How to Lease a Used Carby Heather Topham Wood
In most cases, it does not prove financially viable for a car company to lease used vehicles. The appeal of a car lease to many people is the chance to drive a new car without the need to pay a hefty monthly car payment. However, if you find it difficult to find a dealer that leases used cars, you can still lease a used vehicle by taking a lease over from its current owner or looking online for leasing companies with a used car inventory.
Use a car lease takeover search engine like Swap a Lease. On this site, automobile lease holders can advertise their leases in order to find potential buyers to take over the lease. It allows the lease holder to get out of their lease early while also permitting buyers to have a short-term lease on a used car. In order to permit the lease to transfer to a new holder, you will be subject to a transfer fee. The transfer fee is typically a small amount and should not be more than $100.
Look through auto classifieds from dealerships and leasing companies for used cars available to lease. Instead of taking over a lease, you can start a new lease contract on a used car. For example, the online leasing company Used Car Lease has a database of both new and pre-owned vehicles for lease.
Complete a lease application. Once you find a used vehicle that you want to lease, you will have to apply through a financial institution to see if you qualify for the loan. The bank will determine your credit rating and financial details to make sure you are able to make the monthly lease payments. The former lease holder or the dealership can make arrangements for the processing of the application.
Take out full coverage on the leased used car once approved for a used car lease. Even though it is used, you will still be required to have full coverage through your auto insurance company. You will also need to have the used car registered and inspected prior to operating the vehicle.