Honda Queensway’s expert financing team is happy to guide you through the entire financing or leasing process, and we can even help you choose the right option for you. When you visit our financing department, you will find the expertise you have been looking for and receive the help you need.
Differences between Leasing and Financing
Here are some key differences between leasing and financing your new Honda vehicle.
Ownership:
- Leasing: You don't own the car; you're essentially renting it for a specified period.
- Financing: You're paying to own the car, and at the end of the loan term, it's yours outright.
Monthly Payments:
- Leasing: Typically lower monthly payments since you're only paying for the car's depreciation during the lease term.
- Financing: Monthly payments are generally higher because you're paying off the entire purchase price.
Mileage Restrictions:
- Leasing: Has set mileage limits, and exceeding them could result in additional fees.
- Financing: No mileage restrictions since the car will be yours.
End of Term:
- Leasing: At the end of the lease, you can return the car, buy it, or lease a new one.
- Financing: Once you've made all payments, the car is yours with no further obligations.
There are several advantages to either option and various features to consider. For starters, if you hope to change your vehicle in two or three years, don’t drive over 25,000 kilometres per year on average, and don’t want to worry about depreciation, a lease is probably best for you. If you’re going to keep your Honda for more than five years, drive a lot every year, and want to enjoy better interest rates (generally), then a financing plan is probably best. Visit us today and let us help you choose the best option.
