Leasing is an underrated and underutilized mode of taking home a new Ford vehicle from us at Bill Colwell Ford. Because it’s less common than taking out an auto loan, car leasing often brings forth questions from customers.
Knowing that, we decided to put together a few FAQs for those who’d like to know more about leasing.
Q: What’s the Difference Between Leasing and Taking Out a Loan?
A: There are a lot of differences, but the biggest is that leasing works a lot like a long-term rental. Drivers return the vehicle at the end of the lease period, while financing results in ownership of the car.
Q: Does Leasing Save Money?
A: It depends on what kind of customer you are. Drivers who like to switch out cars for something new every few years will absolutely save money by leasing since the monthly payments are almost always lower than standard financing. Of course, drivers who want to keep a vehicle for years after the loan is over can also save money, as those payments do eventually end.
Q: What Are the Limitations of Leasing?
A: There are yearly mileage limits and wear-and-tear fees. Many leases come with a threshold of 12,000 miles/year, but you can discuss specifications with your Ford dealer. Some wear is to be expected with driving a car, but if it’s deemed excessive (such as dings or stains), charges can be applied.
Contact Our Ford Dealership Today!
If you’re interested in learning more about leasing, give us a call here at Bill Colwell Ford or pay us a visit! As your Ford dealership serving Hudson, IA, we love finding the right financing for our customers. For many drivers, that means a Ford lease!
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Finance