What are some benefits to leasing?
- You don’t have to worry about future value or owning the vehicle for an extended period of time; smaller monthly payments; and the up-front costs are minimal.
Why the Velde Finance Department is Pekin’s Auto Loan Headquarters:
- Comfortable Atmosphere: Financing a vehicle can be stressful. With our friendly and enjoyable atmosphere, we make you feel at ease.
- Great Finance Connections: Our close relationships with financial institutions guarantee you a new or used car loan – no matter your credit!
- Fantastic Customer Service: The way we treat our customers is unparalleled – we genuinely care for you and your vehicle.
- We’re Here For You: If you have any questions or concerns, our financial experts are always available to help you.
Should I Buy or Lease? | New Ford Leasingj Guide
Deciding whether to buy or lease is a personal decision. We often encourage our customers to lease new Ford vehicles because it almost always is a cheaper alternative to buying.
To help you make your choice, here are a few things to consider:
Future Value. If you lease a Ford vehicle, you won’t have to worry about the future value. This is because you won’t need to sell your vehicle, since that is the duty of your financial institution.
However, you will be required to stay within mileage limits and maintain the vehicle with regular auto service. If you don’t follow the guidelines put in place by your lender, you will most likely have to pay fees when you turn the vehicle back in.
If you purchase your vehicle, the future value will be whatever you can sell it for. This depends on how well you maintained the vehicle and how much the buyer is willing to pay for it.
Up-Front Costs. Whether you lease or buy a vehicle, you may be required to pay a down payment by your lending institution. You will have the option to trade-in a vehicle or use equity to lower your down payment.
As for the amount you’ll have to pay, the down payment will vary depending on your lender’s requirements and your credit score. All that your lender may require you to do is pay the first month’s payment, a security deposit, the acquisition fee, and other fees and taxes. However, this varies depending on your lender.
As is the case with any major purchase, you can lower your monthly payment with a bigger down payment.
End of Payments. When you purchase a vehicle, it is 100% yours when you’ve made the final payment. You’ll receive a Lien Release from your lender when they’ve received your last payment. This will be your proof that the vehicle is completely yours.
If you lease a vehicle, you’ll return it once your lease agreement has expired. You’ll be given the option to purchase the vehicle at the end of the lease. However, most lessees opt to turn it in for another vehicle.
Vehicle Ownership. You are the sole owner if you decide to buy the vehicle of your choice. No matter if you finance the vehicle or pay for it in cash, you are the owner.
If you do decide to finance the vehicle, it will belong to you. However, you’ll be asked to meet obligations set in place by your lender, i.e., monthly payments. If you don’t meet these obligations, the lender will repossess your vehicle and it will no longer be yours.
Should you decide to lease the vehicle, it won’t belong to you. Instead, it will belong to the financial institution that your lease is through. With a lease, you will pay less per month. You’ll also be able to turn it back in to the lender once your lease agreement as expired.
We always want our customers to be informed and comfortable at our dealership, which is why if you have any questions about buying or leasing, we encourage you to contact us. We genuinely care for you and your vehicle and your complete satisfaction is our end goal.
Let our team help you today, and together we can make a generally overwhelming process into a breeze.
Our Finance Department can be reached by calling (888) 221-2804.