My Garage

Finance vs Lease



There are a number of things to consider when you are deciding if you should lease or finance a car or truck. A Toyota lease gives you a number of advantages including lower monthly payments over financing for a comparable vehicle, while financing gives you the benefits of owning a vehicle for yourself. What is the difference between financing & leasing?
If you want to lease a car in Edmonton, St. Albert, Stony Plain, Spruce Grove, or Sherwood Park, then get pre-approved for a low percent car lease with West Edmonton Mall Toyota's online car credit application.


Lower Monthly Payments

A car lease will generally give you lower monthly payments and less up-front costs than financing the same model. Even low-percent financing may have higher payments than a comparable car lease.


Upgrade to New Models

You can upgrade to the newest model every few years, often without having to pay significantly larger payments.


Pay Less Tax

When you lease a truck or car, you will typically pay less tax on a lease, as you only pay tax on the monthly payment as opposed to the full purchase price of a vehicle.


A number of options are available at your lease end:

  1. You can buy your vehicle for its purchase price
  2. You can return your vehicle
  3. You can lease or finance another Toyota vehicle
If you choose to purchase your vehicle at lease-end, there are a number of financing options available at West Edmonton Mall Toyota.


When you finance a vehicle, you have the freedom of unlimited kilometers and all the other benefits associated with owning you vehicle, including the ability to equip it with your desired aftermarket accessories.


You gain vehicle equity.


Unlimited Mileage

There are no penalties for excess wear and tear and you are free to drive an unlimited number of kilometers each year.


Lower Carrying Cost

Financing has a lower carrying cost than leasing, as with a lease you are not repaying the entire value of the vehicle.




Lease Finance
Term 48 Months 48 Months
Interest Rate 1.9% 0.9%
Selling Price $18,000.00 $18,000.00
Taxes N/A 900
Selling Price $18,000.00 $18,900.00
Lease End Value $9,000.00 N/A
Base Payment $277.29 N/A
Taxes on Payment $13.86 N/A
Total Payment $291.15 $451.71