The decision to lease a vehicle or purchase a vehicle can depend on various factors. You can ask yourself a few questions to determine if you should lease or purchase your next vehicle:
- Can you afford a $400-$600 monthly payment of purchasing a vehicle?
- Are you willing to always lease and have that monthly payment?
- Are you a responsible and careful driver?
- Would you like to have ownership of your vehicle?
- Do you travel often (i.e. work, vacation, etc.)?
If you answered “Yes” to 3 or more of these questions, you should purchase your vehicle. The leasing option is great for those who work close to home, do not travel much, and are negligent drivers. Let me explain; if you lease your vehicle, you have to restrict your total mileage on the vehicle, or you may have to shell out money for the extra miles put on the car. Also, if you are a careful driver who takes care of their vehicle, you will not have to worry as much about long term maintenance. Your car will take car of you, if you take care of it. When you lease a vehicle you may never own it. It is reassuring when you purchase, to know that the vehicle is yours and you are free to do anything with it.
Another important factor in your decision making process is rebuilding your credit. A loan to purchase a vehicle you can begin rebuilding your credit and improve your credit score.
There are many benefits to leasing a vehicle. For one, your monthly payments will be lower than if you were to purchase. You also have the benefit of upgrading your vehicle every couple of years. A lessee has the advantage of getting a new vehicle and not worrying about future maintenance or depreciation. A lessee also has the option to purchase the vehicle at the end of lease terms. If purchasing a vehicle is not feasible at the moment, remember that once life stabilizes, the option to purchase a leased vehicle is available.
Find a Loan has been working for many years to help people just like you get approved for a loan and begin rebuilding or establishing their credit. Our online application is simple, fast and secure. We work with credit specialists right across Canada who are experienced in working with all credit situations.
Our online credit application is the easiest way to get started. A credit specialist will review your application and determine financing and interest rates soon after the application is submitted. With our simple 3 step application, you will be on your way to getting approved within 24-48 hours.