The Loan vs Lease Decision

Should you buy or lease?

It’s a crucial question when you’re deciding on a new car. Learning about each option can help you make the choice that’s right for you.

Buying Your Vehicle

When you buy a vehicle, you take out a loan and your payments go towards financing the total cost of the vehicle. Once you pay off your loan, the vehicle is yours.

Leasing Your Vehicle

Leasing is like a long-term car rental. Your payments let you drive the vehicle, but you don’t own it. When the lease is over, you can return the car to the dealership or buy it for the residual value.

Buying vs. Leasing

The table below outlines the important differences between buying and leasing.

Financing with a loan Financing with a lease
You own the vehicle
You can enjoy a new car every few years
Ideal if you want to keep your vehicle for a long time
Perfect if you like the latest and greatest technology
No concerns about wear and tear
You’re responsible for the vehicle’s maintenance
Drive your vehicle as much as you want
You choose your annual driving distance limits
Customize your ride the way you like
Enjoy lower monthly payments
Because you’re paying for the full price, you might need a longer term
No need to negotiate a trade-in value at the end of your lease
You’re responsible for repairs once the warranty expires
Leases can usually be structured to stay within the warranty period

Still not sure which way to go?

Speak to your dealership. They’ll help you make a decision that’s right for you.

At the dealership

Visit your dealer and ask
for Scotiabank financing

Call us

Still have questions?

1(800) 4SCOTIA