Exploring Your Lease Buyout Options
Perhaps a few years ago, because of not having a downpayment, not enough credit, and the economy being in a rough place, choosing a lease was the best decision for you at the time. Now you’d like to purchase the vehicle you’ve been driving. Alternatively, maybe you’re about to take on a new lease but aren’t sure yet if you’d be ready to purchase a vehicle in a few years and want to know what options will be available to you at that time. The question is, can you finance a car after a lease? At Floyd Chrysler Dodge Jeep Ram, our financial professionals are ready to help you explore all financing options available for your situation, making personal transportation as accessible as possible.
Can You Finance a Car After a Lease?
Whether the option to finance a car after a lease is available is dependent on the clauses within the lease agreement. If a driver wishes to buy the car they’ve been leasing, they should find the signed lease agreement paperwork and examine the details about the methods by which they can acquire the vehicle. It’s a fairly common standard that lease agreements include details about how to transition leases into financing either during the lease period or after. Buying a car during the lease is likely to accrue early buyout fees, penalties, and regulations, however, waiting until the end of a lease term can make the process more affordable for those wishing to buy. The option to buy out the vehicle is almost always present during the lease, but if you want to save money, wait until the very end to process the conversion.
Can You Switch From Leasing a Car to Financing?
Choosing whether to switch from leasing a car to financing depends on personal circumstances and reasons. You can finance a lease buyout, however it is recommended that you only do so during the lease if it’s vital to your situation. This can be determined by working directly with the original dealership with which the lease deal began, and then they can provide you with a buyout price for the lease that includes the necessary fees. Additionally, a financial specialist helps determine the overall cost of the new monthly payments and term length to adjust to your financial situation and may be able to help you save money by providing a lower interest rate, given that you’ve made all previous payments on time.
Starting the Buyout Process
If you’re interested in pursuing a lease buyout, you can finance a car after a lease for a lesser penalty or wait to buy until the end to save money. At Floyd CDJR, our financial experts are ready to help you determine the best method of ending your lease and exploring the options available for financing your vehicle. They can answer any questions, review your credit, and process the transaction at your earliest convenience. Visit us today in Floyd, VA, and we’ll help you navigate lease terms and buy your next vehicle!
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