The car loan lease concept involves a fixed monthly payment plan with no lump sum to pay at the end of the plan. This is a popular option for those that do not want to have to worry about the depreciation rate of their new car. The market price of a new car can often depreciate quite quickly from the initial price paid. If you have purchased the car with finance, as most of us do, then still repaying the loan as the price quickly depreciates can be rather disheartening. The idea of the car loan lease arrangement is that it allows you to effectively 'pay as you drive' a new car.
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The car loan lease is often confused as a type of rental agreement but it is in fact entirely different. You are not actually renting the car, nor having a loan, but rather paying a set amount each month to have the use of the car. You can have and drive a new car without worrying about any loss of value of the car. With a car loan lease you are only paying a small share of the cost of the vehicle. This portion of cost is the part that you use up with the mileage and time that you have the car on lease.
When the car loan lease period ends you are left with the option of buying the car or replacing it with another leased car. It is this flexibility that has made this method of car acquisition popular with people who drive a lot of miles per year. In some professions you will have to do quite a bit of travelling so a car loan lease may make more sense. It can often work out a little cheaper to lease rather than buy take out finance to obtain a new car.
Buying new with a car loan lease involves two separate charges combined into one set monthly payment. There is the cost of the loan finance that the lease involves and an incorporated cost for the reduction in value of the car while you are using it. The lease company will arrange all the finance beforehand so that they can then offer special leasing packages. By leasing a new car you will only be paying for exactly what you use rather than a proposed amount for what you may or may not use.
One of the most popular advantages of acquiring a new car with a car loan lease is that you are afforded additional protection. If the car is stolen or badly damaged in an accident, if it is leased, you will be able to recover some costs with gap insurance. This offers some security on the remaining payable lease amount and you will not lose out too much. Those with loans on cars in the same situation are not afforded the same, if any, protection in such circumstances. Consider buying new with a lease agreement for this added protection, probable lower repayments and a lot more flexibility.
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