New Chevrolet Equinox Lease Specials & Finance Prices

What is a Lease?

Leasing is similar to renting a car, with a term that usually lasts between 24 or 36 months, though it can sometimes be for less or more time. In the case of a lease, instead of paying off a car, you only pay for the amount of depreciation that is expected to occur during a set period of time. Often, you are expected to put down a deposit on a leased car, but that may depend on the dealership. Some benefits to taking advantage of our Chevy lease deals in New Jersey are as follows:

Benefits of Leasing a Chevy Equinox

• Your monthly lease payments and overall monthly cost may be lower than a traditional financing loan.
• You don’t have to go through the hassle of selling the vehicle once your lease ends.
• The contract terms for leasing are typically shorter than a car loan.
• You can turn the vehicle in at lease end and get a new vehicle.

Cons of Leasing a Vehicle

• You don’t own the vehicle.
• There are annual mileage limitations.
• There may be a penalty if you terminate the lease contract early.
• A lease agreement is a binding contract.
• A lease agreement, once signed, becomes a legally binding agreement between you and the car leasing company. In return for the use of the car for a specific period, you agree to make a monthly payment. If you break that contract by failing to make a payment, you are expected to return the car.

What is Capitalized Cost?

This is the ultimate price of the car. This price is normally fixed, but you can still negotiate it downward with many dealerships. A lower cap cost means you will be paying lower monthly installments. You can also get cap cost reductions, which are special lease deals from automakers.

What is Residual Value?

The residual value—also called salvage value—is the predicted value of what a car is worth at the end of the lease agreement. It is essentially the estimated value of a car at the end of its lease term or useful life. Typically, this value is used to understand the number of monthly payments the lessee will make during the life of the lease period.

What is Traditional Vehicle Financing?

With traditional financing, you’re required to make car payments to eventually own the new or used Sewell Chevrolet vehicle you bought. Once the car is fully paid off, you will own it and be able to put the vehicle’s remaining equity towards the purchase of a new vehicle. If you don’t feel like trading in, you can choose to continue owning the vehicle and take advantage of lower ownership costs since there’s no more payments to make.

Benefits of Financing a Chevy Equinox

• Once the vehicle is been paid off, you own it.
• Unlike a lease, you don’t have to return the car.
• You can drive as much as you want; no mileage restrictions.
• Once your car is paid off, you can use it as an upfront payment.
• You can sell your car privately.
• You can customize the vehicle with no restrictions at lease turn-in.
• You won’t have to make payments when the loan is paid off.
• Financing is easier than leasing.
• Refinancing a vehicle loan can save you money.
• You decide if you want to fix the vehicle or not.

Cons of a Vehicle Loan

• As with any loan, there will be an interest rate where you will have to pay interest.
• After paying off the car, there could be increased maintenance costs due to the age of the car.

What Are Some Finance Advantages?

You Own the Car

Once your vehicle is paid off, you will own it. With financing, the bank technically owns the title while you’re still making payments on your car. It isn’t until your vehicle is paid off that you actually own your vehicle outright.

There’s No Mileage Cap

A big benefit of financing your car is the lack of a mileage cap. Beyond the costs of fuel and maintenance, there is no financial penalty for driving long distances, which means you can embark on those spontaneous adventures and long road trips in Glassboro without worry.