Car leasing is very popular because it provides an attractive method of driving a car that could not otherwise afford. It allows you to make lower monthly payments than traditional loans to purchase cars. About one in every four vehicles driven by automotive consumers in the United States are leased.
However, the lease is not for everyone. You should take the time to learn about the lease and make sure it is right for you before making a decision.
What is Leasing ?
While a purchase loan is a method of financing the ownership of a vehicle, leasing is a method of financing the use of a vehicle for a period of time. As much as it sounds like renting, leasing is different.
A lease is a formal contract with a leasing provider that allows the supplier to drive the car and pay only for the portion of the value of the vehicle used during the time you're driving. You agree to pay for insurance, licenses, taxes, repairs and maintenance.
The leasing provider retains ownership and title to the vehicle throughout the lease. At the end of the lease simply return the vehicle to the supplier, or you can purchase the vehicle and continue driving it.
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