Bannister Kia Chilliwack
Business Hours
Hours of Operation
Monday 8:30am - 7:00pm
Tuesday 8:30am - 7:00pm
Wednesday 8:30am - 7:00pm
Thursday 8:30am - 7:00pm
Friday 7:30am - 6:00pm
Saturday 9:00am - 6:00pm
Sunday Closed
Monday 7:30am - 4:30pm
Tuesday 7:30am - 4:30pm
Wednesday 7:30am - 4:30pm
Thursday 7:30am - 4:30pm
Friday 7:30am - 4:30pm
Saturday Closed
Sunday Closed

Should you buy or lease?

Both options can get you into a new vehicle—weigh your options and figure out which works best for you.


Conventional loans typically require longer terms to achieve affordable payments.

This keeps you:

  • From trading into a new vehicle sooner
  • Driving the same vehicle longer even when you are ready to trade.

Conventional loans have obligations when you trade:

  • The owner must find a buyer.
  • The owner assumes all risk of unexpected depreciation.
  • The vehicle’s condition, mileage, and wear and tear will be a factor in assessing the total value of the vehicle.
  • The owner must satisfy the loan balance regardless of the vehicle value.


Leasing offers affordable payments with shorter terms.

Leasing allows you to:

  • Consider vehicles with more options
  • Choose your desired trade cycle
  • Have peace of mind since most terms are within the warranty period

If the vehicle is worth more than the residual value, you can:

  • Exercise your purchase option and keep it
  • Exercise your purchase option and apply the equity to the next vehicle

If the vehicle is worth less than the residual value:

  • Drop off the keys and walk away (subject to any excess kilometers or wear-and-tear charges)

Benefits of Leasing

  • Leasing gets you in and out quicker for less money down and a lower cost per month. You only have to pay tax on the value of the car you actually used during the life of your lease, saving roughly half the sales tax you would if you had bought the vehicle.
  • Most people don’t want to be making car payments and repair payments at the same time. With a lease, your new car is under factory warranty coverage so you don’t have to worry about budgeting for repairs.
  • The perfect lease is between 24-48 months because it gets you out before repairs are no longer covered by warranty, and before the models change.
  • According to, 75% of all luxury vehicles are leased, due in part to the avoidance of major banks financing high-dollar vehicles. Leasing allows you to afford a nicer vehicle than financing makes possible.
  • At the end of the lease cycle, you simply turn the vehicle in. The dealer will take a report of its condition, and as long as there is no damage, excessive wear and tear or mileage, it’s out of your hands. A shorter lease term means more flexibility, you can also take advantage of it sooner. Longer finance terms can leave you in a deficit position until near the end of your term.

Leasing Misconceptions

  • The truth is, if you’re making loan payments, the vehicle belongs to the bank until the last payment is made. If you often trade in your vehicle before it is paid off, leasing could save you money in the long run.
  • The truth is, every lease can be tailored to suit your specific needs. Will your vehicle be subject to increased ware based on how or where it is used? We can adjust for that too.
  • The truth is, a new vehicle starts depreciating as soon as you drive it off the lot. Leasing allows you to minimize your exposure to depreciation, yet still offers you an opportunity to buy it at the end of the lease if it offers good value.
  • The truth is, leasing gets you in and out quicker for less money down and a lower cost per month. You only have to pay tax on the value of the car you actually used during the life of your lease, saving approximately half of the sales tax you could pay.
  • The truth is, if you take care of a leased vehicle and return it with reasonable wear and tear, you will be fine. All the details are in the lease agreement, so you know what to expect when you begin. Damage or excessive wear over and above what is acceptable is common sense, so there shouldn’t be any surprises.

Get Approved Fast

Employment & Income

Usually, a minimum requirement of three months of employment and a monthly income of at least $1800 is necessary. Other sources of income such as specific forms of government assistance may also be considered.

Driver’s License

A valid driver’s license and meeting the age of majority in your province of residence are both essential requirements. Lenders are aware that individuals who possess a legal license to drive are more likely to fulfill their car loan obligations.

Bank Account

To facilitate the monthly payment process, the lender prefers to withdraw the amount directly from your bank account. The most convenient method to set this up is to provide a void cheque or a stamped pre-authorized payment form.

Down Payment

While a down payment may not always be mandatory, it can be beneficial in many cases. The smaller the amount that needs to be financed, the higher the likelihood of obtaining approval for your car loan from the lender.

Current Address

To finalize your loan agreement, it is necessary to provide the lender with your present address and address-related information, such as your monthly rent or mortgage payment.

Contact Details

To apply for a car loan, you must provide your complete name, date of birth, phone number, and email address.

Get Pre-Approved

You may pre-qualify by filling out our quick online car loan application. We provide financing options for individuals with all types of credit.

Value Your Trade

Trade in your old vehicle for a new one or sell it directly to Bannister for cash. You may receive a higher than market value offer.

Contact Us

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