Car Loans and Leasing in Lockport, NY

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Should you get a loan or a lease? We'll help you decide on the right path

In the finance center at Basil Toyota in Lockport, NY, we do all we can to make finding the right car loan or lease as easy as driving a new Toyota. You might already know you want a car loan, or you might have decided you're looking for the best lease available. For many of our customers in Buffalo, NY, you may not feel you know all you want to know about a loan vs. a lease and want some help. Regardless, you've come to the right place.

Basic Facts About Car Loans

Our friendly finance experts at Basil Toyota will tell you a car loan is the most common method people use to finance a new Toyota or a pre-owned car, truck or SUV. With a loan, you're borrowing from a lender and you agree to pay back the loan in what's usually anywhere from 24 to 72 months. The interest rate buyers from Grand Island or Amherst pay for the loan depends on your credit score. But eventually, you can own that car outright.

Some Benefits of Car Loans

When you work through us to get a car loan, you can start to build a share of ownership in that car. As you make monthly loan payments over time, you're building a portion of cash value in the car with your name on it. That's a share of vehicle ownership, and as you keep making payments, you're building up real money you can use to buy your next car. Making regular loan payments also helps Williamsville buyers raise their credit scores.

Some Drawbacks to Car Loans

The main concern many people have about a car loan is that it requires quite a bit of cash upfront in the form of a down payment. True, a lease can also have a down payment - an "amount due at signing." But it's usually not as much as the down payment for a loan. In addition, the monthly payments for a loan are normally higher than monthly lease payments. If those are concerns for our customers in Orchard Park you might consider a lease.

Basic Facts About Leasing Your Next Car

A lease is somewhat more involved than simply renting a car, but it's the same basic idea. Instead of gradually buying a car - as you would with a loan - you're making a monthly payment to use a vehicle for a certain period of time: Usually 36 months. You will need to maintain the vehicle during the 36 months and return it at the end of the lease period. You'll also need to pay for any excess wear-and-tear or excess mileage when you return the car to us.

Benefits of Leasing a Car

The primary reason most people lease is because the monthly lease payments are almost always lower than what you'd pay every month in car loan payments. So if your monthly cash flow is tight, a lease might feel better. Also, if you like getting a new car every 3 years, you can sign a new lease at the end of your 36-month lease period and drive home in a brand-new car. You don't have the hassle of selling the previous car: We handle that.

Some Drawbacks to Leasing

Perhaps the biggest drawback is that you're not building cash value in your car as you are with a loan. If you keep leasing, you won't own a car - you'll keep making lease payments. In addition, a lease is more expensive in total costs and you have an annual limit on how many miles you can drive.

We Can Help With Credit Issues

Whether you decide to apply for a loan or a lease, we can help you with any credit issues you might have. We know anyone can have financial struggles, so we'll help you decide which financial course to take. Then we'll help you qualify for the best available loan or lease arrangement. Visit with us in the finance center soon at Basil Toyota in Lockport, NY and let's find the best way to help you pay for your next car, truck or SUV.

How can we help?

  1. Basil Toyota

    6157 S. Transit Road
    Lockport, NY 14094

    • Sales: (716) 625-8444
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Get in Touch

  • Contact our Sales Department at: (716) 625-8444
  • Monday9:00am-8:00pm
  • Tuesday9:00am-8:00pm
  • Wednesday9:00am-6:00pm
  • Thursday9:00am-8:00pm
  • Friday9:00am-6:00pm
  • Saturday9:00am-5:00pm
  • SundayClosed