Leasing and financing a car are two distinct ways of obtaining a vehicle. Leasing is an agreement in which a person can use a car for a predetermined period of time, usually for two to four years, in exchange for a periodic payment. At the end of the lease, the person returns the car to the leasing company. Financing, on the other hand, involves taking out a loan to buy the car. The loan is repaid over a period of time, typically three to seven years, and once the loan is paid off, the person owns the car.
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