If you have recently started driving or you’ve moved to a city where driving is required, you will find yourself needing a vehicle to get from point A to point B. While there are benefits of owning a car, you might have chosen to lease a vehicle for the long term instead. Leasing a vehicle is an excellent choice if you know you’ll only be living in that city for a year or two, like if you’ve moved there on a work contract. If you’re considering leasing a car, here are five tips to make it easier for you:
You Have To Meet The Criteria
Leasing a vehicle is not for everyone. There are strict criteria in place that you will have to meet before you can apply to lease a vehicle. Some of these include things like:
- Age – you cannot be younger than 21, nor older than 70
- Licence - you need a valid driving licence that has been valid for at least one full year
- Insurance Record - Have as clean a record as possible: your application will be declined if you’ve had more than two accidents in a set time period where you were at fault
You Can Afford To Lease A Better Car
With monthly car repayments being cheaper for leased cars than loan repayments, you could even consider getting a better model or brand. Some people have even chosen to go for a much more luxurious model than they otherwise could afford.
Leasing a vehicle allows you to get a new car every few years, which is excellent news for petrolheads. Most car leasing arrangements offer worry-free maintenance options, which will stop a breakdown from costing you a significant sum of money. Once your lease is over, you can choose a new car and not have to worry about selling your old one first.
You Need Insurance
Whether you lease or own a vehicle, you will need insurance. Practically all leasing companies require you to have comprehensive and collision coverage on a leased car. Some of these companies will then require additional liability limits that are higher than your state’s minimum requirement.
If you are ever involved in an accident while you are driving your leased vehicle, consult Topresearched to find the best advice on car accident lawyers – ineffective attorneys are the last thing you’ll want to deal with at that stage.
Use An Approved Provider
When deciding on a place to lease a car from, you need to do your research first. You must ensure that the business you are intending to lease from is a legitimate company. When vetting vehicle leasing companies, look for provider information such as a regulatory statement and check for customer reviews.
Lease Payments
Lease payments are typically lower than the monthly loan repayments are for a new vehicle. Car loan repayments get calculated using a different method to the leased options. Your monthly lease repayment will depend on several factors including sale price, lease length, expected mileage, and taxes and fees.
Car leases are fantastic for the right people, you just need to know what to expect and hopefully the above tips will have helped.