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Three Mistakes to Avoid While Leasing a Car

Short lease terms and zero money down? Sounds like a great vehicle leasing opportunity! However, before you sprint into the dealership to take advantage of this leasing deal, you’ll want to keep a few things in mind.

It’s easy to get hooked into leasing a new vehicle with the idea of getting your hands on a car that you otherwise may not be able to afford. In some cases, drivers are so eager to get a great leasing deal that they forget that low monthly payments can often result in paying extra money elsewhere.

So, before you head into your dealership, make sure you’re aware of some details that you could miss while negotiating your leasing terms. To help you get educated, Fred Beans Auto Loans has provided this list of mistakes to avoid while leasing a car. The next time you see an amazing leasing offer, you’ll walk into the dealership prepared to ask all the right questions.

Negotiate The Correct Number!

Often times, drivers looking to lease a vehicle focus on negotiating the monthly payment. While this is understandable, the number you should be focusing on is the purchase price. If you only concentrate on your monthly payment, you’re neglecting to consider how this can increase the required down payment for your car.

By first discussing the purchase price, you’re negotiating the entire expense of the vehicle and lowering your total monthly payments all at once. This can go a long way in preventing hidden fees and added costs elsewhere.

Get Ready To Haggle

Another misstep that’s often made when leasing a car is forgetting to bargain at all. Some drivers believe that what a sale associates presents to them is a fixed plan with a price that cannot be lowered. This is a very expensive misconception to have because the price of a vehicle can almost always be reduced.

In fact, sometimes even attempting to haggle with a salesperson can automatically get you a lower monthly payment and lessen the total cost of the car. That’s because pursuing a lower price shows that you have experience with buying a vehicle.

Watch Out For Hidden Fees

As we mentioned above, you always want to ensure that you’re not accepting a deal that could have additional costs down the road. When calculating your total payments, you’ll want to add any insurance, delivery, and tax charges.

The financial expert you’re working with can give you an estimate of what you’ll be expected to pay with all the extra fees included.

Pay Attention To Insurance Details

After you drive away in your leased vehicle, the excitement of a new purchase can cause many drivers to forget that an accident is still possible. If you’re involved in a collision after leasing your new car, your insurance plan may cover some of the total value, but not all of it.

Without a gap insurance plan included in your leasing details, you’ll be required to pay out of pocket for the remainder of the vehicle’s price, which could be thousands of dollars. So, when you’re reviewing the finer points of your lease, ask the sales associate if a gap insurance policy is available.

Mark Your Miles

Every leasing deal contains limits on the number of miles you can put on the vehicle. Sometimes, attractive leasing offers have extremely low mileage limits. On top of that, each mile you exceed will cost you, and you could end up owing a great deal of money once your lease is up.

If you have a daily commute to work or plan to take the vehicle on a long trip, you should think about leasing a vehicle with more generous mileage limits. That way, you won’t end up incurring thousands in extra fees.

Lease Your New Car at Fred Beans Auto Loans!

Whether you’re planning to finance or lease your new ride, Fred Beans Auto Loans will provide you with the support needed to find a payment plan that fits your budget. Our helpful experts guide every driver through our leasing procedures and help you understand the terms included. We also work with all types of credit scores to get you the leasing options you deserve.

When you’re ready to lease your new vehicle, head over to our finance center, and we’ll have the keys to the car of your dreams in your hand!