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Things to Know When Going For a Car Financing Lease

Owning a car in today’s financially hard times is a very daunting task for most people because it is not very often that people have all the cash to buy a car. However, several options are open for people in different financial positions. Say you go to a car dealer and he or she asks you what kind of car financing that you want; your answer will most probably be either car leasing or auto loan even though the option of paying cash for the car is still open. One thing to note here is that your choice will of necessity have significant implication on your financial status for some years to come. It is therefore very important that you make your decision very carefully.

When it comes to car financing, it is important to also know that the decision not only has far reaching implications on your finances but also on your time. This is one area that many people ignore but is very important. If you opt for car leasing then you will be asked to fill a credit application by the dealership. In most cases this arrangement normally requires that you take between 30-60 months to service it. Time here is very important because it determines the eventual sum of money you pay for the car. The longer the time frame, the lower the payments are and vice versa. Depending on the amount of loan given, your interest rates and the down payment made, you should be able to calculate how much you would be paying for the car financing within the given time scale. This knowledge in turn suggests the feasibility of the whole process.

A few things make this car financing method attractive to most people. Firstly, the low down payment for the car is most appealing. It is not many people who can be able to pay cash for the purchase of a car. The pleasure of getting to drive away with your dream car without having paid too much money would excite anyone. Secondly, the monthly payments are kept at an affordable minimum unlike in auto loans, ensuring that your finances are not stretched too far. Also, the fact that this finance deal will have no less than a 3 year car warranty is yet another appealing factor. The only thing to note is that you will not be handed the car documentation until all the sum of payments for the car have been finalized. The car is presumed the dealers up until that time. All the same, this has been seen as the most convenient for the average customer.

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