Not all leases are the same. In fact, there are several types you might consider if you choose to go down this route. One type of Lexus lease is something called a 1Pay lease. While the name gives away a good deal of what it does, there are some special considerations for car shoppers choosing this option.
Definition of a 1Pay Lease
Rather than tying the lessee up in monthly payments, a 1Pay lease lets you pay the total lease cost in a single payment. It’s more money at once but saves you money longer-term because you’re not paying two or three years’ worth of interest. However, it is still a lease, so the usual terms and conditions for duration, mileage, and wear still apply.
Why Choose a 1Pay Lease?
There are three compelling reasons to consider this lease type.
1. It’s Less Expensive Than a Regular Lease or Loan
Without the interest building up over time, this makes a 1Pay lease far cheaper than the alternative. Leases are also less expensive than car loans, even accounting for a single payment.
2. There Are No Monthly Payments
You don’t have to worry about making each of your payments throughout the lease terms.
3. It’s Easier to Get Approval
This could be your best option if you have any black marks on your credit score. Without long-term interest payments to worry about, getting approval is easier for this type of lease.
Discuss a 1Pay Lease at Our Van Nuys Lexus Dealership
The best way to see if a 1Pay lease is right for you is to visit our Keyes Lexus and speak with our Lexus finance professionals. We can work through what you could save by going this route and explain the key advantages and disadvantages. We look forward to helping!
