Have you been longing to have a car and do not have money to buy one? Statistics show that many people across the world wish that they had a car. However, they lack money to buy one. I am not sure whether you have a car or not, but today I want to show you another trick to have a car by leasing. You will also discover the cheapest car to lease with no money down right here.
What do you understand about the term lease? Every business person knows more about leasing. If I lease you an item, we have to make an agreement that you are taking my item or property to use for a specified period of time and give it back to me after the end of the lease period. We have to make some calculations and determine how much you will be paying me every month as you use my property.
In this article, you will find out more about car leasing and how you can go about it. There are various procedures that you should follow before leasing a car. First and foremost, you should ensure that the car you wish to have has the necessary documentation to avoid problems on the roads with the traffic security personnel. The most important of all is the insurance. There are cheap full coverage auto insurance companies that you can utilize.
How Can You Go About Car Leasing?
Now that you have discovered that you can as well drive a leased car, how do you go about the process of car leasing?
The process starts with you identifying the car of your choice and the company leasing the car. So when you visit the company, you have to make agreements. There are many companies that lease cars with zero down payments. However, this does not mean that you will just get the car and drive away without paying anything. You have to pay some fees, the first month’s payment and probably the sales tax.
Upon leasing a car for certain duration, you pay for the depreciation of the car as well as interest and taxes. Financial experts refer the interest as the ‘money factor’. To arrive at the amount you should pay each month, experts first evaluate the probable value of the car at the end of the contract and get a value called the residue value.
Now, to arrive at the amount you should pay each month, the seller subtracts the residual value from the capitalized cost, and then adds interest to the result. Divide the outcome with the number of months you wish to stay in the car.
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Can I Get a No Down Payment Car for Lease?
It is possible to lease a car with no down payment. However, you will not get it that easily unless you have a good credit record. The owner of the car wants to be sure that you will pay the agreed amount without fail.
Most car lease companies will require you to make a down payment. That will also be beneficial on your side since you will be paying less money each month. In addition, it helps protect companies from defaulters.
Zero down lease agreements sometimes favor the owner of the car. If you are a lessee, you only get the car and leave the title with the leaser. In case of any accident or loss, the leaser gets compensation from the insurance company but not you. You lose the money that you had paid. Even when you have just driven for a few kilometers you just lose your payment. The lease period also ends immediately.
Is it Possible to Get a Discount When Leasing a Car?
Everything in this world is negotiable. You can negotiate with the leaser to pay less than what calculations bring about. You can talk with the leasing company to reduce the cap cost of the car. In fact, try to pretend that you want to buy the car and own it so as to get a reduction in cost. From there, you can twist the story that you want to lease the car.
When the car price reduces, the residual value reduces as well, and so you will end up paying less per month. And finally a less overall payment for the specified lease period.
What are the Requirements to Access a $0 Down Lease Deal?
If you hear that a company is leasing cars at 0 down payments, do not think that it is a walk in the park to get the offer. The leaser simply means that those qualified can get the deal.
To qualify for a zero down payment, you need to have a good credit score. No one will just allow a defaulter to get their car at lease. What if they disappear? It can be terrible. So first you need to get a credit report (FICO Score) from companies such as Equifax and Experian before proceeding to get a car for lease.
If you want to get a FICO score, you need to pay a little fee to the concerned companies. It shows how maintaining a credit score is critical for your survival in the financial environment. Even banks will have to know your credit score before giving you a loan.
Top 10 Best Cheapest Cars to lease With No Money Down
According to various sources following are the 10 best cheapest cars you can lease without any down payment.
1. 2020 Lexus IS
The 2020 Lexus IS is one of the latest cars you can lease with no down. The car trim is 350 F Sport. The manufacturer suggested price for the 2020 Lexus IS is $47,335. However, it might be higher depending on the retailer.
You can get the car at a monthly payment of $423. The value for money of this car is about 112. Look for this car and enjoy the zero down payments.
2. 2020 Jeep Grand Cherokee
The trim for this car is Laredo. Being among the latest cars in the market, the car is expected to serve you right. The car has a monthly payment of $323 with no money down whatsoever.
The car’s manufacturer’s suggested price for the car is $37,390, although it might change from place to place due to taxation issues. The money value for the car is 116. Do you feel like you can have this car? Feel free to get it.
