We here at Spokane Hyundai always want to help you secure a great deal on a new Hyundai model or used car. That’s achieved with the expert assistance of our auto finance center to guide you throughout the financing process from beginning to end. After you’ve chosen a new car, we’ll crunch the numbers to ensure that you’re receiving the lowest possible price on your next car!
Our team of seasoned experts will highlight the benefits of buying vs. leasing before helping you obtain a low-interest loan or competitive lease rate. With our assistance, you’ll have no trouble determining a lease or loan solution that fits neatly into your budget. In fact, it’ll be just a matter of time before you take the keys to your new car!
You can also begin the financing process from the comforts of home. Take the time to fill out an online financing application to receive credit pre-approval in mere minutes. Then, you can set a reasonable budget and begin shopping for your next car.
It’s plain to see that we’ve made auto financing a simple and stress-free experience for our valued customers throughout Spokane Valley, Liberty Lake, Cheney WA, Coeur d’Alene ID and Post Falls ID. If you’re interested in learning about auto financing, take the time visit Spokane Hyundai where we’ll answer your question and get the paperwork started today!
Leasing refers to hiring a car for an extended time frame. Unlike purchasing a car, you only pay for interest plus fees and the decrease in value during the lease term. In some instances, a down payment is not required, and the lease term includes payments made in equal monthly installments, referred to as the money factor.
Some dealerships offer closed-end leases, which means you pay off the residual value before being given the leased car. The residual value refers to the expected value of the vehicle after the lease term is over. Most lease terms in Washington range from two to three years but a lease agreement can be valid for any period.
The capitalized cost refers to the set price for the vehicle. It can be fixed if the automaker sponsors the lease. However, if the car dealership sets it, you can bargain for a price decrease. If you get a price decrease, it is referred to as capital cost reduction.
The cost of the leased car is equal to the capitalized cost subtracted from the residual value. You may also pay for registration costs just like you would if you bought the car besides other interests plus fees. The drive-off costs include the lease fees, registration fees, down payment, and any security fees incurred.
This involves bargaining for the vehicle you opt for, and afterward, you cater for the costs with a car loan, excluding the down payment and trade-in costs. For buyers who have no trade-in or down payment, you will pay for the cost price and the car loan interest fees.
After loan application and approval, your lender sends you the funds to purchase the vehicle. Your auto loan period may last for a few years to five years or more. It’s essential to note that a longer period can help you get affordable monthly payments. Auto loan lending facilities include finance companies, banks, and credit facilities.
The loan balance is paid in equal monthly installments plus interest. Your car dealership keeps the car title until you complete the loan payment for the car financing option.
There are several advantages associated with car leasing. They include:
After your lease term is over, you don’t have to stress about trading in your vehicle or selling it in Washington. You may take it back to your car dealership, and if you exceed the set mileage limit or damage it, you will incur extra charges. You also don’t have to worry about the vehicle’s value since the residual value was set from the start of the lease term.
In most cases, your car dealership caters to warranty-covered servicing and maintenance. However, if you damage the leased car, you will incur repair costs. If you exceed the mileage limit, you may also cover maintenance costs. Some leases may also include regular maintenance, which you pay in your monthly lease installments.
You will probably incur lower monthly payments than buying a vehicle. It is because you pay for the depreciation cost of the vehicle rather than the total price of the car. You may also get a better car or a higher trim, since the leasing installments are lower than they would be when buying on loan.
Some leases may have lower down payments than buying a new vehicle in Washington. You may bargain for a minimal upfront amount too. If you incur a hefty down payment and your car is stolen, for instance, you lose the amount.
Buying a car is advantageous for several reasons because:
If you buy a vehicle on a car loan, you have no set mileage limits like leasing a car. If you drive for a long mile range around Washington, buying a car is the preferable option for you.
If you buy a vehicle in cash, you own it within no time. Also, if you are buying the vehicle with an auto loan, no limitations are placed, even though the dealership holds the title until you complete the loan payment. Every loan payment increases the equity rate while it reduces the interest fees.
If your equity gains outdo depreciation, you gain positive equity in turn. Incurring significant upfront fees and choosing shorter loan repayment terms maintain the positive equity.
You can get funds to purchase your next vehicle from the positive equity gained while paying for the auto loan of your current car. You can do this by trading it into your dealership as upfront fees for your next car or solely selling it.
It is simpler to get an auto loan, unlike a car lease. A car auto loan also has relatively lower credit score requirements. It is essential to have a pre-approved offer before going to a car dealership. Afterward, the experts at the dealership may find you a loan offer that is lower than yours.
At Spokane Hyundai, Washington, our finance experts will assist you in your quest to buy or lease a car. We have various programs to help you buy your dream Hyundai and begin developing your credit score regardless of a poor credit score or no credit.
You can begin your financing process from your home by filling an online application and getting pre-approval in a few minutes. Afterward, you can set a realistic budget and begin shopping for your next car. You may also contact us if you have any queries, and our auto financing team will guide you.