Four Signs That Leasing A Car Is A Better Choice For You
If you are looking into getting a new car, you may be considering whether it is better to buy or lease a car. While each has its pros and cons about both options, here are some reasons why leasing a car might make more sense for you than buying a car.
1. You like having a new car - Some people get very attached to their cars and prefer to drive them until they barely start up, other people love the smell of a new car and live to drive brand new cars as often as possible. If you relate to the latter, leasing a car may be a better option. The terms of a car lease are usually two to three years. At the end of that period you can either continue making payments towards owning the car, or you can give it back to the dealership and start leasing a new car.
2. You don't have great credit- It's getting more and more difficult to secure a loan of any type from the bank, and car loans are no exception. If you do not have great credit, you may not qualify for a loan to buy a car. The good news is if you can lease a car and you make timely payments, it should help your credit score.
3. You don't take too many road trips - A lot of car leases require that you do not exceed a certain mileage during your leasing term. So if you mostly need a car just to drive around town, then a leased car may work great for you.
4. You have money to put down - When you lease a car it often helps to have money to put down. Some dealerships require a certain amount to act as a security deposit, others will not require much, but a downpayment may help you to better negotiate terms of the lease.