In order to lease a car, you need certain things. First, you generally need a credit score or credit history. A dealer has to have something by which they can trust you.
You also need money for a first payment, which can range from a relatively high amount to a low amount, depending upon the kind of car you are leasing.
Although, it may sound obvious, you will need a driver’s license. And lastly, it is recommended that you know the worth of the car that you’re looking to lease. You don’t want to get ripped off.
A typical lease will have you pay the difference between the purchase value of the new car, and the depreciated remaining value of the vehicle at the end of the lease. Leases usually last two to four years. When leasing a vehicle, knowing the cost of the car you desire and the dealership’s calculated rate of depreciation are imperative.
You should make sure you get all the rebates and incentives applied to the car so that there will be less of differential between the new price, and the value at the end of the lease. This will save you money.
You should possibly look into an open-ended lease– a closed-end lease is usually standard. An open-ended lease allows the lessee– the person leasing the car– to have the value of the car be determined at the end of the lease. Obviously, there is a risk in doing this, but it can be worth it.
When you lease, be aware of mileage limitations that the dealer may set. You might think that it is easier to underestimate how much you’ll drive to save money, but dealers will charge you extra if you underestimate, and you’ll regret it. Be honest– with yourself and the dealer– about how much you’ll drive.
It is really important to keep the car in good condition, not only in terms of functional maintenance, but aesthetics. Excessive wear and tear will come out of your pocket in the end, so it’s imperative to keep the car you’re leasing in tip top shape.
Finally, when the lease is over, you have to remember to return to the car. You should make sure that the lease you’re paying for supports your needs until the end of the lease, so you won’t have to pay early termination fees.
Once again, it needs to be emphasized that you need to keep the car clean and in as good of condition as you can, so you’ll pay less.
Leasing a car is like borrowing anything else, expensive or not: you need to take good care of the item. If you remember to do that, you should be well on your way.