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Should you lease instead of pursuing an auto loan?
When you lease a car, instead of getting a car loan, you are entitled to use it for an agreed number of months and miles. At the end of that lease, you can return the vehicle, pay any fees and charges, and be done with it unless you have any interest in purchasing that vehicle. If for some reason you want to bail out of your lease earlier than you had planned, then you might have to face paying a fee that is usually pretty substantial. Here is something that might suit your needs, so that you don’t have to impact your finances. I wasn’t aware of this, but there are certain websites working on a “lease take over”. So, if you are indeed interested in getting out of a lease, you might want to look into “swapalease.com”. How do I know this site? Well, I just happened to be shopping for a short lease, and I bumped into this site. I was able to lease a car for 5 months, paying just $270 per month. Of course you must be prepared to spend money on the transfer and title. But, a 5 month lease at less than 300 dollars with no money down? It fit my needs perfectly.
Any monthly payments on a car lease are commonly lower than monthly finance payments on the same car because you are paying for that car’s depreciation during the lease period, adding some extra charges and fees.
To determine if leasing fits your situation:
- Examine the beginning, middle and end costs of the lease.
- Compare different offers and lease terms, INCLUDING MILEAGE LIMITS*.
- Consider how long you may want to keep the vehicle.
*There is usually a 15,000 miles per year limit on leases. That’s the USUAL limit. You can have higher or lower mileage limit, depending on your lease. This is something that can be negotiated directly with the dealership. Be careful though, because as the mileage limit goes up, so does your monthly payment. Also, pay close attention to the cost you’d have in case you go over your miles limit. Sometimes the cost of going over the limit can be 25 cents per extra mile you put on the car, which, believe me, will start adding up. You’d be then charged at the dealership when turning the car in.
At the end of the lease, when you turn the car back in, they will take a close look at the car, and check for any excess wear and tear. They will charge you if they find anything.