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HomeCURRENT AFFAIRSCar Buying Options: Own a Car Without a Loan or Down Payment;...

Car Buying Options: Own a Car Without a Loan or Down Payment; Checkout How

If you are the one who changes cars every year or two or who becomes tired of their cars, leasing a car can prove beneficial for you. Check out advantages and disadvantages of leasing a car below.

Car Buying Options: These days, everybody wants to own a car for the convenience it provides to them. While many people fulfil their desire to own a car by taking an auto loan from the bank and other lending institutions, many others purchase the vehicle for its full price. But there’s also a third category of people who wish to purchase a car without having to deal with the inconveniences of financing, EMI, insurance, and upkeep. If you fall into this category as well, this article is for you. Because here we’re going to share with you a way to easily and affordably purchase a car without any hassle and in manageable payments.

How Car Leasing Can Benefit You?

Yes, we are talking about taking a car on a lease, leasing a car is now a better alternative than taking a high-interest auto loan for one. If you are the one who changes cars every year or two or who becomes tired of their cars, leasing a car can prove beneficial for you. With this option, you can get the same joy of owning a car with a prior set monthly charge that you will need to pay. But before leasing a car, you should know the advantages and disadvantages of it which are briefly discussed below.

Advantages of Car Leasing

  • Monthly leasing payments are usually less than those for financing a new vehicle. This might free up money in your budget for other necessities.
  • You can drive a brand-new vehicle with the newest features and innovations by leasing even without making a long-term commitment.
  • Most repairs are covered by the lease, which frequently runs concurrently with the manufacturer’s warranty. So, you can save your money by significantly reducing the maintenance costs.

Disadvantages of Car Leasing

  • Most companies usually include Mileage restrictions in lease agreements and going above these restrictions may incur extra costs. So if you travel frequently or have long commutes this can be a constraint for you.
  • When you lease a car instead of buying your own. Always remember you won’t be the owner after the lease expires. If you want complete ownership of the car without any restrictions, leasing a car is not a good option for you.
  • Most companies usually keep the customization and modification of the rented vehicle prohibited under the terms of the lease agreement. So if you are the one who wants everything to be modified according to your choice, you can avoid car leasing without any second thought.

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