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Biggest Myths About Bad Credit Car Leasing

1 Jun , 2016  

Every driver deserves a car that makes them feel happy and safe behind the wheel. However, a large percentage of the population struggle to buy a new car, even on credit. Meanwhile, many also fail in their attempts to lease cars through more traditional methods.

Bad credit car leasing is the obvious alternative. But many drivers are apprehensive about taking this route. This is largely due to hearing various inaccuracies. Here are three of the most common fears, and why the true situation is far different to what you’ve probably imagined.

 

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I’ll Be Financially Worse Off

This is probably the most common error of judgement that people make when weighing up the option of leasing a car. On the face of it, buying a car has surely got to be a better idea than leasing. After all, it’s better to purchase an asset than simply give it back. Right?

Well, not necessarily. When you factor in the rapid rate of depreciation on a new car, it soon becomes apparent that leasing is a far more appealing prospect. Even if you have to take out a bad credit car leasing agreement, it can work out cheaper in the long run.

Most people will upgrade car every three to five years. So by the time you’ve sold that car (at a massive loss) those perceived financial benefits are non-existent.

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My Credit Rating Will Fall

Leasing a car is a big financial responsibility. So if your credit score is already in a poor state, it can feel rather scary. Even the most basic research will probably lead to reading scare stories about how taking on such an agreement could make matters worse. But you should take those with a pinch of salt.

The truth of the matter is that you simply need to be honest with yourself. If you can (and will) make timely repayments, a bad credit car leasing plan could bolster your score. Each month’s payment will have a slight impact, which can go a long way to boosting your hopes of future credit too.

You should only take the agreement if you’re confident about sticking to the plan. But the fallout of failing to pay can be less dramatic than if you’ve taken out a loan to buy the car.

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An Accident Will Be More Costly Than Ever

Road accidents aren’t uncommon. Money shouldn’t be your first concern after suffering an unfortunate incident. Nonetheless, it is important to appreciate its importance. A common worry for people taking bad credit car leasing options is that a crash can leave them facing a hefty repair cost. Worse still, it’ll be on a vehicle that isn’t even theirs.

On the contrary, as long as you’re insured, things will be fine. The fact is that this the permanent owner of the car will want to keep their asset in great condition. Most vehicles that have been leased in these circumstances will come with a warranty. Ultimately, this protection means that you won’t need to pay a penny towards those repairs.

As someone that’s already faced financial difficulties in the past, those factors can make all the difference.
Sites such as www.Ultracars.co.uk offer a great starting place.

 

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