Written by: Erika Carroll, First New York Senior Real Estate Loan Expert
If you’re searching for a brand new or a newer preowned vehicle, it can be hard to find the right car that meets your needs and budget. Even if you’re considering buying out your current lease, you may end up with a different (and possibly more expensive) monthly car payment.
Car buying shouldn’t be this hard. As First New York Federal Credit Union’s Senior Real Estate Loan Expert, I can give you my best new car buying tip and used car buying tip: Look into First New York’s Easy Drive Program.
I’ve seen it tick all of the boxes for many people’s different car-buying checklists. That’s because Easy Drive is a lease-like auto loan program that has the potential to save you money on your monthly payment, depending on the guaranteed future value of the vehicle you are purchasing.
In this article, I’ll go into more depth on Easy Drive and how it compares to leases. Buckle up and let me show you how you can drive easy with Easy Drive!
What is Easy Drive?
Easy Drive is First New York’s lease-like auto loan program. It helps individuals buy out their lease at the best auto loan rates available, so you can secure payments up to 40% less than conventional financing. Use our auto loan calculator “Easy Drive Calculator” to discover your payment.
How is Easy Drive Similar to a Lease?
Now, that you know that Easy Drive functions like a lease-like loan. You may be wondering how it’s “lease-like” or similar to a lease in the car buying process. In this section, I’ll break it down into four easy bullets. Here are the four ways Easy Drive is similar to a lease.
1. Lower monthly car payment compared to traditional financing
Traditional financing tends to be more expensive than financing through a credit union. The primary reason why is that you’re going through a banking system to obtain a bank loan. Meanwhile, credit unions have the flexibility to offer lower rates because they serve their members — not their stockholders.
2. Final payment at the end of the car loan term
At the end of your lease, one of the options you have is to pay a final payment to keep your vehicle. This is sometimes referred to as a lease buyout, and with Easy Drive, this would be referred to as the ‘balloon payment’ at the end of the term.
Most of the time, people need to get additional financing to buy out their lease using a loan. Learn the top 5 advantages of a lease buyout.
3. Ability to have a mileage option selected
Much like selecting a mileage option for your lease, you can do this for Easy Drive. Our over-mileage term is similar to when you turn in your lease at the dealership. For more details, contact First New York FCU to speak with a loan expert.
4. Ability to turn in your car lease at the end of its term
Sometimes change is a good thing. When it comes to ending your car lease, it makes sense that you may want to part ways with your vehicle. There could be newer models with better technology or different car models to try.
Whatever your choice, our Easy Drive Program doesn’t force you to keep the vehicle at the end of your loan term. That’s an additional plus when you think about the pros and cons of leasing or buying a car.
How is Easy Drive Different from a Lease?
We’ve touched a little bit on this in the paragraphs above. I want to go further in-depth on how Easy Drive can benefit you. Here’s how Easy Drive is different (and in most cases better) than a lease.
1. Longer terms options available up to 72 months
If you’re looking to lease for longer than 36 months (3 years), Easy Drive is here for you! You can secure lease terms of up to 72 months (6 years) depending on the year of the vehicle. So, depending on your needs, you can find the best option for you.
2. Available for new and used vehicles for models 2018-2024
Easy Drive isn’t just for new car models. It’s also for used car models, as well! This gives you the ability to finance and lease a wider range of vehicles.
3. You own the vehicle from day 1
With Easy Drive, you own the vehicle from day 1! It gets titled and purchased in your name. That’s not something you get with a typical lease that you get through a bank or car dealership.
4. Ability to trade or sell at anytime
People ask me all the time, “I can really trade or sell my vehicle at any time with Easy Drive?” The short answer is “Yes.” We make it easy for you to trade or sell your vehicle at any time.
It doesn’t matter the reason. If you want to purchase a newer vehicle, are dissatisfied with your purchase, or just want something different, our Easy Drive Program can make it happen.
5. No down payment is required
First New York has the ability to offer more than a low loan rate. We can also offer great additional terms like no down payment required. This allows you to skip paying a lot of money upfront to purchase the vehicle of your choice. Save yourself the money and go with Easy Drive.
Put Yourself in the Driver’s Seat: Go with Easy Drive!
Easy Drive sounds pretty great, right? To get started, you can contact me directly at (518) 393-1326 ext. 1033. You can also call (518) 393-1326 and press 3 to talk to any First New York local Loan Expert or visit us online!
If you want to learn more about vehicle loans and auto financing options, read our “Auto Loans & Auto Financing 101: Your How-To Guide” or check out our Learning Center.