For all the utility automobiles have as modes of transportation, not everyone can afford to own and use them. Cars command considerable costs, and those who can purchase them still have to contend with maintenance fees for their vehicles’ gas, repairs, and so on. Although cars are indeed quite costly to acquire and maintain, there are still ways for those with limited budgets to “borrow” an automobile of their own.
It is possible to lease a car through a lender in order to effectively “borrow” the vehicle. Through a lease, the buyer only needs to pay a reasonable fee to use the car of their choice without actually having to pay for the entire price of the vehicle. Typically, dealers offer these auto leases for buyers, but there are also some lenders who provide the financial service as well.
There are advantages to using a lease over directly purchasing a car through a loan. Leases are generally more affordable than loans, allowing more flexible and lenient payments from buyers. They also feature lower sales tax versus car loans, since buyers do not need to pay the entire tax for a vehicle they are simply borrowing. Auto leases also usually come with a warranty for the vehicle, which can cover for most minor damages the automobile can sustain. Lastly, leases allow buyers to renew their contracts and exchange their vehicles for completely new ones after their terms expire.