Here’s what you’ll need to open your account:

  1. Your Photo ID (Driver's License, State ID, Passport, Military ID or Alien Registration Card)
  2. Your Social Security Number

How would you like to open your account?

Video Banking     Online

Is Leasing a Car a Good Deal? Or is Buying Better?

Is Leasing a Car a Good Deal? Or is Buying Better?

02/25/2022

You need to get a car. Are you buying or are you leasing? Which option is right for you? Unfortunately, there's no simple answer because it depends on what's most important to you.    

Let's review the pros and cons of leasing or buying a vehicle:    

Pros for Leasing:   

  • Lower monthly payments
  • You might not pay for some mechanical repairs because the vehicle is typically under the manufacturer's warranty  
  • Get a new car every three years   

Cons for Leasing: 

  • Having to come up with a sizeable down payment
  • Paying additional leasing fees 
  • Can be expensive to register a new vehicle 
  • There are mileage restrictions 
  • You don't own the vehicle   

Pros for Buying: 

  • Overall, it will cost less
  • Lower upfront costs
  • Owning your vehicle   

Cons for Buying:   

  • May have a larger monthly loan payment
  • Responsible for mechanical repair costs, unless warrantied  

Overall, it's essential to figure out where your priorities lie and what seems right for you. If lower monthly payments and not paying for repairs are most important, leasing may be best. However, if you'd rather own your vehicle and spend less money in the long run, then buying may be the right choice.    

Still unsure if you’d rather buy or lease? Try a hybrid of both! 

If you're looking for the best of both worlds, then Atlantic's Better Than A Lease, which is a unique hybrid between a lease and a conventional loan, could be right for you. 

How it's like a lease: 

  • Typically, no penalties for early payment and you won’t usually pay charges for normal wear and tear at the end of your term
  • Mileage restrictions to ensure the guaranteed future value (up to 18k/year)
  • Option to give the vehicle back at the end of the term and walk away 
  • Traditionally lower payments and shorter terms

How it's like a conventional loan: 

  • You own the vehicle - it is titled and registered in your name
  • Because of your ownership status, you can trade the vehicle in or sell it privately
  • Offer applies to used vehicles (dealers typically offer it on new)
  • No upfront deposits or payments
  • No prepayment penalties or early termination fees – you can change to a different product or vehicle at any time  

Whichever choice you make, Atlantic Federal Credit Union has the right deal for you. We can put you behind the wheel with mind-blowing Auto Loan Rates on new, used, or refinanced vehicles. Or if you find that leasing is for you, our Better Than A Lease option gives you the lower monthly payments of a lease – without the usual drawbacks.   

Combine all that with our No Pay for 90 Days, Blank Check Approval to give you extra bargaining power, and our wide range of protection plans, and you can be sure you're getting the best deal for your lifestyle and budget. 

View our auto loan rates and apply online or with Video Banking today. 

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend. 

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