Leasing a car lets you drive a brand new vehicle without the more expensive cost of purchasing one. Of course, car leases are appealing to many; who wouldn’t want to drive a high-end car without the big price?! If you’re one of the many interested individuals, you’ve already weighed up the pros and cons and now your wondering, “how do you lease a car?”.
How to Lease a Car in 8 Steps
Follow these 8 steps for a stress free car buying process, in order of the steps you need to take. In an ideal situation where you know exactly what you want, leasing a car can be done in under 120 minutes. For others, it may take a few days of shopping around.
- 120 Minutes
What you’ll need:
- A Budget
- Your Credit Score
- Mobile Phone
Check Your Credit Score
Remember, you normally need an above-average credit score to get approved for a lease. According to Equifax, any score over 660 is considered good. If you’re not there yet, don’t worry! You can check your credit score for free, and there are things you can do to improve your credit too!
Create a Budget
When leasing a vehicle, your monthly payment might be lower than if you finance, but you also need to consider a potential down payment, insurance, fuel, maintenance, and more. It’s wise to sit down and crunch some numbers to make sure you know exactly what you can afford without feeling financially squeezed.
Find the Right Car
Firstly, you need to decide what type of vehicle suits your needs! Maybe you need a big family car, or maybe you need a luxury model for business purposes? Obviously, the internet is a powerful research tool. Google Search and YouTube alone can help you narrow down your choices until you find “The One.”
Find the Right Dealership
Once you’ve chosen a car, it’s best to research different vendors and available offers. Understand all your options so you can negotiate and walk away from a deal if you don’t like what’s being offered.
Book a Test Drive
Down payments are not entirely necessary for car leases but are helpful in some instances. For one, money down increases the likelihood of getting approved and reduces your monthly payments.
Consider a Down Payment
Down payments are not entirely necessary for car leases but are helpful in some instances. For one, money down increases the likelihood of getting approved and reduces your monthly payments. If you don't have the savings to make a down payment, don't worry, a 0 down car lease is possible.
Review Your Lease Agreement
Once you select a car and get approved for finance, you’ll want to examine your lease agreement closely. Take note of your monthly payment, down payment, length of the term, what maintenance you’re responsible for, and other fees. If you need to change anything at the last minute, you can discuss it with your dealer.
Start Making Payments
Now that you have a leased car, drive off the lot and start making payments! If you don’t miss any payments, a lease can help boost your credit score!
Remember Routine Maintenance
Many people don’t need to be told to take care of their car, but it’s worth reiterating for a leased car. Any damage incurred or neglect could end up costing you at the end of the lease term.
Find Lease Deals from over 350+ Partner Locations Across Canada
As you can see from our step-by-step guide, leasing a car isn't difficult, but it can be time-consuming. So cut down on the hours wasted looking at cars you won't get approved for and let Canada Drives direct you to the best finance and lease deals being offered across the country!
Simply fill out our quick 2-minute application and let us help you find a car you'll love with a plan that works best for you!
Apply Online for a Car Lease in Minutes. Any Credit Approved.