Looking to buy a new car but do not have a lot of money? Try leasing a car! Leasing a car has become popular in recent years given the high cost and depreciation rates of cars. Now, people who do not have the cash required for a heavy down payment can easily lease a car with zero down payment.
Here we talk about the things to do and not to do to get yourself a good deal on a car lease with zero down payment.
What is meant by a Zero Down Payment Lease?
Leasing a car means renting a car for a predetermined period on the payment of fixed monthly sums that continue for the period of the lease. However, you don’t get the ownership rights to the car but at very affordable monthly rates, you can have a four-wheeler under your belt to drive around the city and the best part – it will be perceived as your car!
How to get the best deal
While leasing a car with zero down payment sounds enticing, it isn’t easy to get. There are a lot of factors the car providers will look into before handing you the keys. Reputed lease brokers such as VIP Auto Lease who have a palette of nearly all branded and budget cars are lenient with regards to various compliance issues. Despite this, meeting certain criteria is a must.
The following are two things you can do to make sure that the lease providers do not pass on you.
Maintain a good Credit Score
A good credit score is one of the first things the lease providers will look for when checking for your adequacy for the deal. Always try to have a credit score higher than 680. Not only will this ensure that you get the required car on lease with zero down payment, but it can also give you the same deal without increasing the interest rates on the monthly payments. A credit score of below 669 can still get you the deal but you can be staring at a hiked interest rate for the period of the lease.
Have a Cosigner
If you have a subpar credit score, you can ask your friend or family member with a higher credit score to become a cosigner in the lease deal. This will ensure that you have the trust of the car providers since the cosigner becomes responsible for any default in payments and in any such scenario, the cosigner’s credit score, along with yours will take a plunge. For the same reason, it is essential to be punctual in your payments so as to not dampen your relationship with the cosigner.
Are you still finding it tough? Seek the help of Car Lease Dr Brooklyn to know everything about car leases in Brooklyn and NYC.
Things to remember
Before you jump on a car-leasing deal, consider the depreciation rate of the car. Usually, cars lose value quickly, and hence if you are leasing a car for a longer time, there is a possibility that you end up spending more than what you would have if you had bought a car first-hand.
Also, compare several deals with different companies and then select the best one. Remember that the best one doesn’t necessarily mean the cheapest one. Insurance, penalties, and other adjoint things should be carefully understood before leasing a car with zero down payment.