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Can You Lease Used Cars?
Lease

2022-04-25
icon/user/avatar/20 Created with Sketch. By Y.L Hashem

If you have decent credit and a stable income, leasing a used car is similar to leasing a new one. But there are some important differences.

If you have decent credit and a stable income, leasing a used car is similar to leasing a new one. But there are some important differences.

Used car leases tend to be cheaper than their brand-new counterparts, but they will also often come with shorter terms and higher down payments. In addition, the vehicle you lease must be certified pre-owned (CPO), which means it has been refurbished by the dealer so that it's in like-new condition.

What's the difference between a lease and a loan?

To lease or to loan?

First, we’ll walk through the essential differences between leasing and financing so you can make an informed decision.

Leasing is a lot like borrowing money to buy a car in that you still have to pay interest on the portion of the vehicle’s value you use during your term. The difference is that with a lease, you pay for the value of the vehicle that depreciates over your time using it, rather than its entire worth. With financing, you borrow money from a lender and then pay off that loan amount over time plus interest (APR). You own the car at the end of your financing agreement.

How do you pay less to lease used cars?

If you want to take advantage of a good leasing deal on a used car, you may want to consider the following factors:

  • Get an in-demand used car. When a dealership has a high demand for any item, they are more willing to offer incentives. If you find an in-demand used vehicle at your local dealership, they may be willing to negotiate with you on the price and give you more favorable financing options.

  • Find a recently redesigned model. Sometimes dealerships will sell off older models when new ones arrive to save space and make room for newer stock.[2] This can mean better deals and incentives such as reduced prices or free accessories like a spare tire kit or satellite radio. If you’re looking for an older car that has been recently redesigned, this can be an excellent opportunity for leasing one at a great price.

  • Check out cars with lease incentives. Dealerships often have special lease offers available that change monthly or quarterly.[3] Often times these lease offers will be given as part of an incentive program by the manufacturer in order to boost sales during slow periods or increase sales of certain models.[4] You can check online with your local dealer's websites to see what offers are available before going into the dealership or call ahead if time is limited and ask about current promotions.

How to get approved for used car leasing

However, there are a few tips you can keep in mind to boost your chances of getting approved:

  • Make sure your credit score is high. This can be hard to accomplish if you have a history of late payments and other red flags, but it's by far the most important way to convince the dealer that you're leasing material. If your credit isn't great, try doing some research on ways to improve it ahead of time. Be aware that it could be challenging for some people (such as recent college grads) who don't have much experience with loans or credit cards.

  • Bring proof of income. This is essential if you don't have an established credit history or a high credit score. Your lender needs to see evidence that you'll be able to pay off what you owe on time every month without fail, so they'll turn their attention toward your job and how much money you make there. If possible, bring along previous tax returns from past years as well as the last three months of pay stubs from your current job.

  • Show proof of residence and references. This is similar in purpose to bringing proof of income; it shows the dealer who's considering giving you a lease that you're responsible enough for them to want to work with you as soon as possible! In general, providing more information about yourself will only help your chances at securing a lease deal in the end—and hey, what better way than this?

Browse Cars For Lease By Make

  • Acura

  • Alfa Romeo

  • Audi

  • BMW

  • Buick

  • Cadillac

  • Chevrolet

  • Chrysler

  • Dodge

  • FIAT

Acura

Acura is an automobile manufacturer that should not be confused with its parent company, Honda. Honda is a well-known automobile manufacturer known for producing inexpensive cars and SUVs that are available at low prices and which have good fuel economy. The Acura brand, on the other hand, was introduced in 1986 as a luxury automobile brand. Acura specializes in manufacturing luxury sport utility vehicles (SUVs) and sports cars. In fact, the introduction of the Acura brand in 1986 was one of the first Japanese luxury car brands to make it to North America.

Audi

  • Audi A3

  • Audi A4

  • Audi A5

  • Audi A6

  • Audi A7

  • Audi A8

  • Audi Q3

  • Audi Q5

  • Audi Q7

BMW

As a car company, BMW is known for its luxury vehicles. The brand is German and has been in business since 1916. It makes sporty cars, SUVs, coupes, and convertibles. You'll find plenty of different options to choose from depending on what you need the car for and how much you want to spend. If you're looking for a reliable car that will hold its value over time, BMW is a good choice.

