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Is Auto Leasing Right For You?
By plrprousers | October 26, 2008
Does the idea of buying a new car at a cost of $25000 plus scare the wits out of you, especially if you have bad credit? Well, you’re not alone. It is the classic quandary that faces each auto consumer out there. Pay money upfront or forego the possession and pay each monthly installment instead? Buy or rent for a new set of wheels? As is the case with each other common quandry, there’s no slam-dunk answer. The short-term monthly-cost of leasing is noticeably lower than the standard payments when purchasing. You just pay for “the portion” of the car’s cost that you use up in the time you drive it. If you’ve got a lot of money upfront, then you can choose to pay the down payment, sales taxes - in notes or rolled into a loan - and the rate of interest set by your loan company.
Unlike purchasing, it gives you the choice of not having to fork out the down payment upfront, leaving you to pay a lower cash factor that is usually like the interest rate on a financing loan. Think about what the car means to you. Are you the type of person to bond with the automobile or would you rather have the excitement of something new? If you would like to drive a vehicle for over 5 years, barter conscientiously and buy the automobile you like. Unless you can keep in the prescribed mileage boundaries and keep the auto in good shape at the end of your lease, you may suffer big end-of-lease costs.
You really need to do your homework with the economy in such a fragile state right now. Decide how long you are going to keep your vehicle, do you have the money upfront to put a down payment or do you have a decent trade in? Is your economic condition very fragile right now? There are so many variable that you must sit down with pen and paper and figure out the best option for yourself. Bad credit auto leasing does not have to scare you to death, you just need to do your homework.
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