02 Nov Ask these questions before you lease a new car
Car leasing or in simpler terms: Car rental in Singapore is something that many would consider especially when it comes to getting to use a car on a daily basis. So, before you approach a car dealer, ask these questions and that will help you evaluate if the leasing deal is worth investing into.
Is it a worthwhile investment?
Singapore is becoming more expensive every day. It seems like the prices of commodities and other products have been increasing as the days go by. As a matter of fact, you need a great deal of cash just to get a brand new car. This is the primary reason why many individuals are considering leasing a car instead. If you are afraid of investing too much immediate cash on the spot, you can consider renting one. If you need a vehicle to transport goods around on a regularly basis, you can also consider engaging in a dealer that offers van rental services.
Car leasing is actually a good option especially if you want to get a high end car for a low price.
How much does it cost?
This is the second thing that you need to ask. Make sure that you ask for a quotation from the car dealer company that you’ve chosen to speak with. Compare the prices from several quotations so that you will be able to make an informed decision. The prices of the monthly rentals depend on the type of car you choose, the add-ons you opted for (such as tax and insurance payments) and the length of the lease contract.
What is the interest rate?
The interest rate from leasing a car depends on the credit status of the renter or lessee. If you have a good credit standing, then expect the interest rate to be lower. If you are lucky, you’ll get to find leasing companies that give space for negotiation.
Is there a limit for the miles?
The lease contract usually covers only the first 10,000 miles every single year. When the renter exceeds that number, the company will start adding fees to the monthly rentals. This is why you need to clarify with your dealer how many miles are covered under your contract with them. When you know the limit, you decrease the chance of paying extra.
The important thing to remember here is that whenever you sign a lease contract with a car dealer, you need to be sure that you have read everything stated in the contract. Read each stipulation and do not hesitate to ask for clarification. A lease contract can last up to three or five years. Amendments may not be accepted which is why reading its stipulations is mandatory on your part as a car renter.