At Santander Consumer USA (SC), we make auto financing simple by working directly with trusted dealerships to offer flexible financing options for car buyers like you. Whether you’re buying your first car or upgrading to your next one, we’re here to help you navigate your financing options with confidence.
Buy vs. lease: Which one is right for you?
Buying might be right for you if…
You want to keep your car long-term.- You drive a lot and don’t want mileage restrictions.
- You want full control over maintenance and modifications.
Leasing might be a better fit if…
- You like driving a new car every few years.
- You’d like the potential for a lower monthly payment.
- You don’t want to worry about long-term maintenance costs.
Buying and leasing both have their advantages, so how do you decide? The right option depends on factors such as your budget, driving habits and future plans. We’ll walk you through the key differences so you can make the best choice. Click the arrow on the right of the chart for more information.
You own the car 
When you buy, the car is yours once it’s paid off. With a lease, you return it or buy it at the end of the term.
Lower monthly payments
Leasing typically results in lower monthly payments. Buying could potentially cost more each month, but you are building equity.
No mileage limits
Buying lets you drive as much as you want. Leases have mileage limits, and going over can cost extra.
Modify or customize the car
Buying gives you the freedom to customize your car anytime. Leased cars have limits on modifications.
Repairs with warranty coverage
Leased cars are usually covered by a warranty during the term. When you buy used, you are responsible for repair costs once the warranty expires.
No payment after loan is paid off
When you buy, you own the car outright after the loan ends. With a lease, payments stop only when you return the car.
Easier to drive a new car regularly
Leasing makes it easy to switch to a new car every few years. Buying is the better option if you plan to keep your car long-term.
Sell or trade anytime
When you buy a car, you have the flexibility to sell or trade it whenever you choose, but there could be penalties. Leased cars, however, must be returned or purchased at the end of the term to avoid early termination fees.
Resources to help you shop smart
Dealer Locator
We work with 15,000 dealerships nationwide to offer flexible financing options. Locate a dealership near you to start shopping, and ask your dealer for financing through Santander Consumer USA for new and used cars.
Calculate your car budget
Not sure what you can afford? Use our car payment calculator to plan your monthly payment.
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Buying or leasing: Choose your path
If buying is right for you
Pre-qualify1 with Drive® to get started. With no impact to your credit score, you can pre-qualify in minutes and begin searching for your next vehicle using inventory from dealers near you.
If leasing is right for you
Explore offers from our preferred brands and vehicle manufacturers.
1Pre-qualification subject to approval. Final credit terms are subject to change based on submittal of a credit application at a participating dealer, which may impact your credit.