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Dec 04

First Time Car Lease – How to Get a Good Deal

A large number of car buyers are opting to lease a vehicle than to buy it. Their preference is primarily due to their lack of confidence in the automobile market. Over the years, buyers have become more informed, more aware and wiser; therefore, they make their purchase decisions in high involvement items such as cars, very carefully.

If you’re planning to lease a car for the first time, here are some things that you need to consider to get a good lease deal and avoid financial loss:

1. Confirm your credit

It is essential to know your credit score as it is one of the key factors in a lease. A good credit will get you a good deal at a better rate. It is recommended to check your credit 4 to 6 weeks before you plan to head out in the automobile market. Find out the types of credit scores you need to know to be eligible for a lease. Your credit score will also depend on the type of vehicle you choose for a lease.

2. Check Your cash flow

Leasing is a great way to own a car over a period of time with reasonably low monthly payments. When you want to lease a livery vehicle, it is important to check your cash flow so you know where you stand in terms of cash; you will need to make monthly payments for 2 to 3 years or until the lease term is over. When the lease term is over, you can either own the vehicle or give it back to the leasing company. It is important to note that monthly payments for used cars is lower than that for new or luxury cars.

3. Negotiate the deal

Most buyers think that since they are not buying the car, they are not in a position to negotiate the deal. However, it is completely acceptable to negotiate the offer. Remember, the final point that you reach with the negotiation will determine the amount of monthly payments you will have to make throughout the lease term.

4. Know the deal in detail

Before you make any final decisions, make sure you know all the necessary details regarding the deal. Find out if there are any extra or hidden payments other than the monthly payments and also whether the stated monthly payments are inclusive of taxes or otherwise. Also, make sure that your lease term is not more than 3.5 years. Any term near 5 years is not worthwhile, it is as bad as paying for a car that is decades old.

Make sure you do a thorough research and ask around people in your circle who have leased a livery vehicle before so you end up with a good deal with low monthly payments.

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