Common MAZDA Lease Terms
Leasing is a great way to upgrade your vehicle more regularly while lowering your monthly payments. However, a lease can seem more daunting than financing a new vehicle, and there are a few Mazda lease terms you need to be aware of. Here at Peruzzi Mazda, we are here to help with any other questions you might have.
Lease Length
One of the first things you’ll have to decide on when leasing a new Mazda is how long you want to drive it. Lease lengths generally range from 24 to 60 months. This gives several options for when you expect to upgrade to a newer vehicle or potentially buy out your leased vehicle.
Lease Mileage
Similar to length, mileage is an important consideration. Since you aren’t buying the vehicle, the number of miles you expect to put on it can be a major factor in how much your monthly payments will be. The big caveat to this term is that it can come with penalties if you go over, typically per mile above your limit.
Trade-In and Down Payment
The terms of your contract will include the interest rate and total amount you’ll pay over the length of your lease. These can be reduced with a larger down payment or by trading in a vehicle when you sign your lease. This is the best way to reduce your monthly Mazda payment.
Gap Insurance
Leasing a vehicle means you’ll need to maintain full insurance coverage with an optional gap insurance policy. Gap insurance helps you pay off your loan in the case of a stolen or totaled vehicle, covering the difference between what your car is worth (and how much you get from the insurance company) and how much you still owe on it.
Lease-End Options
The final thing to know when looking over your lease terms is what happens at the end. Most leases give you the option to buy the vehicle you are leasing once the lease is over. You can also return it, or extend the lease.
MAZDA Leasing in Fairless Hills, PA
If you believe leasing is the right option for your, stop by our Fairless Hills, PA, Mazda dealership. The team at our Mazda finance center can answer any of your questions and help get you started on your new Mazda lease. We look forward to helping!