Leasing FAQ: Your Questions Answered

August 26th, 2018 by

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Looking for a Ford lease deal to save on your next vehicle? Then you’re already thinking like a smart shopper. We’re here to answer your questions about leasing and offer Ford F-150 leases as well as leases on family-friendly models like the Ford Edge. Learn about the ins and outs of leasing at Auffenberg Ford O’Fallon, located a short trip from Collinsville, IL.

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How Does Leasing a Car Work?

Let’s start with the basics. When you lease a car, you’re paying a bank in return for the use of a vehicle for a fixed length of time: usually two or three years. At the end of your lease, you return the car to the dealership and have the option to lease a new model. Keep the following leasing facts in mind:

  • The amount you pay for a lease is based on how much the car is expected to depreciate during the lease term. If a vehicle is scheduled to depreciate $6,000 over the course of the lease, that figure will be used to determine monthly lease payments.
  • Leases usually have mileage limits. If you’ve got a long daily commute from Fairview Heights, IL, it may be better to finance — or look into expansions to your mileage limit.
  • The lease specials and incentives offered by Auffenberg Ford O’Fallon are a great way to get low monthly payments and great lease terms.

Is It Better to Lease or Buy a Car?

For many drivers, it can be tough to decide if leasing or buying is the better choice. As yourself the following questions to help decide:

  • How Often Do I Want a New Car? – Because leases only last two to three years, you can return your car for a upgraded model without the hassle of selling it.
  • Do I Want to Modify My Car or Truck? – Leases usually don’t allow you to customize your car with different parts. If you plan to modify your Ford F-150 with performance parts, financing is the better option.
  • How Much Do I Want to Spend on Maintenance? – It’s a fact that maintenance costs rise over the life of the vehicle, but a leased vehicle is almost always less than three years old. In addition, because leased vehicles require little service, it’s easy to stick to your maintenance schedule.

Can You Lease a Car With Bad Credit?

While a lease still requires a credit check, the finance team at Auffenberg Ford O’Fallon is committed to helping everyone find the vehicle they need. Contact us today to find out more about lease terms and requirements. We’re located just a short drive from Scott Air Force Base, and we’re happy to answer any questions you may have.

Posted in Car tips, FAQ, Finance