Determine if Auto Leasing is Right For You
You may have heard some good and bad things about auto leasing. In reality, there is nothing wrong in getting a good quality auto lease as it will all depend on your personal preference.
Most horror stories about car leasing are, most likely, the result of not fully understanding the leasing terms and lease contract. There are car buyers who think that they can buy the car at the end of the lease term at a much lower price than expected. Think about this for a minute: if you really wanted to buy the car, then why bother with leasing in the first place?
This is the reason why we have come up with a series of posts that will help you to determine if leasing is right for you.
Is Leasing Right For Me?
Car leasing is applicable if you belong to the following categories:
1. If you have a stable and continuous source of income.
2. If you have a good or, at the very least, average credit score.
3. If you really prefer a new car over a used car. Of course, buying a new car remains an option but we will discuss that in another post.
4. If you don't mind returning the car to the dealer at the end of the leasing term, and forking over monthly payments for the past 2 or 3 years in obligation of the lease contract.
5. If you want low monthly payments along with low or $0 down payments.
Category 1: Your Monthly Income
Yes, you will need to have a stable job or a reliable source of income in order to become eligible for auto leasing.
This is more important if you happen to be recovering from bankruptcy. Bad credit auto leases are available for those who have a mediocre credit score, but these types of auto leases will naturally command a higher down payment and slightly higher interest rates.
This also holds true if you have no credit, or have no history of credit at all! Remember that your proof of employment or proof of income will play a big factor in getting approved for your next car lease!
We will discuss the next batch of categories in the next post. If you want a cheaper way to drive a brand new car, then leasing is definitely worth the money. Check out the latest lease offers in your zip code by simply asking for a free lease quote. Instantly find hidden lease offers that are guaranteed to save you money!