Is leasing right for you?
Although most Australians prefer to buy their vehicles outright, not everyone can afford to do so. And that’s when the decision to lease or buy comes in.
With a car loan, you’ll take ownership of the vehicle at the time of purchase. You then make a set number of repayments over the term of the loan – usually three to five years. Once your loan is paid off, you own your car outright.
Leasing lets you use the vehicle – not own it
When you lease a car, you’re paying for the use of the vehicle over a set term. Broadly speaking there are two main types of lease:
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