Finance vs Leasing

Finance vs Leasing

At Foster Kia we strive to help our customers make the best decision for their next car purchase based on their lifestyle and needs. We have flexible options to meet your budget whether it be a finance or lease. Not sure which one makes sense for you? See below for some of the benefits for both leasing and financing, as well please give us a call or email to further discuss which option may be best for you!

Financing Benefits


Own your own vehicle


No charges at the end of your term


Terms ranging from 24 months up to 84 months to give flexibility


Can pay off your loan anytime without penalty


No mileage restrictions


Can be done for both new and pre-owned vehicles

Leasing Benefits


Similar or possibly lower payments to financing


GAP coverage is included in all Kia leases


Can switch vehicles more often and get the latest model with most current technology and features


Don't need to worry about vehicle depreciation


Options at the end of your lease (buy back, lease a new model, or just return current lease)

FAQ for Financing and Leasing

Do I need a down payment to finance a vehicle?

A down payment is not needed to financing a new or pre-owned vehicle. All that is required is a security deposit which is refunded to you when you pick up your new vehicle.

What if I am currently financing a vehicle and want to change it?

No problem! You can trade in your current vehicle and we will pay out the remaining lien and can incorporate any remaining amount into a new finance for a new or pre-owned vehicle.

Can I finance with bad credit (bankruptcy, proposal etc.)

Yes! We work with over 20+ lendors/banks to help get you approved and get you the best interest rate. You could also have somebody with stronger credit go on the application with you to help with an approval.

What if I want to pay off my vehicle before the finance term?

All loans are completely open, so you can pay off your financed vehicle any time with no penalty.

What is the mileage allowance offered on a lease?

Kia offers 16000, 20000, and 24000 kms per year. If you need more than the 24000 kms per year, you can also purchase extra mileage beforehand to fit your needs.

How long can I lease for?

Lease terms are available for 36 months up to 60 months.

What if damage or repairs occur before my lease ends?

All Kia leases come with GAP coverage, which means in the event your car is written-off due to a collision or stolen, you don't have to pay the difference between the amount owing on your lease and your insurance company's payout. If you are worried about costs of minor damage or repairs that happen during your lease, Kia offers Excess Wear and Protection Plans which can cover up to $7500 repairs and replacements to certain parts.

What are my options at the end of a lease?

At the end of your lease you have multiple options. You can either lease/finance a new vehicle, buy your current car (guranteed residual value not affected by market fluctuation), or you can just drop the car with the keys off to us!

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