Considering the pros and cons of car leasing and buying is one of the very first steps to take in order to get the best decision. However, after weighing all your options, if you choose to proceed with BMW lease because of the various advantages it offers, then you should know exactly how to go about this to ensure that you get the best deals.
Getting a car lease presents some important advantages. Some of the advantages you stand to gain include:
- Lower payment compared to a car purchase. This is because, for the car lease, you are required to only pay the depreciation cost on the vehicle while for a car purchase, you will be required to pay additional fees including dealership fee, insurance, taxes and more.
- With a car lease, you get to choose the high profile and luxury cars for lower monthly payments.
- Car lease allows you to change up cars as often as possible, especially at the end of each agreement.
- Choosing to lease a car also allows you the advantage of short and long term contract options.
To get the best out of your car lease, below are the steps you need to take.
Step 1: Choosing your Funding Method
When choosing to lease a car for your needs, it is essential that you understand the various funding options available to you and choose the right one for your needs. You have a choice between business and personal leasing. You can also choose between the Contract Hire and Contract Purchase packages. The choice of package to be selected will be dependent on whether or not you are willing to own the vehicle at the end of the contract term. If you need to choose a car for your business or personal use, you should speak to an accountant as they are in a better position to advise you on which of the options is better suited for your needs and is more cost-effective and tax efficient. It is also recommended that you should consider whether or not to include a car lease maintenance package in your contract.
Step 2: Choosing Your Vehicle
After sorting out the package to choose for your lease vehicle, it is also recommended that you make a decision with regards to the type of vehicle to choose. Deciding on the make and model of vehicle to choose should be based on your present needs, preferences and more. Also, it is recommended that you carry out prior research on the car type and specifications in addition to reputable dealers and brokers in your area. In some cases, most cars may not be readily available and as thus, you may have to wait some days to get your order vehicle.
Step 3: Getting Approved for Credit and Ordering the vehicle
As soon as you have been presented with the quotes from the dealership company, it is recommended that you carefully look through the contract details to ensure that the details are in line with what you agreed to. After careful perusal of the contract, sign the form, and return it to the dealership as soon as possible. A credit check will be carried out on your personal finances and company to know you are creditworthy. Once you have been approved for credit, you will be sent a vehicle order form. If you delay this, you may find that the quoted price may have increased.
Step 4: The Car Leasing Agreement
As the delivery date of the vehicle approaches, you will be presented with a formal contract on the post together with Direct Debit form for you to complete, sign, and return. You may be asked at this stage to pay an initial agreed rental and also pay for car delivery if needed. Depending on the car dealer or the leasing company, you may also be in need of documentation fee or administrative fee. Your car leasing company may also demand proof of insurance and ID before the vehicle is delivered to you.
Step 5: Delivery of Your New Vehicle
In most cases, your new lease car may be delivered to your home or office address. The car will come equipped with road tax and ready to drive. After taking delivery of your car, there is the need to ensure that you thoroughly inspect the car to ensure that it is in perfect working order. Ensure also that you note all the damaged items in the car, and also record the mileage of the car as it may be higher than expected.