How to Get a New Car Lease

Leasing a new car is a smart move if you normally buy a new car every couple of years or want to drive a car that is nicer than what you can afford to purchase. Getting a new car lease can be relatively quick and easy if you know what to look for.

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Tips on Getting a New Car Lease

Watch for deals – Auto manufacturers offer the best new car leasing deals so make sure to watch for any promotions. You can check for the most recent lease deals at CarsDirect’s Pricing Insider.

Need Good Credit – Credit standards for leasing a new car are stringent so if you do not have a FICO score of 680 or better, it is unlikely you can obtain a lease. You can get a free credit report once a year at AnnualCreditReport.com.

Match Lease Term With Warranty – New car leases can range in length from two to five years, but make sure your term coincides with the length of the manufacturer warranty. Otherwise you’ll be making lease payments and be responsible for repairs on a vehicle you don’t really own.

Items to negotiate– Some of the most important items to negotiate on your new car lease are:

• Capitalized Value: this is the equivalent of the vehicle selling price and a lower “cap value” will reduce your monthly lease payments.
• Residual Value: this is the contractual value of the vehicle at the end of the lease term and a high residual value means lower monthly payments.
• Mileage Limits: all leases have a limit on the number of miles you can drive each year without incurring additional costs, typically 12,000 miles a year. This number can be negotiated upfront and incremental miles can be added, sometimes at no cost, or at a lower cost than if you have to make “overage” payments at the end of the lease.
• Money Factor: this is the implied interest rate of your lease, so lower is better.
• Down Payment & Fees: try to minimize your down payment, security deposit, dealer fees and financing fees (and any other fees) since these just increase the cost of your new car lease.

Shop Around – While auto manufacturers typically offer the best new car leasing deals, you can also obtain a new car lease form a dealership, bank or credit union. To find the most affordable lease obtain quotes from all these sources as well as spend some time online at new car leasing websites so that you can get several comparative quotes.

CarsDirect New Car Leasing

When you buy a new car through CarsDirect, you not only get a great price and superior customer service, but the opportunity for excellent terms on a new car lease. A Vehicle Specialist will help you compare car lease offers to help save you money. The service is quick, free of charge, and no obligation. In many cases, we can arrange financing on a car lease in a matter of minutes. Start the process of financing through CarsDirect by going to the new car prices channel.