Leasing has taken the market by storm over the past 20 years, with more dealers leasing cars rather than selling them. If you are looking to get a new car, you may be considering a lease. If you are almost ready to pull the trigger on a lease, here are a few things you need to do:
Is the Offer Right?
Leasing is a great way to get the latest and greatest features at your fingertips. But leases do have their drawbacks. For instance, most leases have mileage limits on the cars, meaning that after you pass a certain amount of miles, there are fees to pay.
Also, it is important to note that once your lease is over, you will have no physical assets to show for the money you paid. At the end of the lease, you will get nothing. Be sure to ask the dealer if they will cover the maintenance expenses of the car as well. Although most do cover repairs, some things like tires and brakes must be replaced by the lessee.
Many people are drawn to leases since they believe they are more affordable. Although leases do tend to have a lower monthly cost than financing a car, there are other factors you must consider. First and foremost, how much can you afford to pay on a monthly basis? Having an answer to that question before you shop around can help you avoid getting pressured into a more expensive lease.
Also, note that you will be required to pay for gas and insurance for the car. Do you know how much your insurance will charge for the car? Do you know what kind of gas mileage this car gets and the price of gas in your area? These questions must be answered before you pull the trigger on a lease.
Most Americans have not reviewed their credit report in the last 6 months. In almost any lease situation, a dealership will require that your credit score and report check out clearly. Before you step into your local dealership, get your free credit report from the government-mandated website www.annualcreditreport.com.
If you see an unrecognized entry, call the bureau and file for a dispute to have the entry removed. Understanding your score and getting errors removed from your score could potentially open your options to other vehicles.
Leasing a car is a great way to get the latest and greatest in technology, features, and options. If you are looking to buy a new car but are in need of financing, CrediReady can help. Our nationwide network of trusted dealers and verified lenders work with buyers in all credit situations. Take a moment to fill out our free no-obligation loan inquiry form and start shopping for your dream car today!