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Buying vs. Leasing at Northbrook Toyota



You've selected your next new Toyota car, truck, or SUV from our dealership in Northbrook, IL. Now you have to decide on a payment plan. The auto finance center at our dealership has lease and purchase options for you to consider, but which option is right for you? Take a look at the detailed breakdown below, and then get in touch with our team through our contact form or by phone at (847) 272-0808 to have your questions answered by a finance expert.

Buying a car versus leasing a car

What is Auto Leasing?

An auto lease plan is an agreement between a driver and creditor for the driver to get a new car while paying for the portion of the vehicle's cost that is actually used. When a lease agreement is started, you're only paying for the miles and wear and tear that are actually occurring.

Auto leasing is a preferred choice for drivers who want to drive a new car every few years, want more flexibility, favor lower monthly payments, and want to avoid a hefty down payment.


Why Finance a Car?

If you're financing a car, that means you're borrowing money from a bank or lender and paying it back over a set period of years. Finance deals typically range from four-to-seven years, and at the end, you own the car outright with zero payments! Financing a car at Northbrook Toyota is the best path to true vehicle ownership.

Auto financing also allows you to personalize your vehicle how you see fit, and drive without mileage restrictions that come with lease deals.


Leasing vs. Financing Comparison

What are the key differences between auto leasing and financing? Read through the table below for a direct comparison between the two types of payment plans.

Auto LeasingAspectAuto Financing

Most last for 36 months, but can vary

Length

The payment schedule typically lasts for five years or longer

The vehicle is under warranty for the life of most lease deals

Warranty

Most warranties expire under finance plans

Doesn't require a large down payment, and zero down payment options are available

Down
Payment

The down payment on a finance deal is usually 10%-20%

Major changes to vehicle aren't allowed under most lease deals

Personalization

You can change the vehicle as you see fit

Most lease deals come with yearly mileage limits

Mileage

Finance plans don't have mileage limits

There are 3 options at the end of a lease deal:

  • Return the car and walk away
  • Trade it in, if there's equity
  • Finance the remaining balance and keep it

When The Payments End

You own the car, or you can trade it in for a new finance or lease deal

Why Choose Northbrook Toyota For Auto Leasing or Financing?

Northbrook Toyota features a massive inventory and a team of dedicated product specialists to help you find the right model for your daily demands, but there is another reason why you should choose us. Pricing!

Why choose Northbrook Toyota for financing or leasing?

Our Toyota dealership features the latest in factory-direct incentives to help you get into a great car, truck, or SUV with a payment plan that works with your budget. Financing and leasing incentives are the best option for any driver looking to save thousands off the MSRP or get a lower lease payment.

In addition to our available incentives and rebates, Northbrook Toyota also offers special pricing on select new models to help you save even more. Check out the current new specials and get into the car, truck, or SUV that you deserve for less!


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Contact

Northbrook Toyota

1530 Frontage Rd
Directions Northbrook, IL 60062

  • Sales: 847-272-0808
  • Service: 847-272-0808
  • Parts: 847-272-0808