have a car loan?

Yes, you should get auto insurance coverage when you have a car loan, and even when you don't have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..

Is it a better deal to lease or buy a car?

Usually buying a car outright is a better deal if you can pay upfront without a loan. If you do need a loan, then depending on the deal you get for the loan vs. the lease it can be a better deal to lease, but not usually.

Is there a difference between a term business car lease and a commercial auto lease, or are they one and the same?

A car lease is an individuals person lease for their car. A commercial car lease is the lease for a commercial vehicle which are used for businesses.

Where can one find an auto loan?

I recomend you should check out this site is very flexible affordable... scan the bar code below

How do I find a calculator for car loan payments?

If your looking for an auto loan calculator, Bankrate is a great place to start. They provide car loan and auto loan calculators to help with your buying decision.

What kind of loan is an auto loan?

An auto loan is a loan that's given to someone to enable him/her buy a car while they pay back within a period of time below is my recomendation for best auto loan

Your husband is not on your car lease loan will he be held responsible if you do a repo?


Where can one get an auto loan for a car?

One can get an auto loan for a car at the "State Farm" website. State Farm is a very reliable and widely used company for a quick and easy to get auto loan.

Can you buy rims with a auto loan?

No the car is security for the loan.

Can you return auto if titled owner dies?

There are a number of ways of resolving it. Any loan against the car has to be resolved. If it was a lease, it could be returned to the title holder.

Is it smart to get a car loan through the auto dealership?

It really doesn't matter where you get your loan. You should look at the bottom line, the rate.

Can you Lease a car from someone with a loan on the car?

No. In my experience and from what I've read, it is not wise to lease a car from someone with a loan. They can still be held responsible for the car if anything happens to it. If you cannot afford to make the payments and the bank comes to collect the car, and the owner does not have it, they can be arrested.

Gap insurance is from the auto loan or your insurance on the car?

GAP (guaranteed asset protection) auto insurance coverage is one the most necessary, yet least understood insurance products available to vehicle owners. It is generally purchased through the auto dealership or leasing company at the time of the initial purchase or lease.It's purpose is simple: If your car is totaled, gap insurance will cover the difference between what your insurance company says your car is worth (actual cash value) and what you still owe on your loan or lease.

Where can a person get a capital one auto loan?

Apply for new car loans, used car loans, and auto loan refinancing at the official site of Capital One, and use the auto loan calculator to estimate your payments.

Will the bank give an auto loan on a 1960's car?

as long as you have good credit a bank should give you a loan no matter what it is for.

What happens if I don't repay an auto title loan?

You will lose the car if the Auto title loan is not paid. The lapse in repayment can result in reposession of the car.

Where can one obtain an auto car loan?

One can obtain an auto car loan in a couple of different ways. One way that one can obtain an auto car loan is by visiting a bank, such as Bank of America, and applying for one. Auto car loans can also be obtain by applying for them in places other than banks.

Will a car amortization calculator tell me how much a car loan will cost per month?

You can find a a car amortization calculator at

If I have an auto loan can I get a second auto loan for another car?

Depends on your credit history That would be up to the lender.

Where can information on auto lease takeovers be found online?

You can find information about auto lease takeovers at your local car selling locations like Toyota. If not, you can go to the Autos website to find information about auto lease takeovers.

Are there any benefits to having a GMAC Auto Financing Loan versus having a regular bank car loan?

Yes a GMAC auto financing loan enables customers to buy their car in a more flexible and user friendly way than a regular car bank loan. Interest rates are lower so it should be more affordable.

Where might one apply for a no credit check car loan?

There are a couple options when one is searching for a no credit or bad credit car loans. One should read the information available on Guaranteed Auto Approvals and Valley Auto Loan.

Can you co-sign to lease a car and then get a lease for your own car?

Yes, you just have to remember that you will need sufficient credit to take on a second loan. Even though you are technically not the purchaser, you are still on that lease as responsible for that car in the event your buddy fails to pay. Your second loan/lease will definitely take this into consideration, along with your credit history and score.

Where can someone find a car loan with a low rate?

You can find a car loan with low rates by visiting auto loan companies such as Nation Wide Auto Lending. You can also visit insurance companies such as State Farm for car loan rate quotes.