Auto Lease Wizard

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Leasing A Car

Leasing a vehicle is different from purchasing a vehicle from a bank with a loan. You will be financing the vehicle through a leasing company. The leasing company will allow you to lease the vehicle for about three or more years, then at the end of the lease you will have to turn the vehicle back in. The reason a lot of people choose to lease a vehicle is because it gives consumer the opportunity to drive a car that they otherwise would not be able to afford because a bank would not finance them for it. Another good thing about purchasing a vehicle with a lease is that you have the luxury of getting a new car every three years, as the major advantage over financing a vehicle through a bank because once you sign the loan with the bank you are stuck with that vehicle until you pay it off or try to trade it in.

The dealership will handle all of the details of the lease. Even though the Lease is coming from a leasing company, you will not talk to them at all; instead the dealership will handle those getting the lease with the leasing company on your behalf. You can negotiate how much your monthly lease payments are each month by haggling with the leasing company and also by putting a down payment towards the lease of the car. Please keep in mind that when you lease a car you are only paying 50% of what the car is worth, therefore your payments will be much lower than that of someone who is purchasing a vehicle with a bank loan.

Unfortunately, you will need to keep in mind that although you have pay a tremendous amount into leasing this vehicle, at the end of the lease you will walk away with nothing. Basically the money that you have applied towards the vehicle is gone. You cannot trade the vehicle in, nor can you sell it. Some people feel that this is a waste of money because you have nothing to show for the thousands of dollars you have paid into this car, this may be true but one can also look at it as you have reliable transportation for three-years because you are able to utilize a brand-new car, therefore your money went to good use. The only downfall is that you will have to start the process all over again if you should choose to lease another vehicle.

Please keep in mind that a vehicle will depreciate by 50% over the first three years of having it whether you lease it or purchase it. The only difference is that it doesn't matter for vehicle depreciates once you lease it because regardless of the fact, you still have to turn it back in after the three years is up. When you purchase a vehicle and it is financed through a bank, you will lose value off the car because when you go to get rid of it you will not get back what you paid into it whether you choose to trade it in for sell it. This will hurt you in the end because depending on what the vehicle is valued at, you may have a very hard time getting rid of it.

Each situation is different, therefore each individual will have to determine whether it is best for them to lease a vehicle or finance it through a bank. Just review the situation and determine what will work best for you in the long run when it comes to getting a new vehicle.
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