3. 2020 Chevrolet Silverado 1500
Chevrolet cars have since been among the most liked cars since they started retailing. Currently, the car has $39,095 as the manufacturer’s suggested price. Do not get shocked if you came across a higher price since taxes in different areas normally change everything.
The car’s trim is custom. You can get this car with no down payment by parting $335 every month. The car value is 117.
4. 2020 GMC Acadia
The trim of the car is SLE. 2020 GMC Acadia is a good car to lease in 2020 bearing in mind that it has no money down. What you need to pay is $304 per month and drive the luxurious car to wherever you want.
If you would like to buy the car completely is sure that the price will revolve around $35,870 as this is the manufacturer’s suggested price. The money value stands at 118.
5. 2020 Jeep Cherokee
2020 Jeep Cherokee attracts a zero down payment and monthly payments of $267. The manufacturer’s suggested price is $32,845. That is a lot of money and that explains why leasing the car is a good option.
The car trim is Limited while the money value is around 123. So now weigh if you can afford the payment plan of the lease and go for the car. Again, there is no problem with buying the car and owning it completely so that you can better your life.
6. 2020 Jaguar F-Type
Jaguar F- Type is a mighty car. Most of those who drive cars are highly respected in the society. Although the monthly payment is high, the car is worth it. Its trim is 2.0L 296 HP.
If you want the car, then prepare to pay $653 every month. If you have enough money to buy the car, know that the manufacturer retail estimate is $74,200. If the price will be different from the above, the difference will be mini more. The money value stands at 114.
7. 2020 Dodge Durango
2020 Dodge Durango is here for you if you want a car to lease. The leasing company has eliminated all down payments up to zero only to ensure that customers will come running for it. The trim of the car is SXT Plus.
The manufacturer’s suggested price is $38,685. Do you think you can afford the retail price? If not, you can take it on lease and pay $330 per month for the agreed duration of time. The money value of the car is 117.
8. 2020 Chevrolet Equinox
What do you think of this 2020 Chevrolet Equinox with a trim of LT and a suggested price of $29,570 by the manufacturer? Can you afford it? If not, do not worry since you can make a lease agreement with the seller and take it at $253 per month for the agreed period of time.
The money value of the car is 117 just like the 2020 Dodge Durango. If you want to drive this mighty car, then you have all the freedom to get it so long as you can afford the monthly payment.
9. 2019 Buick Encore
The name 2019 Buick Encore sounds great according to me, and so does the car. Being on a lease, the car can serve you right up to the agreed period of time. The best agreement is there for you that requires you to pay no down payment at all. The trim of the car is Preferred when the money value is 121.
If you want the car on a lease, you only need to part with $218 every month until the agreed period is finished. But you have the option of buying the car to completely own it. That will cost you around $26,470. That is the manufacturer’s suggested price meaning that it might change a bit due to taxation.
10. 2019 Chevrolet Silverado 1500 LD
My list closes with the 2019 Chevrolet Silverado 1500 LD. As mighty as it seems, you can lease it at $312 per month. The manufacturer’s estimated price is $44,980. So you can also decide to pay for it completely and forget about leasing.
The money value for the car is 144 while its trim is LT. Such a car is great to drive around and go whenever you feel like going all the time without any difficulties whatsoever.
Apart from the 10 cars above, there are other cars that you can get on the lease. For instance, several Honda Models are available on lease. The New 2019 Honda Civic Coupe LX CVT can allow you to lease it at $289 per month for three years with $0 down at signing of the contract.
Another great car is the 2019 Honda Civic Sport 2.0L CV. It allows a monthly payment starting at $189 every month for three years. You will need to make $0 down payment and $1,714 during the lease agreement signing
2019 Honda HR-V Sport CVT AWD has monthly payments starting at $269 per month and the lease period goes for three years. There is no down payment for the car at signing.
You can also consider the New 2020 Honda Civic Sedan LX CVT; the lease price starts at $285 per month for a period of three years with zero due during signing.
Final Verdict
Leasing a car is better if you lack enough money to buy a new car. Furthermore, a lease agreement with no down payment makes things very easy since you only need to pay for the depreciation of the car. You can keep on changing cars now and then and people will wonder how rich you are. But if you have the financial capability to buy a new car, then the better since you can use it to get loans and insurance.