Are you looking to purchase a new or pre-owned vehicle but need financing? While we here at the Acura of Memphis financing department know that this is a common issue for many, we also believe that you're an individual with your own unique set of circumstances. This factor is why our auto financing department is a choice destination in the Memphis area. Our professionals are here to better understand every client's unique and specific situation and develop a financing option catered to each individual.
The financing professionals here at Acura of Memphis take exceptional care in order to get you the most affordable rate possible on a car loan or Acura lease. Our team will collaborate with you to create a payoff period that doesn't spread you thin.
To learn more about Acura of Memphis financing options for new Acura and used car models (e.g., the TL, TSX, MDX, RDX and ZDX), contact Acura of Memphis today. Or, visit us in person. We're conveniently located at 2611 Ridgeway Rd Memphis, Tennessee.
2611 Ridgeway Rd
Ridgeway @ 385Memphis, TN 38119
Loan payments contribute to the eventual ownership of a vehicle, while lease payments apply only to the short-term use of a car.
Owning a lease vehicle is possible if purchased outright after the lease period ends.
A typical lease period runs between 24 and 48 months.
Three important factors - adjusted capitalized cost, residual value and the money factor - determine the monthly rate of a lease.
Closed-end leases set a fixed residual buy price at the beginning of the term, while open-end deals base the final buy price on a vehicle's actual market value at the end of a lease.
Pay more money down initially to reduce monthly loan payments. Otherwise, a typical down payment ranges between 10 to 20 percent of the total cost.
Many used vehicles require down payments of at least 20 percent and include interest rates between 9 to 10 percent.
Lease agreements usually limit mileage from 12,000 to 15,000 miles annually. Beyond these figures, fees in the range of $0.10 to $0.25 per mile begin to accumulate.
If you plan on customizing your vehicle, you need to finance with a loan. Leased vehicles must be returned under factory specification.