Many people question if getting into a new car lease is the best for them. Will they be better off if they own a car or lease one? What is going to be more value for money? Every scenario is going to be different however you have to see the big picture. What is your final objective? Here is what you should be looking into.
If you have been making repayments for the past five years and you are in the market for another new vehicle soon, which you will certainly have to pay.
Leasing may not be the best option for everyone, but it is certainly worth considering. First you should locate the vehicle you want and then start looking at the money side.
Start looking at a used vehicle guide which will give you an idea of what your current vehicle is worth. Then you also need to consider the balance due on your current loan. If you are not sure of what the balance payable on your current loan is, simply call your bank and they can give you an exact figure. Once you have the figures in hand, you will then know what you will have to pay as a down payment for a new vehicle.
You can find many Vehicle buying calculators online, just punch in the numbers on this and add the rate of interest you think you will be paying. If you do not know what interest rate you will be paying have a look at your current loan agreement, this will give you an idea of the interest rate. Once you do this you will have an idea of what your future monthly payments will be.
Now find a website that has a vehicle leasing calculator and also the kind of vehicle you are interested in and punch in the numbers. They will ask you if you have a trade-in too. With all this done, you will get a more accurate monthly repayment figure.
As soon as you have the month-to-month settlement amount for your lease you can quickly see just what is more affordable for you monthly, renting or purchasing that new vehicle. Do your background work prior to you sign a lease agreement there are hundreds of websites that could discuss the specifics of the lease contract prior to your investment. Additionally make certain you have some knowledge on leasing before committing yourself to the purchase.