An auto lease is like renting a new car every 2 to 3 years and can be a perfect match for some auto enthusiasts. There are some “tricks of the trade” when choosing an auto lease over a purchase. Here’s what you need to know to get an auto lease and make it a rewarding and positive experience.
The first thing you will need to get an auto lease is a decent credit score. Having a credit score of 620 or better will help you get a lower interest rate on the lease. In addition a good credit score will determine how much of a down payment you may need. If you have poor credit it is very difficult to get an auto lease.
The next thing you will need is proof of income. You will want to take a recent check stub as well as a check stub from about 6 months ago. Being prepared with two check stubs will assure the dealership that you have had consistent employment.
Having a consistent residency will also help you in obtaining an auto lease. Bring a current utility bill as well as a cell phone bill to prove your residency. In addition they may ask you on the lease application to give your addresses for the past 5 years.
Bring your driver’s license for identification and social security number. Your social security number will allow the dealership to run a credit report to assure your credit score qualifies for the terms of the lease.
Have proof of insurance. Bring your insurance card and the name of your insurance agent as well as a phone number where the dealership can review the policy. Full coverage will be required to obtain an auto lease.
The next step will be to review the terms of the auto lease. You will want to know the length of the lease. The length of the lease has a big part in determining the amount of your total cost as well as the monthly payments. Typically the average length is between 2 or 3 years.
Another important factor is the mileage allotment you will be allowed per year. If you do not adhere to this mileage limit, you will end up having to pay high fees for your excess miles at the end of your lease. This is where a lease can end up being a bad decision.
Discuss the warranty with the dealership. Be sure to understand the warranty in its entirety so you know what to expect when mechanical issues arise. Make sure the warranty will last the length of your lease term or you may be expected to pay for the repairs and this could add up to a lot of money out of your pocket. You also want to know what you have to pay for when you turn the car in at the end of the lease. Know what your costs are before you sign on the dotted line.
These tips can help you obtain an auto lease with less stress and avoid much regret in the future. Leasing a car allows you to get a new cool car every 2 to 3 years and can be a great option for some drivers.
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