Want the benefits of owning a vehicle combined with the advantages of leasing? Introducing First Northern’s Driving Sense™ loan. A Driving Sense Auto Loan is similar to a lease — but better.
How it works
Don't pay for the "whole" car — pay only for what you use! Based on the term of the loan, a Guaranteed Future Value is established using industry-approved guidelines, similar to leasing. The difference between what you pay for the vehicle and the Guaranteed Future Value is used to determine the principal portion of your payment, which results in a lower monthly payment than conventional financing.
Advantages over leasing
- Vehicle is titled in your name, meaning you own (not lease) the vehicle.
- No down payment required
- No security deposit required
- No first and last payments required
- No early payoff penalty
- No "back end surprises" — you won't be exposed to hidden expenses (like wear and tear clauses) during the loan, or at loan end, if you elect to return the vehicle. With DrivingSense, we clearly define vehicle return condition requirements.
- More auto insurance flexibility than leasing
- Negotiate the purchase price of the vehicle with the dealer, like any other transaction
- Mileage options – choose the plan that fits your needs, from 7,500 to 18,000 miles per year. And if you go over, excess mileage is only $.10 cents per mile, unlike leasing which can cost up to $.25 cents per mile.
- Realistic residual value using standard industry residual values
Flexible end of loan term options
- Trade in vehicle and apply positive equity toward next vehicle
- Make final balloon payment (Guaranteed Future Value) and keep vehicle
- Return the vehicle at loan maturity in lieu of making the final balloon payment with no end of loan term hassles. Vehicle pick-up is arranged, even if you have moved to a different state!
Driving Sense: Lease Alternative Financing
|Up to 72 months
||As low as 5.99%
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