Leasing & Financing Options at Hyundai of Palatine

Leasing & Financing Options

Want to know whether leasing or financing is right for you? The experts at Hyundai of Palatine have all the information that you could need to make a confident decision today. Learn more about each option’s benefits and which one best fits your lifestyle and needs. 

The team at Hyundai of Palatine wants to get you set up with the plan that makes the most sense for you, so you can look forward to enjoying your dream car. Take a look at the advantages and disadvantages of each option, and don’t forget to check out the monthly lease and finance specials to take advantage of the latest offers. 

 

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Lease a Hyundai

Hyundai of Palatine offers several leasing options that allow you to decide how long you want to drive a particular vehicle, or how frequently you want to switch to a newer model. Leasing is a great option for those who want to enjoy and become acquainted with the newest technology features and performance enhancements without making a long-term commitment. For more lease-specific information and FAQs, check out our Lease Return at Hyundai of Palatine page. 

Finance a Hyundai

Financing allows you to make a long-term investment while working towards a final payment at a steady rate. It also helps you build equity in your vehicle with each payment. Our team at Hyundai of Palatine is ready to work with you to find a loan that fits your budget and lifestyle. Read below to learn more about the benefits and disadvantages of leasing and financing. 

Leasing vs Financing

The team at Hyundai of Palatine knows that the decision to lease or finance is greatly dependent on your financial and personal lifestyle. Most customers base their decision on what the monthly payments are for each option, as well as how long they are planning on keeping the vehicle. Below are some examples of what to consider when choosing between le

Leasing Benefits

  • Lower down payment
  • Lower monthly payment
  • Opportunity to drive a new car every two to three years
    • Enjoy the newest technology and features
  • Factory warranty to cover major repairs
    • Lower overall maintenance cost
  • Ability to choose a newer or different model at the end of lease
    • Easier trade-in process

Leasing Disadvantages

  • Mileage limitations.
  • No alterations allowed.
  • Wear and tear may cost you. (when turning in lease) 
  • Not an asset like a financed car.

Financing Benefits

  • Less worry about your vehicle’s condition
  • No limit on mileage
  • Full ownership of your vehicle
    • Ability to customize and make your vehicle your own
    • Can be sold whenever
  • Factory warranty to cover major repairs

Financing Disadvantages

  • Higher monthly payments.
  • Higher down payment.
  • Higher repair costs. 
  • Vehicle depreciation.

Leasing & Financing FAQs

Financing a vehicle means that you are taking out an auto loan to help you eventually buy the car, leasing is renting your vehicle generally for a one to two-year term.

In the last six months of your lease, it may be time to consider what you want to do next. You have four options when your lease term is ending:

  • You can lease a new Hyundai
  • Purchase a new Hyundai
  • Purchase your currently leased Hyundai
  • Walkaway hassle-free after your inspection

The lease-end process: 

  1. Scheduling your inspection.
  2. Review and make possible repairs.
  3. Make an appointment at a dealer.
  4. Complete a federal odometer/lease termination statement.
  5. Pay any lease liability fees/charges.
  6. Pay any additional charges.

When you finance, you will receive your title, lien release, or a letter from us indicating your lien has been released electronically after your final payment has been processed.

After your lease is done, you may purchase your lease vehicle or return it to your Hyundai dealership, at which point you may choose to purchase or lease a new Hyundai.

If you are planning to drive your vehicle for business purposes, a portion of the car’s depreciation and lease payments can be deducted from your taxes. Check with your tax adviser to learn more about the business vehicle tax deduction.

When you are leasing a car you will pay less for sales tax. When you purchase a car you pay sales tax on the total amount upfront or rolled into your loan. When you lease you pay sales tax only on the portion of the car you finance.

Hyundai of Palatine is located at: 221 E Lake Cook Rd • Palatine, IL 60074
Hyundai of Palatine 42.152894, -88.036993.