What Makes a Good Lease Candidate?
So if you can basically have a significant price discount on a new car by leasing rather then buyingyou may ask yourself, "why would anyone choose to buy a new car instead?" The reason is because leasing comes with some guidelines and restrictions that may not be realistic for some drivers. Just below you'll see several attributes that Faulkner Trevose Buick GMC believes will help make you an ideal applicant for leasing a car.
- You don't tend to have the same car for more than six years. - Based on the terms associated with your auto loan, nearly all vehicles are normally paid in full by the 6th year, which means that anything afterward would mean you don't have car payments and will usually still have equity in the car.
- You have reasonable credit, though not really much money on hand. - Since most leases will not require much money down, if any, usually it's important to have a better than average credit score just to be qualified for a lease.
- You usually do not like customizing or modifiying your car. - In a lease, you don't own the car, the leasing company does, and that means you can't make just about any modifications to the vehicle.
- You usually do not put more than 15,000 miles in a year. - Nearly all car leases limit the range of miles you drive the car to between 10,000 and 18,000 and generally, the higher the amount of yearly miles allowed, the higher the monthly cost. If you happen to go above the annual number of permitted miles, you'll usually be charge a substantial fee.