Helpful Financing and Leasing FAQ from Berkshire GMC
We are asked all the time, what is the difference or advantage to leasing a vehicle, or is financing a better option for me? This is our best advice on that;
If you are the type of consumer that likes to change vehicles every few years (24-48 months on average), drives between or under 10,000-15,000 miles per year, and keeps the exterior and interior modification free, with little to no damage, leasing may be an interesting option to consider. A good to excellent credit rating is required in most cases. If you plan on using the vehicle as an Uber, etc., that can sometimes become a liability problem with the lease company, and should be explored before you sign your documents. Leasing will allow you to work with a smaller down payment if that helps in your current situation, but, you are able to tailor and use more money down to lower the monthly payment for your individual budget. There are fees needed to drive away in most cases, depending on your state and motor vehicle requirements. Some states do allow you to roll in or apply required fees into the lease payment, that should be discussed up front also. We do explore all options and lease incentives you may qualify for that will match your vehicle, and individual circumstance, and get that approved from GMC. Last, and an important thing to consider, it is difficult and expensive to terminate or end a lease early, the window is normally within the last 6 months of your term, but that can vary by vehicle, and available incentive programs, at any time.
With a financed vehicle, the quick answer is you are not required to limit miles, modifications, use, wear and tear, and at the end of your term, you own the vehicle free and clear. In most cases, with a viable down payment, the vehicle can be traded in at any time, there may be equity you can use for a down payment to purchase your next vehicle, and last, if you decide to sell the vehicle on your own for maximum value, that is your decision and advantage. Also, you can qualify with a slightly lower credit rating for financing, and with most lenders, you can have a term up to 72-84 months, with no pre-payment penalty.
Lenders / Process
We currently work with GM Financial, Greylock Fed. Credit Union, and Ally Bank. With the current rate climate, we see rates from approx. 3-3.99% on average, for terms from 48-84 months. We always explore all factory options, special rate offers (like 0% for a specific term program), and in many cases, there may be a GM Financial Down Payment program, for example, $1000 available to qualified consumers approved and financed through GM Financial, on specific models, at any time though out the year. We can tailor any finance or lease payment to your individual circumstance, and handle all paperwork quickly and easily at our dealership. For our out of area, or out of state clients, we can prepare all paperwork, send FedEx, and have everything ready to go when you pick up your vehicle.
One last comment that is super important; ALL our financing, credit applications, and paperwork are prepared online, using 100% secured forms and websites, directly from our lenders, for you piece of mind. If you have any questions, would like to discuss in more detail, get a payment quote, or apply for financing or leasing, please contact us directly to discuss.
Thank you for taking the time to review, and we hope this was a helpful and informative. The Berkshire GMC Management Te