When you started your Mazda lease, you may have had no interest in buying a car. But now that you’ve been leasing it for a while, perhaps your feelings have changed. Maybe you love your vehicle and don’t want to turn it in or owning now makes the better financial choice. Whatever the situation, it is possible to stop leasing and start financing, and you have a couple of ways to do this.
Wait for the Lease to End
If your lease doesn’t have too much longer, you may just want to consider waiting for it to expire. At that point, you can apply for a loan to purchase it. Once approved, it’s just a matter of setting up a monthly payment plan.
End the Lease Early
If you can’t wait until the lease ends or don’t want to, you will be able to take a buyout. This can be, however, kind of an expensive proposition. In addition to an early termination fee, you may still have to pay for any remaining lease payments.
Making the Best Choice with Your Lease
If you know you want to own your car but aren’t sure about the action you should take, think about your finances. If the lease payments aren’t breaking the bank, the best thing to do could be to wait until the agreement ends. If, however, you think that it makes more sense to own the car, you’ll want to contact your dealership to learn about the buyout process and what expenses this would involve.
To get all of your leasing vs. buying questions answered, feel free to get in touch with Patrick Mazda.
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