by Carmela Allison Delaney
Car lease has become a very common way for many to obtain a new vehicle over financing. However, it is essential to thoroughly investigate both alternatives before making a final decision. Once a budget has been established, it will become easier to see which option makes more economical sense. Purchasing a brand new vehicle is a big investment. For many, it is easier, financially, to lease since less money is needed upfront.
There are pros and cons to both financing and lease options. Financing a new vehicle comes with several additional expenses beyond the monthly payments. And the finance charge can be substantial if the individual does not have good Credit ??>credit. A large down payment is usually required when financing a vehicle, which is not the case with lease options.
Owning a new vehicle can be expensive when it is being financed. If the individual?s credit is not that strong, the interests fees can be very high. The maintenance and repair expenses can also add up over time. These are all important factors to consider.
If a person does not have a lot of money upfront but wants to own a new vehicle, there are lease car deals with an option to buy. The numbers would have to be worked out, but this can be financially feasible for someone with strong credit but limited funds. There are also those that enjoy having a new vehicle every three or four years. This may also be a cost effective alternative to financing a vehicle depending on the cost of the vehicle and the person?s credit standing.
New vehicles depreciate in value very quickly. With a lease option, this is not a factor. There is also less money that is needed upfront when choosing to lease over financing. There are several terms that are associated with both alternatives that need to be considered. It is vital to read and understand the fine print first before signing any contracts.
Leases offer individuals much more flexibility as it relates to the actual conditions of the contract. If the lease needs to be adjusted due to an unforeseen financial situation, this is relatively easy to do. Financing terms are usually very rigid and do not allow for any changes in the terms or conditions of the contract.
There are many benefits that can be found with leases. The sales tax is much less than when buying a vehicle. Drivers can enjoy the prestige of driving the latest model cars instead of having the same vehicle for many years. And with a lease, drivers do not have to worry about the costs of repairs since they are covered by the manufacturer?s warranty.
Car leasing may be the better option to take over financing a vehicle depending on the individual?s financial position. A lease option are oftentimes the most cost effective choice but leases do have certain limitations. Leases often place limits on the amount of miles that can be driven within the year or penalties may apply. There is a lot to consider with either option.
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Source: http://articlepromotion.org/blog/?p=84059
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