It was an experience I would never forget, leasing a new car after I got a new job and so I would like to define the steps in a systematic order but I must also let you know that this was not my order because it was my first time and it was all haphazard. Leasing a new car was not such a bad idea after all but it would have been better if I had taken some guidance before I started this campaign
Do You Have Starter Money?
This was my biggest mistake that I was depending on someone very close to provide me the starter money as I did not have any saved at all. It turned out when the bank asked me to pay down payment. I had nothing and yeah my mistake I was hoping my dad will provide the money which he did not so it’s better to arrange the down payment money in the first place. No matter how cheap a car you chose you will require money for down payment.
Choosing A Car
What you are seeking for a car should be something that would be just right for you so better do a thorough market study and read forums/blogs about which car has what drawbacks and what problems; are the spares available easily; is maintenance cheap; what are the weak areas involved etc. etc. Better test drive the car you are thinking about leasing with the sales man.
Your Choice Or Money Choice?
Secondly select a car which will satisfy your needs, require cheap maintenance & give you awesome mileage. Always remember 2 things will influence your decision, number one the money you have to pay before you lease the car and number two is the money you have to pay after you lease the car. Select a car which gives you all that you want at the minimal cost plus keep in mind the amount you have saved for down payment should be enough.
Comparing Interest Rates
Third thing will make your brain work and so take out all calculators to figure out which leasing company will offer you the cheapest interest rates. At this point you must keep in mind that insurance rate will also very as per different insurance companies. Make out the best plan keeping in mind the monthly installments you can as well as for how many years you are paying installments because it matters alot. If possible do compare the overall rates with buying graph vs. leasing graph; if there is a hell of a difference then reduce the number of years of leasing,increase the monthly installments and cut down your expenses as this is in itself a saving.
Apply For Lease
Next thing in line is to get the agent of the leasing company or bank to contact you. Provide him/her with all the required details/documentation and it’s better not to hide or alter any details as it can go against you off course.
Follow Up The Application
Better keep a follow-up of the application for car lease. If you think the agent is delaying then the signs are not good better tell him to be quick and tell him you need a car before your upcoming wedding and if you won’t get it in time then it would be useless. And so you will see the agent will work his socks off and get your application approved in time.
Pay Down Payment
Once the car lease has been approved now you have to pay the saved amount to the leasing company/bank and wait for the car manufacturer to contact you via leasing company for the owner choice accessories options.
Selecting Car Accessories
Select the best choice accessories as per your taste i.e. color, seat fabric, tires etc. As the car manufacturer would already have been contacted by the leasing company your car might already be on the production lines if it is already not available in stock. But choice accessories can always be changed before delivery.
Wait For Call From Leasing Company/Bank
Now wait patiently for a phone call from bank representative to inform you to pick up your cherry and then sign all insurance details. Better have the first installment ready to be dispatched just after you get the delivery of the new car.
Open The Door And Press The Accelerator
So at last when you get the call just hurry to the leasing company/bank and sign the last formalities, shake hands with the agent who has been so helpful and then open the door, press the pedal and take your family out for diner in your new leased car.
So in short it’s not a very hectic process but there are glitches in money matters. I have seen people sale their leased cars at loss as they are unable to keep up with the installments so buy what you can pay for easily plus be sure to check all documentation you are signing and as well inspect the car before receiving it.
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