How to Finance a Car Purchase
Financing a car purchase is a type of lease alternative loan. Learn more about how you can finance a lease.
Read MoreLease Alternative Loan
Drive the vehicle you want with lower monthly payments.
Are you being forced to compromise on your dream car just to fit your budget? If so, our Lease Alternative Loan might be the solution you need! This loan offers low monthly payments with no down payment required. Plus, unlike leasing, the vehicle is titled in your name, meaning you actually own the car.
You Own It
Unlike a lease, you are the titled owner of the vehicle. and can sell it back once the balance is paid off and contract obligations are met.
Lower Payments
Enjoy lower payments than traditional financing (based on the difference between the residual value and total amount financed) on similar-term loans.
No Hidden Fees
Experience the convenience of no up-front or early termination fees and no additional insurance premiums to worry about.Fees apply if member chooses walk away (turn in) option
Payment Example 2022 Ford F-150 Super Duty
| Lease Alternative Loan | Traditional Loan | |
|---|---|---|
| Loan Amount | $60,000 | $60,000 |
| Loan Term | 60 months | 60 months |
| Guaranteed Future Value | $21,518Residual value determined at time of origination. | N/A |
| Monthly Payments | $920Payments 1-47 are $395 with a final payment of $10,025 if member chooses to keep vehicle. | $1,176 |
Other Great Benefits
No Down Payment
Hooray for no down payments! Unlike most leases that require a downpayment, the Lease Alternative Loan doesn’t. Pretty cool, right?
No Security Deposit
Unlike most leases, there’s no security deposit required with the Lease Alternative Loan. It’s one less thing to stress about!
You Own It
Enjoy more control over your vehicle since it’s titled in your name, giving you greater flexibility throughout the loan and at the end of it.
No Early Payoff Penalty
Since you’re the owner, you can pay off the loan, sell the vehicle, or use it as a trade-in anytime without significant penalty for early termination.
No First & Last Payments
Good news! With the Lease Alternative Loan, you don’t have to make first and last payments at the time of loan disbursement like many leases require.
Mileage Options
Choose a 12k, 15k, or 18k miles per year plan that suits your needs. Excess mileage is only $.10 per mile, much lower than a lease that costs up to $.25 per mile.
No “Back End” Surprises
Rest assured that there are no hidden fees associated with this loan, either during the term or at the end if you choose to return the vehicle. Unlike leases which often have unclear excess wear and tear clauses.
Local Return Option
Say hello to flexibility. If you move during your loan term and you want to return the vehicle, you can do so wherever you are. There’s no need to return it to the original dealership, like with most leases.
Private Auto Insurance Flexibility
Choose the private auto insurance coverage that suits your needs. No more being limited by someone else’s insurance requirements.4
Realistic Residual Value
The Lease Alternative Loan uses standard industry residual values. The residual value is not inflated to arrive at an arbitrary lower payment. This means if you elect to keep the vehicle upon loan termination, you will not have to pay an inflated price to pay off the loan.
