Common car lease facts

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Common car lease facts 

Are you looking for answers about what is car leasing? or how does leasing a vehicle work, then you’re in good company? Not everyone is familiar with all the benefits of leasing a car. In fact, there are many auto leasing options available. At Pfaff Leasing in Calgary, Vancouver, and Toronto, we make it very easy for our customers to find the vehicles they are looking for. From vintage cars and classic cars to exotic cars and luxury cars, at Pfaff Leasing, you can find it all. In general, vehicle leasing is the rental of a car, truck, SUV, minivan, sports car, or electric car for a fixed period of time. In this article by Pfaff Leasing, we share some information about a few common car lease facts. 

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Is it better to lease or buy a car?

The short answer to this question is: ‘it depends’. If you drive a lot of kilometers annually and like to keep your vehicles for longer than three years, leasing won’t be very beneficial for you. However, if you enjoy getting a new car every two to three years and have no interest in the trade-in/selling process of your current vehicle, you could be a prime candidate for a car lease. Basically, the difference between auto leasing or buying really comes down to your financial, automotive, and personal priorities.

Can you buy the car you are leasing?

The majority of auto lease contracts have buy-out clauses in them in case you fall in love with your vehicle and decide to buy it. Keep in mind the purchase price of the car may vary. This depends on the residual value of the vehicle when the lease agreement has expired. There are also options to purchase your leased car before the contract has been fulfilled.

Can you lease a car with a poor credit score?

While it is not impossible, it is difficult to lease a vehicle if you have a poor credit rating and no money for a down payment. Most zero-down lease offers require a healthy credit rating. But don’t worry, there are plenty of options available for car shoppers with less-than-stellar credit scores. At Pfaff Leasing, our representative can work with you and your financial situation to find you the car lease that works for you.

Is the maintenance covered with a car lease?

One of the more popular benefits of leasing a car is the maintenance provisions available in most lease agreements.

The above mentioned are just a few of the common car lease facts. If you are wanting to learn more about leasing a car in Calgary, Vancouver, or Toronto, then we encourage you to get in touch with a Pfaff Leasing representative.

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