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Once you've decided which make, model and color you want, the next question you face is how to finance your car. Should you buy or lease your next vehicle? The buying vs. leasing checklist below will help you decide.
Buy Your Car if You:
Lease Your Car if You:
Plan to own the vehicle for more than five years
Enjoy driving a new car every few years
Plan to continue driving the vehicle after it's paid off and you enjoy the freedom of no car payments
Want a lower monthly auto payment
Will likely drive your vehicle more than 15,000 miles per year
Expect your transportation needs to change within a year or two (EXAMPLES: You expect to have children or you're sending kids to college)
Enjoy customizing your car or truck
Drive 15,000 miles a year or less
Partially use your car for business and want a tax deduction from the lease payments4
A higher rate may apply for not having automatic payments from a U.S. Bank Package Checking Account. Rates as low as 2.24% APR are available for 3-year auto loans $10,000 and higher at 100% loan-to-value (LTV) or less. Rates may be higher for loans to purchase a vehicle from a private party, smaller loan amounts, longer terms, vehicles older than 6 model year, a lower credit score, and/or not having a U.S. Bank personal Package Checking account. Loan fees apply. Loan payment and APR will vary based on the loan amount, the term, and any fees. Origination fees vary by state and range from $50 to $125 or up to 1% of the loan amount. Loan payment example: a $10,000 automobile loan at a 1.43% Interest rate for 36 months with a $125 origination fee will have a 2.24% APR and a $287.49 monthly payment. An early closure fee of 1% of the original loan amount applies if the account is closed within 1 year, with a $50 minimum and $100 maximum. There may be a title registration fee which is determined by your state of residence. Promotion is not valid for refinances of current U.S. Bank auto loans. Offer is subject to credit qualifications. Rates are available for applications taken from July 3, 2015 to July 17, 2015 and are subject to change. Some additional restrictions may apply. Installment loans are offered through U.S. Bank National Association. Deposit products are offered through U.S. Bank National Association. Member FDIC ©2015 U.S. Bank.
Information and interactive calculators are made available to you as self-help tools for your independent use. We can not and do not guarantee their accuracy or their applicability to your circumstances. Using this calculator does not constitute an application for credit, and we are not qualifying you for any credit product. We encourage you to seek personalized advice from qualified U.S. Bank professionals regarding all personal finance issues. For specific tax advice, see a professional tax service provider.