Leasing a vehicle is no different than leasing anything else. The process is more or less similar, if you go for house leasing. You need to pay a deposit, followed by a marginal monthly payment for a certain period. Once the contract expires, the property (be it vehicle or land) reverts back to the lessor. For car leasing, you may have to pay a deposit equivalent to three times or six times of the monthly payment amount. The car you will have for lease will be factory new. Lease cars are mostly brand new. Once the deal gets over, the vehicle is acquired by the finance company. And yes, you need to pay for any damage caused to the vehicle during the lease period.
Talk about the option for car leasing in the United States, and this concept is highly favored. In the United States, more than a quarter of vehicles are on lease. However, there are also lease options for used vehicles. For used vehicles, the lease pricing is lesser when compared to factory new ones. Whatever may it be, the option to lease a vehicle is more popular than outright purchasing since the monthly payment is much lower and it also comes with the option to switch to different car models without worrying about bigger investment. When you lease a vehicle, there are no insurance policies to be worried about.
The Lease Contract Period
The lease contract for a vehicle will run for three to five years to the max. However, the length of contract will depend upon you primarily. How long do you require the vehicle? How long will you be driving the vehicle before switching to a new brand? All these questions will play crucial roles in figuring out the total lease period for the vehicle that you desire for.
Do Some Research
Before opting for vehicle lease deal, you need to figure out the car that you want to drive. Leasing rates for vehicles differ according to their size, brand, sitting capacity, engine performance, etc. Remember, leasing value for hatchback will be lower than that of a luxury sedan or SUV. Henceforth, you must be aware of this fact before approaching. You will definitely have some kind of budgetary limitations in your mind. It is recommended to do some research work to learn about the best car leasing deals available. You can visit www.leasequit.com to go through the latest deals and offerings on car leasing. Also, you will get the idea about different kinds of vehicles available for leasing along with the rates. You need to focus on your affordability part too. It will be unnecessary to opt for top of the line BMW or AUDI, if you are unable to afford the monthly payment rate.
Car lease monthly rates can start somewhere from $60 to $200, depending on the type and condition of the vehicle.
Once your contract gets over with the leasing company, there are two options to choose from. You can choose to extend your car lease contract with the lessor. However, it will depend entirely upon the lessor as to whether the contract will be renewed or not. The other option is to hand back the car to the lessor. If the car is returned in the best of condition along with the total mileage being approved for the lease, then you will not have to pay anything extra.