Do you want to keep your Toyota lease from Centennial Toyota? If your lease is up and you want to hold onto your Toyota car, financing might be a good next step. Is it the best route for you? Let’s find out.
How Does a Lease Work?
A lease is essentially a long-term rental of a new car. First, you’ll determine a term for your lease, which is the length of time you’ll drive the vehicle. Then, the dealership will establish the estimated value of your vehicle at the end of your term. You’re responsible for covering the depreciation of your vehicle’s value during that term in monthly payments. Once your lease is up, you’ll need to return your vehicle to the dealership.
Is it Possible to Finance a Lease?
You might want to buy out your lease at the end of your term (if your lease allows it). However, that can still be a sizable investment that not all drivers are ready to make. If you don’t have enough money to buy the car outright, you can apply for a lease buyout loan which involves securing a loan to cover the remaining cost of your vehicle.
How Does a Lease Buyout Loan Work?
The process for applying for a lease buyout loan is not unlike applying for a lease. Our financial team will start by collecting your basic buying criteria. Then, we’ll submit the info to the lenders we work with to find attractive loan terms for you. You’ll be responsible for paying the loan back over time; but this time, once you’ve paid off the loan, the vehicle is yours.
Still have questions? The experts at our Las Vegas auto finance center are happy to help. Reach out to our team with any questions or stop in and see us. We look forward to chatting with you soon!