Get more for less with a loan that’s just like a lease
It’s the affordable auto financing you know (only better).
As low as
- Annual Percentage Rate
Sasha was very nice and professional. I got a GREAT deal on my refinance and she was even able to help me with a credit card. I am happy I came in and look forward to working more with Electro!
All the extras you need
- Upgrade Your Ride
- Flexible Financing
- Local Processing
- Quick Decisions
With the Lease-Like (Only Better) Auto Loan it's easy to buy more and pay less. This program makes it easier to upgrade to a vehicle you thought you couldn't afford while paying less. And, while most leases are only for new vehicles, with the Lease-Like (Only Better) Auto Loan you can also finance a used vehicle.
How Does It Work?
When you finance your vehicle at Electro, we determine what your vehicle will be worth the year your loan is scheduled to end. It's called the "residual" value. The residual value is subtracted from your loan amount and your monthly payment is based on the remaining amount.
For example, if your loan is for $30,000 and the residual value is $16,500 the year your loan ends, your monthly payment is calculated based on $13,500 ($30,000-$16,500=$13,500) instead of the full loan amount of $30,000. Your monthly payments could be up to 40% lower than with conventional financing.
What Happens at the End of Your Loan?
When your Lease-Like (Only Better) auto loan is paid in full, you have four options:
- Sell the vehicle, pay the loan balance (including residual value), and keep any difference
- Use the vehicle as a trade-in and the loan balance (including residual value) is paid as part of the transaction
- Keep the vehicle and refinance the loan balance (including residual value) as a used vehicle loan
- Return the vehicle and walk away from the residual value
Ready to take advantage of all the Lease-Like (Only Better) Auto Loan has to offer? Apply today!