Buick

  • Buick is a brand of American car that has been around for over 100 years.

  • It is a sub-brand of General Motors (GM), which produces more than 10 million cars globally each year

  • Buick's luxury offerings help to distinguish it from the other brands offered by GM, which include Chevrolet, Cadillac and GMC.

Cadillac

Here's the long and short: You can lease many used cars. There are almost no restrictions on what you can buy, as long as it's in good condition. The only caveat is that the car's trim must be less than two years behind the current model year. For example, if it's 2018 and you want to lease a Cadillac ATS coupe, you could get a 2016 or 2017 model year, but not anything older.

You'll also find some used models at dealerships that advertise leases on cars older than two years behind the current model year, so if you're eyeing a specific make and model you want to lease, it might be worth your while to shop around if your first dealer doesn't have any eligible used models available. However, they may not offer all of the same benefits that come with leasing new vehicles.

Chevrolet

Chevrolet has strong brand identity and a long history of dependable cars, but these days they’re also known for their lease specials. You can lease some Chevrolet models for as low as $150 per month. This makes Chevy a great choice for drivers who want to save money and build credit at the same time.

But why should you lease? There are plenty of reasons: leasing is much more affordable in the short term, it allows you to trade up for a new car every few years, and it’s an excellent way to build or repair your credit score if you have bad credit or no credit history at all. If any of this sounds appealing, Chevrolet might be the right brand for you.

Chrysler

  • Chrysler 300: The Chrysler 300 is a stylish sedan with a comfortable ride and lots of room for passengers. It’s furnished with quality materials, and the trunk has an enormous amount of cargo space.

  • Chrysler Pacifica: The Chrysler Pacifica offers seating for seven or eight passengers and comes standard with three rows of seats. It has more cargo space than the vast majority of minivans and SUVs, so you can fit plenty in it for a road trip or move to college. The cabin is well-insulated, so you won’t hear much outside noise when driving around town in your Pacifica.

Dodge

If you're looking to lease a Dodge, check out our inventory of Dodge lease deals. We have Dodge lease deals available on all Dodge models, including the Challenger, Charger, Durango, Grand Caravan and Journey. Give us a call at [PHONE NUMBER] or visit your local dealership if you have any questions or would like to schedule a test drive.

Ford

  • Ford is one of the most well-known and trusted brands in the world.

  • Ford offers a wide range of car models to fit any budget and need.

  • Ford is known for offering high levels of safety, especially because they are a leading competitor in the use of automotive technology, including lane-keeping systems, blind spot monitoring and automatic emergency braking.

  • If you have kids that you need to cart around town or across country on weekends, a Ford vehicle will definitely come in handy. They’re easy to load up with bikes, bags or whatever supplies are necessary for family fun times.

  • If you’re a traveling businessman or salesperson who drives hundreds of miles a week, then leasing a Ford makes sense as they offer comfortable seating with plenty of trunk space to hold all your gear.

  • If you live in an apartment building in New York City where parking spaces are like gold dust, lease yourself one of Ford’s many small vehicles so it’s easier to find room for it on the street when there’s no parking lot available.

GMC

GMC stands for General Motors Corporation. It's a brand of General Motors (GM). If you've ever heard of Chevrolet, you've heard of GM.

GMC is a part of GM. In fact, GMC was once known as the "rapid motor vehicle company" and provided trucks to the US military in WWI.

You can lease many kinds of used cars, and if you do it right, you can save money

If you are planning to lease a used car, there are advantages to this option compared to leasing a new car.

First, the down payment is lower on a used vehicle. This can be ideal if you want to conserve your cash or don't have much of a down payment budget. Second, monthly payments are often lower when leasing a used vehicle as opposed to leasing a new car. Third, sales tax is calculated based on what you pay each month, so if your monthly payments are lower due to choosing an older model, your sales tax will also be less.

A final advantage of buying an older model is that the warranty on a used vehicle can still be in force for several years from when it was originally purchased by the dealership or owner. The dealer will usually sell the remaining time left on the warranty with the sale of the used car. This means that major repairs may be covered by the manufacturer's warranty even though you didn't buy it new yourself; you have simply bought it from someone who did purchase it as new at one point in time but no longer wants it for some reason (such as upgrading their vehicle).

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