by Most of the popular Mid- Range or Luxury Cars / High end Cars are out of reach for many and that is where car finance comes in. At that times we turn to loan or emi options. Sometimes a car loan can come with a high interest rate along with fixed conditions and upto 20% down-payment.
Also if your car gets damaged, the loan won’t cover the servicing & repair charges. Sure you have car insurance, but won’t the amount of monthly instalments increase if you claim it? No matter what car you buy, servicing the car regularly is a must. So even if your car is in a good shape it’s going to be a little bit heavy on your pockets!
Even when you are able to afford the service charges and decide to buy a new car, you’re buying both an asset and a depreciating asset. There’s no car that will be worth more in the future than you’ve paid for it (usually with the loan, which means principle plus interest of five years or more).
So what other options do we have?
What if I tell you that there is an option that lets you drive a car with free servicing of the said car for the time period you want! That too with the amount similar to what you will pay for your loan or EMIs?
So what exactly is LEASING ?
Leasing a car is something that got recently popular here in India. Initially, it was popular in companies that required a lot of cars for the transportation of clients. In this new era, car leasing got such tremendous demand that cars can also be leased even for personal use.
It won’t cost much to maintain the car (except for occasional car wash) and after the lease is up, you can buy the car for reduced cost or go for a new lease for a new set of wheels.
So if you want to know more, keep reading, because this article will cover almost everything you need to know about leasing a car.
How to lease a car?
As mentioned earlier, car leasing can let you drive your dream car with the amount you would pay as your monthly emi instalments, with the inclusion of free services. That’s not all, in case of accidental damage or if the car stops working, the company will replace the current car with a new one! You can lease a car for your personal use or for a family member and you can even lease multiple cars for your company as well.
Typically, to lease a car you will have to pay a down payment, about 20% of the amount of the car you choose followed by monthly payment till the term of the lease. But mynewcar.in lets, you lease the car with zero down payment! The lease amount you pay per month can vary from the model to model and the type of car you choose. You can lease a new car for a minimum of 2 year up to 5 years maximum.
If you do not want to pay for service every month then you can opt for a package that does not include services, the amount will be a bit lesser but you will have to take care of the servicing on your own for the time you have leased the car.the insurance is covered in the cost whether you opt for fleet management services(including car services, maintenance etc.) or the regular one. Leasing a car has mileage limits. You should choose a plan based on your transportation needs, as an increase in the number of kms may be charged extra.
Still not convinced? Here are some advantages of leasing a car:
Leasing can be more appealing than buying. Monthly payments are usually lower because you’re not paying back any principal. Instead, you’re just borrowing and repaying the amount that the car depreciates in the time you have it, plus finance charges. Here are the major advantages of leasing:
- You drive the car in its most trouble free years.
- You can change the car every few years and choose the latest model.
- Monthly payments are usually very low. Less down payment is required. Mynewcar.in provides leasing of a car with zero down payment.
- You can drive a higher-priced, better-equipped vehicle than you might otherwise be able to afford.
- You’re always driving a current model vehicle and one that’s usually covered by the manufacturer’s warranty, which may include free oil changes and other scheduled maintenance. Repairing cost is not a factor.
- You don’t have to worry about fluctuations in the car’s depression value or go through the hassle of selling it when it’s time to move on.
- There could be significant tax advantages for business owners.
- In the end, you just drop off the car at the dealer.
Here is a comparison of different type of Car Financing Options with Pros & Cons. Mynewcar can assist you in all these options.
Different types of Car Leasing Products:
If you plan to lease a vehicle in the future, your first step is to determine which type of new car lease will work best for you. Contact us to know more.
The most common types of vehicle leases are:
·       Closed-end leases.
·       Open-end leases.
·       Subvented leases.
·       Single-payment leases.
·       “Option to buy” leases.
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Explore MYNEWCAR.in to buy, lease, or subscribe to your favorite new car with attractive Offers, Discounts, and Zero Down-payment Finance options, Allow us to help you find the best purchase option.
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