Why Lease A Kia?

Lease

Why lease a Kia? Leasing is a type of financing. Is leasing the right choice for you? Take a close look at your budget, lifestyle, driving habits, and credit history before you start car shopping.

 Benefits of Leasing a Kia:

  • Get more car for your money and a lower monthly payment
  • The initial down payment is often lower than with traditional financing
  • Value at lease-end is pre-determined and therefore protects you against devaluation
  • Payment is based on the difference between the car’s price and what it’s expected to be worth at the end of the lease, which is known as the car’s lease-end value
  • The average lease term is three years, so you drive under a full warranty
  • The future value of your vehicle is predicted upfront
  • You have more flexibility in terms of ownership choices at the end of the lease than with traditional financing.

If the stated future value is less than the actual value at the completion of the lease term you can trade and take advantage of any available equity.  You can also walk away and the lender assumes ownership of the loss in equity. You may also purchase the car for the lease-end value.

Leasing has some limitations. The number of miles you can drive per year is restricted on average to 10-15,000. You will pay a fee per mile for each driven over the limit specified in your lease agreement. A lease is essentially a joint partnership with the lender. Since you don’t pay on the future value of the car, if you pay to the completion of the term, you still don’t own the vehicle outright. If you choose to return the vehicle to the lender at termination, it must be in good condition with only the wear and tear expected of a three-year-old car. Any out-of-the-ordinary wear or damage may be charged to you. You need a good credit score to be approved for a lease.

Alternatively, you may wish to consider traditional financing if you are the type of individual who likes to keep a car for a long time, add personal customization accessories, and do not want to be concerned with mileage restrictions.  Most lenders require a 10-20% down payment for loan approval. Remember, in car loans unlike other financing, you only pay for the interest you use. You are not responsible for the full amortized interest. If you pay the loan off early you only pay the principal balance minus any other potential interest charges.

Our Business Manager can help you decide whether a lease or purchase is in your best interests.

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