Leasing is a short-term arrangement where you have possession of a vehicle for a term of one to five years (usually). Since you’re only going to pay for the time you owe the vehicle, you’re not going to finance the entire value of the car, truck, or SUV. This makes for a lower down payment and monthly payment, as well as the freedom to turn the car back in after the lease is up and search for a new one you might want. Many people prefer the freedom that a leasing agreement brings them. Before leasing, ask yourself a few important questions.
Credit Score
Leasing typically requires a higher credit rating than buying, so if you have less than stellar credit, leasing might be out for you. You can easily get your credit score online and gauge whether or not a lease is right for you. A Volkswagen car lease in Naperville approval will in some ways depend on your credit score.
Residual Value
A car’s value at the end of the lease is known as a residual value. The higher this number is, the less your monthly lease payments will be, so it’s always wise to work this number out and figure out your monthly payments before entering into a lease. Look for cars that will have a higher residual value at the end of the lease term.
Lease Term
How long do you plan on driving your car? Do you want it for a year? Two years? Really sit down and consider how long you want to be in possession of this vehicle. It’s also a good idea to figure out the total cost of your lease. There will be some fees at the end of the lease and some at the beginning. Figure out the total.
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