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Seattle, What's The Difference Between a Loan and a Lease
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(Posted on Sep 19, 2018 at 06:38AM by Patrick Wensink)

Hi Patrick,

I have been dreaming of buying a new Nissan Maxima. I think Iâ€™m finally ready, but I canâ€™t choose between buying and leasing. Whatâ€™s the difference?

-Rashida

Hi Rashida,

Nice! You are going to have a blast with that car. This choice of financing comes down to personal expenses and your plans for the future. Itâ€™s very similar to the difference between buying and renting a home.

Letâ€™s look at this example of a 36-month loan and lease for a $30,000 automobile. First, the regular payment is about double when you buy. After that three year period, while factoring interest, the owner has paid $31,304. The other invested $16,250 over the same span. The big difference is, however, what happens after the time is up. This option means you own the car and never have to put another penny into it.

The second choice requires that you turn in the car for an alternate one and work out a new financial agreement. Basically, it comes down to what you can afford each month. Beyond that, knowing your preferences with this automobile is helpful. Everybody has their own preferences.

Let me know if you have any more questions.