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Sunday, July 13, 2014

Car Lease Tips for College Students


When studying in university or college, you may need your own transport. Either there aren’t enough buses or trains in your area or you live a long way from where your classes are being held. In either case, you’ll have to decide between buying or leasing your own automobile. If you choose to lease a car, you will need to consider the following four tips so that you make a smarter decision and avoid any difficulties in the future.
1. Determine Your Budget

First, you will need to work out exactly how much you can afford to pay back each month. As you’ll be signing a lease for your automobile, you will be obligated to pay a set amount on a regular basis. Before you sign your name on the dotted line, you should create a budget and calculate how much you can spend on the auto lease. You should also include enough money for fuel in your budget as you won’t want to spend money on a new car and then find out you don’t have enough to cover petrol costs as well!

2. Read the Fine Print

Remember that there will always be set conditions when it comes to the lease that you agree to. One of the most important is that you will only be allowed to drive the car a certain distance per year. If you accidentally go over this:
  • The finance company will then charge you per additional mile or kilometre
  • Your costs will drastically inflate, resulting in serious financial difficulties
 This can be disastrous for the average student. To avoid this scenario, make sure to read the fine print before you agree to the contract.

3. Only Lease under Warranty

One more important condition to think about is the parts and repair warranty that the agreement comes with. Since you are studying, covering these costs is out of the question. Leasing Options car leasing includes a full manufacturer’s warranty so that you don’t have to worry about unexpected expenses if you get into an accident in the future. This can serve for extra peace of mind, allowing you to focus on your studies without worrying about risks on the road.

4. Think about Future Driving Habits

Lastly, there are plenty of lease agreements out there some with conditions that fit in with your lifestyle and others that aren’t quite as suitable. Therefore, you’ll need to think about the following important points and how they affect the contracts that you can sign in the future:
· How long will you need it for? In general, most leases are better suited to college students who require a vehicle fora long period of time. This means auto lease contracts are great for those needing a car for up to three years. If you are studying for longer than this, you may be better off looking for other options when it comes to obtaining your very own private ride.

What will you do with the car? If you are just going on simple trips back and forth between home and university (and elsewhere around town), most agreements will be suitable. However, those who need to transport heavy equipment will have to ensure the contract allows this so that you’re not stuck with legal and financial issues later on.

These four tips will help you determine whether taking out a car lease is a smart idea or not. For further information, get in touch with a local financial institute who has experience in this field. They should help advise you on how to obtain a new car without any risk.

Author:

Trevor Clarke is writing on a freelance basis for Leasing Options, a company partnering with more than 30 different car manufacturers to offer clients with over 8000 choices. Know more on their website, www.leasingoptions.uk.
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