Auto leasing has several benefits over purchasing a car, but it's not the right move for everybody. Many people considering a lease still have many questions about the process. If you’re unsure of certain steps, the following information will help. Here are some essential auto leasing guidelines.
Frequently Asked Questions About Auto Leasing
What is an auto lease?
Unlike buying a car, with an auto lease you do not own the vehicle. Instead, you sign a contract that gives you the right to drive the car for a specified number of months or years and miles. The contract should cover the number of allowable miles, the lease length, the amount of monthly payment, and which types of auto repair and maintenance you are responsible for.
What happens at the end of a lease?
When the lease period expires, you can return the vehicle and lease a new one or buy another car. However, if you really like the vehicle, most dealerships allow you to purchase it, often for a reduced rate that takes age, mileage, and depreciation into account. Many people prefer to do this because they know how the car has been treated and how well it's been maintained.
Do you need good credit, even if you're not buying?
Yes, you can often get better lease terms if you have a spotless credit report than if you have a number of "dings." However, a credit score of 600 or above should be enough to get you into the car you want, depending on the dealership. With a score below 500, you could have trouble finding a lease provider.
Who should lease a vehicle?
Auto leasing is a good option if you like driving a new car every two or three years and don't want to worry about breakdowns or expensive auto repairs. It often makes sense if you want to minimize your monthly auto expenditures, and it's a good solution for people who can deduct their vehicle costs.
To discuss a new car auto lease, contact Optimum Auto Leasing in Glen Cove, NY. Stop by their auto dealership to take a test drive, or visit their website to view monthly lease specials. If you know what you want, you can handle everything over the phone; simply provide your information, and they'll run a credit check and deliver the vehicle to you once you're approved. Call (800) 304-0100 to get started.