Nissan Leasing Vs. Financing – What’s the Difference?

May 18th, 2022 by

nissan car

If you want to enjoy the latest technology and styles of the latest Nissan cars but you’re not ready to commit to the long-term responsibility of owning a car, Nissan leasing may be for you. 

Leasing is an excellent choice for people who do not wish to put up a large downpayment for a car and those who do not have stellar credit. It allows you to enjoy the latest Nissan car and its amazing features while keeping your monthly payments relatively low. 

Here’s what you need to know about Nissan leasing and how it compares to car financing:

Nissan Leasing

Compared to its competitors, Nissan allows you to lease one of its vehicles with the option to buy or return the car at the end of the lease. The payments are typically lower than traditional finance payments as you’re only paying for the car’s value during your lease term. 

Benefits of Nissan’s Red Carpet Lease

  • You have various terms to choose from, including 24 and 36-month leases
  • There are even mileage options to choose from
  • You get ustomizable vehicles (using approved accessories)
  • Lease payment includes only the depreciated value of the car and not its entire purchase value, thus you get lower monthly payments
  • Leases are covered under the general warranty
  • You get the option to drive a new Nissan model every two to four years so you get to enjoy the latest features and car technology
  • You have different end-of-lease options

End of Lease Options

Lease-end options, as mentioned before, include buying the car for the price agreed upon when you signed your lease. Another option is to simply return the vehicle to a dealership near you. Of course, you may opt to lease a new one when your current one ends.

Nissan Lease Drawbacks

  • You are given limited mileage amounts and you’ll have to pay for excesses
  • You will have to pay for any damage
  • Leases don’t build the same credit advantages of financing
  • You can’t customize your car freely

Nissan Financing

If you wish to own a car instead of lease one, you can get a no-credit car loan if needed. Nissan Finance Department offers excellent services and can help you find the right car loan company to meet your needs. Financing allows you to be in control of your car ownership, including how much you’ll be paying a month. You can also opt to sell any time you want or modify the car according to your preference. Best of all, there are no mileage limits!

There are low-interest car loans available even for customers with existing loans. you can refinance your car loan or adjust the contract terms. 

Benefits of Nissan Financing

Here are some of the benefits of financing a Nissan car:

  • You own the car
  • You can sell the car anytime you want
  • There are no mileage restrictions
  • You can personalize your vehicle 
  • There are multiple lenders to choose from

Nissan Financing Drawbacks

  • You are likely to pay higher monthly
  • You need to raise a set downpayment amount
  • Repair costs are high
  • The car’s value will depreciate and you won’t be able to sell it for the amount you bought it for

Conclusion

Both Nissan Lease and Nissan Financing come with their own sets of advantages and drawbacks. It all boils down to your specific needs. If you are someone who likes the idea of being able to change your cars every couple of years and you enjoy new cars, a lease might be the better option for you. On the other hand, if you simply want to own the car you want and do with it what you want, then you should consider car financing. 

You can always drop by a nearby Nissan car dealership if you wish to know more about these two options. 

Morningside Nissan offers various services including finance solutions for those who want to get their Nissan cars in Ontario. Get preapproved today or contact us to know more about your options!

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