Being Approved For Cars For Lease
Leasing a car has been the choice for many drivers for years and years. The premise was simple: pay for a car only for the time you used it. For anyone who loved expensive cars but could never handle the high price tags, this was usually the only way to go. But finding cars for lease nowadays, after the virtual collapse of the finance markets and many auto manufacturers, is more difficult than ever.
Even though you might be able to drive a more expensive car for a lower monthly payment, car insurance might be more expensive than you had envisioned. For first timers to the leasing venue this can be quite a shock.
Leasing companies demand very high levels of coverage because they are anticipating that you will be turning in the car after the lease period. In the interim, they are hoping that any damage will be covered by the insurance.
They are mainly worried about a total loss through accident or theft. They don't want to find themselves in a position where they allow to choose your own insurance coverage limits only to learn that the car is a total loss, and they have no finance recourse to recoup their own investment.
Almost any kind of car in any price range can be leased. Sometimes there are very good deals with no money down and some very affordable monthly payments. For instance, a £15,000 car with a 24 month lease could well have payments of only £150 (including interest) a month vs. the £375 (including interest) you'd be paying for a four year loan.
One of the benefits with car leasing, however, is that it's easy to get a new car. You don't need to worry about selling it on your own or haggling over a trade in price. You simply turn in the car and get another one, and it can happen in a few hours.