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Top five things to consider before you lease a car

There are many reasons why you feel that leasing your next vehicle is the right financial decision for you, but are there any key things to think about before you sign for your new rental? Of course there are – check out our top five below…

 

  1. What’s your budget?

There are dozens of financial considerations to think about when buying a car, but the first is how much you can afford to splash out on your new vehicle. Consider your monthly income, and then factor in how many miles you intend to do, the cost of fuel, any parking fees you incur and so on. This will help you to create a realistic budget that you can comfortably afford.

 

  1. Do you have a bad credit score?

Many people don’t think about the implications of this monthly expense, but when you apply to lease a car, this generates an inquiry against your name, which in turn could harm your credit score in the same way that a mortgage check or car loan check would do. If you already have a bad score, it’s important to seek advice on this, but there is some good news – paying your monthly instalments in a timely way will act in your favour and help to bring that score back up.

 

  1. Which car is for you?

Now you have your budget firmly in mind, it’s time to see what that will buy you. You might have hundreds to splash out on a brand new Range Rover, in which case you’ll need to check out the offers available at premium dealers such as Vantage Leasing. On the other hand, you might simply be looking for something economical and safe for your family. Whatever your needs are in your next vehicle, be clear on what they are and decide on a car that meets all these requirements.

 

  1. Are your circumstances likely to change?

One of the reasons why you could be leasing your vehicle instead of buying is because your current situation is fluid and you want to be able to quickly change your car. Although it’s true that leasing is incredibly convenient, it’s important that you think about how soon your situation could change. Some vehicles may come with a minimum term lease, in which case you don’t want to be saddled with a monthly expense you can’t afford, or a vehicle that’s now totally impractical.

 

  1. Where will you lease your car from?

Finally, it’s vital that you thoroughly research the company that you intend to use for leasing. Are they credible? Are they reliable? Have other people had terrible customer service? These are the kinds of things you need to find out, and you can do it with a simple check on their website for accreditations, and by checking out reviews with a quick online search.

 

Do you think we’ve missed anything? Let us know by leaving a comment below with any advice of your own…

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