Whether or not a lease is the right option for you comes down to several factors regarding your lifestyle and budget. You need to ask yourself:. The best lease deals can usually be found at the end of the year when car manufacturers want to clear out old inventory. Spring and summer are also good as it's the prime selling season and you'll have lots of variety to choose from.
When shopping for a car, most auto leasing companies look for credit scores of over , which is what qualifies as "good" credit. If your score falls under this, specifically in the fair or poor range, you might have a tough time getting a lease from many car manufacturers and dealerships. Many dealerships are set up to work with bad credit customers.
Canada Drives is partnered with certified dealers all over the country, and we can help you drive away with the right car and the best lease deal. If someone wants to end their lease early but doesn't want to pay the big contract cancellation fees, they can arrange for someone to take over their monthly payments with the same terms.
Car Finance - Compare The Best Deals on Cheap Car Loans
While this will still require a credit check for the new driver, the agreement will be less rigid than if you were getting a new lease outright. Some car dealers offer lease-to-own deals, but it's not actually leasing. It's still a form of traditional car financing, which means you end up actually buying the car at the end of the term as opposed to giving it back to the dealer. Lease-to-own usually means fewer vehicle options and different contract terms than a standard lease.
If you're struggling with a low credit score or still building it up after some damage, these are some of the benefits of a lease-to-own agreement:.
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Depending on how flexible you are with your preferences, there are still some basic features that will make any car, any brand, cheaper. Always look at the MSRP to determine the end value of your car.
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You want to find a vehicle that both affordable for your budget and retains its value over time. Whatever your budget or credit rating, Canada Drives can help you find the cheapest car lease deals on the market.
Car finance explained
Doing your homework before walking into a dealership will boost your confidence and turn you into a savvy consumer. You'll be less likely to get swayed by fancy sales tactics. You can find these by looking at a manufacturer's website and using their "build your car" feature and see if there are any upcoming rebates or discounts. If you walk into a negotiation knowing there will be thousands of dollars off the vehicle's MSRP soon, it will put you in a stronger bargaining position.
The buy rate determines the interest rate you'll be paying as part of your lease rate, which dealers use to calculate APR. It's usually 4 or 5 decimal places eg:. Dealers make money by increasing the buy rate, so they can collect more interest to pay to the lender to finance the car to begin with. Just ask the dealer what the buy rate on the vehicle is and then multiply this figure by 2, to get your APR percentage. Why does this matter? The Edge sports a refreshed appearance, which includes a redesigned front grille, headlights and rear fascia. The Edge also features several enhancements that are standard across all trims, such as an eight-speed automatic transmission, engine start-stop functionality, a rotary-dial gear-selector, rain-sensing windshield wipers, pre-collision assist with pedestrian detection, automatic emergency braking and automatic high-beams.
Follow on Twitter ahytai. Manufacturer incentives and pricing calculations are based on Ontario customers and subject to availability of inventory. Dealer discounts shown are estimates for illustrative purposes only, may vary by region and are given at the discretion of individual dealers.
Please note that while every effort is made to ensure the information above is accurate at the time of publication, pricing, incentives and discounts are subject to change or discontinuation at any time. Vehicle images may not represent the exact model featured in the pricing provided.
That seems tempting, but it also sounds too good to be true…
Consult your local dealership for details. Stay on top of all our Drive stories. We have a Drive newsletter covering car reviews, innovative new cars and the ups and downs of everyday driving. Sign up today.
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By comparing multiple auto loan offers at once, you can pick the one with the best interest rate, loan term and conditions that work for you and your budget without having to shop around. Unless you have saved enough money to buy a car outright, you will need to finance your new or used vehicle purchase through an auto loan. Most consumers will make a down payment on the car, or apply the trade-in value of their existing car, and then finance the balance with a car loan.
You will then make monthly payments to the lender until your car is paid in full. Auto loan terms can vary from 24 to 72 months. With a shorter term loan, you will have a lower interest rate, but you will also face higher monthly payments. Several factors will determine your auto loan rate, including credit score, loan term, location, and car value and mileage. If you calculate the monthly payment that fits your budget before you go shopping, you will be better equipped to make an informed decision about the car you can afford. While a longer term car loan with a lower monthly payment may make the most sense for your budget, be aware that it will take longer for you to build equity in your car.
The other downside of longer term auto loans is that you will end up paying more because of the higher APR. Getting pre-approved directly with a lender helps you to negotiate the best auto loan rate before you even get to the lot and will probably save you money in the long run.
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