Are you considering a car lease instead of buying one? Before you begin to make the choice to go with auto leases here are some things you should think about.
Auto leases can benefit businesses. As a business you are able to list the auto leases payment as an expense for tax deductions which will decrease your liability. As a business owner the fact that auto leases save you money is very exciting.
The difference in Auto Financing and Auto Leases is when you buy a car the vehicle loses value as soon as you drive away. Although there is different Auto Leasing options. Other options include a Lease option to buy car lease. This means at the end of your lease term you have the option of purchasing the vehicle or giving it back.
Another perk of car leases is you do not have to drive the same vehicle for very long. Most Auto leases are around 24 months long therefore you are able to stay in style by leasing new cars every couple years. If you have fair to good credit but require something with 0 down payment auto leasing may be your best choice. Auto leases usually do not have a down payment.
Most Auto manufacturers offer various leasing programs. Ford Leasing is a great one. They offer A-plan leases which require a family member to be an employee at Ford. Ford along with many other manufacturers has great leasing plans and incentives. New Ford leasing is usually cheaper than new BMW leasing. Just like with purchasing a vehicle the more you want to spend the higher the luxury you get.
When going the auto leasing route payments are much lower than on a financed car. On a Financed car you have higher interest rates based on your credit score and credit history. Around 70% of the USA which is the majority of consumers fall into fair to bad credit.
Last but not least, on a lease you are taxed on your monthly payment not on the total purchase price of the vehicle which in the end will save you a little bit of money.