If you want to get a new car with a low monthly payment, consider a lease. Choosing a lease instead of purchasing can reduce your car payment by $150 to $200 a month. And since you don’t own the vehicle, you’re able to drive a new car every few years. However, several factors impact the price you get on a lease. Before leasing an automobile, educate yourself on the process.
Improve your credit rating. Your credit score and history impact the interest rate on a lease. To get the best price on a lease, resulting in an affordable payment, take steps to improve your credit history.These include reducing your debts and paying your creditors, especially credit cards.
Save money for a down payment. Down payments aren’t required when leasing or buying a vehicle. Even so, a small down payment (between 10 and 20 percent of the price) can reduce the lease balance and lower your lease price.
Compare lease prices. Decide on the type of car you want, and visit two or three dealerships before making a final decision. Compare vehicle prices, and attempt to negotiate a lower price with the salespeople. Choose the dealership that offers the best deal on the lease.
Wait until the end of the year. New vehicle models arrive at dealerships toward the year-end. Thus, dealerships are anxious to sell or lease the current year’s models. This is the best time to lease an automobile, because dealerships generally reduce the lease prices or offer lower interest rates.
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