Four Things to Do Before Leasing a Car

Four Things to Do Before Leasing a Car
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Buying a new car is a big purchase and one which requires a lot of thought, time and money. Add into the mix the pros and cons of buying or leasing and you could find yourself feeling overwhelmed. In this article we take a look at the advantages of leasing and what you need to do before leasing a car.

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Keep an Eye on the Cost

Whether you are car leasing Leicester or in Letchworth, keep an eye on any additional costs. For example, a typical mileage limit for a leased car is between 10,000 and 12,000 miles a year, and you will be expected to pay for any miles on top of this. There are also charges for extra wear and tear on the vehicle. And if you decide to terminate the lease outside of the fixed term, penalties will be incurred.

Credit Checks

Before you lease a car, our advice is to check your credit score, as this plays an important part in determining the lease you can get. Put simply, a better credit rating means you will get a better rate. Checking early also means that time is on your side, allowing you to fix any negative issues surrounding it. This way you will be prepared, with all the figures at your fingertips.

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Do Your Research

You may get a better deal if you don’t have a fixed idea on make and model but are open to a wide range of vehicles – check out – as leases are set out by the manufacturer. If you are unable to qualify, you may need to put down extra cash or find somebody to co-sign the lease.

Make Sure You Know What You Can Afford

It goes without saying that before you start the process of leasing a vehicle you should be aware of what you can afford; make sure you can afford the initial payment and the monthly costs as well as any maintenance costs. Although it is tempting to think you can afford the lease – generally speaking, leasing is much more affordable than paying off a loan – make sure your figures stack up. When you pay off a loan you are paying off the vehicle’s purchase price, whereas leasing pays for the depreciation of the vehicle.

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