Friday, September 19, 2008

A Traditional Auto Loan or a Lease?

I've always been good at counting money but the lack of timely useful information leads to disappointing mistakes. I took out an auto loan for a new Ford Fusion as it attracted me with its improved automatic transmission and increased safety and stylish additions.
Was I doomed to paying back the loan for the next 36 months and overpaying hugely in interest? Was i doomed to having the depreciated car at the end and having to sell or trade it in? That's ridiculous, I wasn't! Had I used a car lease instead of this loan, I would now be saving hundreds of interest and divings towards a new vehicle. It's not a joke. It works just like this. A card lease happens when you rent the car for 3 or more years and then give it back to the leasing company, having paid only 50% of the price of the new auto plus the interest.
Well, may be you won't save very much but paying on a car loan you would definitely overpay. with a car lease, you not only pay back only half of the price, but you also will have your car changed for a new one. No hassle of having to sell or trade in a used car. You'll be able to change cars every 3 years!
Next time, there will be no question as to what type of car financing I should take out.

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