Benefits of Leasing
Wondering if leasing a car is right for you?
Leasing a vehicle is a convenient option for guests who aren’t interested in owning a vehicle and want lower monthly payments. The leasing process is also appealing to people who prefer changing their vehicles every few years to models that are newer and fall within the warranty period.
Benefits to leasing a new Hyundai:
What does it mean to lease a car?
Leasing a car means you make monthly/bi-weekly/weekly payments to use it for a fixed period. You do not own the vehicle. At the end of the lease, you have options to either return it or purchase it.
Why lease a car?
The benefits of leasing are endless! So we came up with our top 10 reasons to lease:
- If you love having the latest cars with the latest model and features, this is a big perk. Leasing a car means you get to keep changing cars as your lease is over or even if you want to end your contract early!
- Don't worry about the upkeep. Most car leases are under warranty for a majority of its term which may include free oil changes and other scheduled maintenance.
- You don't have to worry about fluctuations in the car's trade-in value or go through the hassle of selling it when it's time to move on.
- Up to date features! You get to experience all the newest in-car gadgets as you switch out of your lease. Who wouldn't want heated seats for the cold winter, built in front and back cameras for the tricky parking spots, and a built-in GPS system!
- Lower monthly payment. One of the most appealing features of leasing a car is the low monthly payments compared to financing a vehicle.
- Flexibility. Life is unpredictable to the last drop. Leasing will give you more flexibility compared to financing. You can trade it in, sell the car, pay off the residual value/refinance the vehicle, or turn it in.
How would I know if leasing is the better option for me?
If you prefer changing cars every 3-5 years and want to keep up with the latest models, leasing is the right choice for you. However, consider how much you're driving. If you constantly go for road trips or travel city to city, the leasing mileage may not be enough. However, you can purchase extra miles for your lease.
What happens if I want to end my lease early? Can I swap cars during my lease?
If you want to end your lease early or swap cars, you can either pay out your current contract or trade in your lease. The payout would be the amount that you owe on your current lease. If the vehicle is worth more than what you owe, you can put that equity towards the next car and if it is worth less, you can either pay the amount or add it to your next lease.
What are my end of lease options?
At the end of the lease, you can choose to lease or finance a new vehicle, purchase the current vehicle, continue to refinance the same vehicle or return the vehicle.
Can I lease a car for less than 36 months?
With us you can lease a vehicle for as short as 33 months.
What happens when I go over my mileage?
When you go over your mileage, you have to make up the cost at the end of the lease. However, you can purchase extra kilometers upfront for less.
Is financing or leasing cheaper?
Leasing is normally cheaper than financing. When you're leasing a car, you only pay for a fraction of the selling price which is the portion of the vehicle you use over the term that you lease. The depreciation of the vehicle during the time of the lease. As for finance, you're paying for the entire value of the car.
What should I bring when I'm ready to lease a car?
All you will need is your government issued driver's license. Other items may be requested; it's best to ask your sales representative for further detail.
Does credit score matter?
When applying for a loan, lease, or credit, your credit score will be one of the main factors along with supporting income. If you know your credit score before you apply, you will have a better idea of knowing if you will get approved or not. Get a free credit report with Grimsby Hyundai HERE. This won’t affect your credit score.
Are down payments necessary?
No, down payments are not necessary but the more money/value you can put towards your lease the better. The larger the down payment the lower your payments will be. Without a down payment, your payments will be higher. Have a vehicle to trade in? Trade-in vehicles can also act as a down payment. The car will be appraised, and the cash value will go towards the lease. Get a free trade appraisal with Grimsby Hyundai HERE.
What should I be doing if I want to lease a car?
Leasing a vehicle is a great decision. Let our team at Grimsby Hyundai help you find the perfect vehicle to fit your needs and lifestyle. Do you want an all-wheel drive to help you get around in those winter storms, heated seats to keep you nice and warm, GPS to help you get around, or did you want the car to be eco-friendly? Talk to one of our Sales Consultants and let us help you get into the car of your dreams.
Can someone else drive my leased car?
Your insurance will cover a temporary driver that has the lessee's permission. If someone is driving the vehicle regularly you may need to add them to the insurance as a secondary driver.