Durham Dodge Chrysler Jeep Ram, Serving the Durham Region for over 20 years. We are proud to serve our friends in Toronto, Pickering, Ajax, Markham, Whitby, Oshawa, Bowmanville, Port Hope and all other surrounding cities. Looking for a new or used car? Give us a call or stop by (877) 999-0525. Located at 799 Bloor St. West, beside the Oshawa GO Station.
799 Bloor Street WestOshawa, ON L1J5Y6
Loan payments contribute to the eventual ownership of a vehicle, while lease payments apply only to the short-term use of a car.
Owning a lease vehicle is possible if purchased outright after the lease period ends.
A typical lease period runs between 24 and 48 months.
Three important factors - adjusted capitalized cost, residual value and the money factor - determine the monthly rate of a lease.
Closed-end leases set a fixed residual buy price at the beginning of the term, while open-end deals base the final buy price on a vehicle's actual market value at the end of a lease.
Pay more money down initially to reduce monthly loan payments. Otherwise, a typical down payment ranges between 10 to 20 percent of the total cost.
Many used vehicles require down payments of at least 20 percent and include interest rates between 9 to 10 percent.
Lease agreements usually limit kilometres from 12,000 to 15,000 kilometres annually. Beyond these figures, fees in the range of $0.10 to $0.25 per kilometer begin to accumulate.
If you plan on customizing your vehicle, you need to finance with a loan. Leased vehicles must be returned under factory specification.