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What does residual value mean when leasing a car? – Audi Westwood near Boston

When shopping for a new vehicle, you may choose to lease instead of buy so that you don't need to make a long-term commitment and can enjoy the latest automotive features and tech more often. Because you are not paying into principal (think renting instead of buying), much of your lease payments cover the vehicle's depreciation (value loss). The residual value is the car's remaining value at the end of the lease term.

How is residual value calculated?

The leasing company determines residual value by accounting for a variety of factors, including perceived reliability, safety, resale value…

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What is APR and how is it calculated in a car loan? – Audi Westwood, serving Boston and Norwood

Unless you will be paying cash, purchasing a vehicle generally means taking out a loan. When you select a car loan, the financial institution provides money to cover the full cost of the vehicle, which you will pay back with interest over a predetermined period of time. And the interest is the fee the lender charges to issue the money upfront. However, the interest rate doesn't tell the whole story. For that, you need to know the APR, or "annual percentage rate of charge."

What's the difference between APR and interest rate?

The interest rate of a car…

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Is leasing a car a better deal than financing? Learn more with Audi Westwood, near Boston

When you've finally found the Audi car or SUV that best fits your needs and preferences, the next step is to select your payment methods, of which there are three to choose: financing, leasing, or paying cash. The latter of these is the least common and self-explanatory; so, here we'll provide a quick overview of the key distinctions between leases and loans to help you decide which is right for you.

In short, the primary difference between a lease and a loan is ownership. When you finance a vehicle, you pay down the balance every month and own…

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Does Audi Westwood Used Car Financing?

Audi Westwood is proud to provide used car financing for Westwood and Needham drivers. We can help you finance the quality used vehicle you have had your eye on. Our finance professionals will work with you one-on-one and will come up with a solution that fits your lifestyle. Begin and end your used car search right here at Audi Westwood near Sharon!

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