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Lease Buyouts 101 – Buying Out Your Lease is Buying a Used Car

prude1Most of us need one to make it through our busy lives. Unless you rely on public transit, your only real option is a car. If you are leasing a car, and you know your lease-end date is fast approaching, there may be a few things you are thinking about. Just remember, when it comes to lease buyouts, buying out your lease is the same as buying a used car – so make sure you are getting a used car price!

What if you are thinking about giving back the car and trading up? This may be a problem if you are over on mileage (as is often the case with most leases), there is damage to the car of any kind, or you just plain love the car. Also, often if you choose to return a car when your lease is up, many dealerships will require you to change the tires and do maintenance – two things that can end up costing you an arm and a leg.

Ok, great, so you were thinking about returning the car but now we’ve pointed out a bunch of negatives. And sure, there are a few. There are also benefits. Here is some further advice.

Don’t wait for the last minute. At least 2 months before your lease is up start looking at cars and weighing the benefits of keeping or giving back the car. If you want to keep it your cheapest option for financing is through your own source like a bank or finance company – not the car company. Why? You won’t find new car dealers particularly helpful on the back end if you’re not buying another car from them.

Get your own financing. Again, start this process long before the lease is up so that you aren’t at the 11th hour not knowing what to do. Are you worried because at the time you got the lease your credit was good but now it is not? Don’t worry, there are finance companies who will finance – the question will be cost. This is another reason research will be crucial.

Want to talk to someone about a personal loan to finance your lease buyout or about buying a used car to save on buying out your lease fees? Prudent Value Cars and Prudent Financial can help you better understand your options – whether that means getting you into a new car or keeping the car you love, just at a better rate – no matter what your credit looks like!

Contact us today by calling 1-888-852-7647.

 

 

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