Overhaulin'

Is it easier to buy a car or lease a car ?

I have just been approved to lease a 57,000$ Lexus suv but I have to trade in my car and put 14,000$ down . My question is am I likely to get approved to buy it with my car being traded in and 14,000$ down (could put a 5,000$ more down if needed) because I really want to buy not lease ?

Public Comments

1. Why don't you shop for a loan at your bank or credit union? The dealer will still take your trade-in.
2. It would be easier to buy a different vehicle, one that costs under $19,000, and put down the entire cost, so that you do not have to apply for financing.
3. Leases are easier to qualify for, because the lease payment is always lower than the purchase payment. Being as you are willing to put 1/3 down, the chances are better than not yo uwill be approved. The mitigating factor will be your income, your credit score, and your total monthly debt service. You should ask the following questions however of the dealer. What is annual % fee the loan is? What is the annual % fee the lease is determined on? (Do not accept an answer that does not answer the question. All leases are determined on an APR. They may not want to tell you however) Once you know what the CAPITALIZED AMOUNT on the lease is, and the purchase value at the end of the lease, you can make the intelligent choice: Buy now or Lease and then buy at the end of the lease. Many times it behooves you to lease, and then purchase the car at the end of 36 months.
4. No You would need decent credit either way, especially for such an expensive car. The only difference between leasing is the down payment and payments might be less, so it might be easier to qualify because of the payments not being as much as if you were buying it. Leasing a car is not a wise financial decision though. If you cannot afford to finance the car for 3 to 4 years, then, you cannot afford that car.
5. DO NOT DO THIS!!! anyone who leases a 57,000 dollar car is an idiot, once the lease is up you have to turn it back in and you lose every dollar you put towards it. leasing a car is the worst thing you can do.
6. Putting a large sum of money down is like flushing your money down to toilet. Downpayment for a 60k car doesn't cost more than 5k in most cases depending on one's credit. With great credit, always negotiate a lower or zero down payment. In your case shop some local bank for a car loan. That will be your best bet.