Neither down payment nor loan, this way of buying a car is also very wonderful!

Lease Car: Nowadays everyone wants to buy a car. Many people buy the car by paying its full price, while many fulfill their dream of buying a car by taking a loan. However, there are many people who want to buy a car without the hassle of down payment, loan, EMI, insurance and maintenance. If you are also one of them, then we are telling you a method with the help of which you can buy a car in easy installments at low cost and without any hassle.

Let us tell you that nowadays buying a car on lease instead of loan is a better option. The lease option is also very useful for those people who get bored of their car very quickly or change the car every one or two years. This is an option in which you will have to pay a fixed monthly fee in exchange for using the car. Before taking a car on lease, you must note some things…

• Understand your budget and needs. Decide how much money you are willing to spend and what kind of car you need.
• Contact the car dealer or leasing company. You should talk to several different dealers or leasing companies and compare their offers.
• Sign the lease contract. Once you contract with a dealer or leasing company, you will need to sign a lease contract.

However, buying a car on lease also has some advantages and disadvantages, which you must know.

Benefits of leasing a car
The monthly payment for a leased car is usually lower than the car loan EMI.
You do not need to make a down payment to buy a car.
You do not need to worry about maintenance and repairing of the car.

Disadvantages of leasing a car
As per lease rules, you will not be the owner of the car.
You will have to return the car as soon as the lease period (contract) ends.
You may have to pay some extra costs, such as damage fees and range limitations.

Difference between loan and lease
When you take a car on lease, you have to pay a fixed charge every month. It is just like you pay a subscription charge or rent to use a service. Whereas the loan installments keep increasing and decreasing according to the bank interest rate. Apart from the lease subscription fee
You do not have to pay any charge. Things like insurance and maintenance are included in the fixed subscription.

Whereas for a car taken on loan, you have to bear all these expenses separately. You also get tax benefits on the car taken on lease. Servicing of your vehicle also remains free for 5 years. This is not the case with a car taken on loan.

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Tag: auto news, cars