MoneyWisdom Blog

How to Get Lower Car Lease Payments

Posted by Hanscom Federal Credit Union on Jan 29, 2016 7:00:00 AM

Better_Than_a_Lease.pngDo you lease a vehicle or know someone who does? We’ll go out on a limb and say you chose this option for low monthly payments on a better make and model that you could otherwise afford.

With leasing, you avoid the hazards of driving an older vehicle. The down side, however, is that leases have rules, lots of them. From insurance requirements to prepayment penalties, there are costs to leasing that buyers don’t have. It can also be a hassle to return your vehicle at the end of your lease.

What if you could get that low payment without a lease? With a Better Than a Lease loan from Hanscom FCU, you can. Rather than leasing a vehicle owned by someone else, you buy the car and it’s titled in your name.

Monthly payments are typically 30% lower than a conventional loan with the same term. That’s because, like a lease, you only pay for the value of the car you use.

Unlike most leases, there’s no security deposit. You don’t need a down payment. And get this: Better Than a Lease is for used cars up to 5 years old, too!

Mileage allowances are flexible, and per mile charges for going over your miles are modest. There’s no fee for normal wear and tear, and we guarantee to take back the vehicle at the stated value.

Because you own the vehicle, you have the flexibility to sell, trade, or refinance any time during your loan term. There are no prepayment penalties.

At the end of your loan term, you have four choices:

  1. Return the vehicle and walk away. We guarantee to pay the balance due. Plus, we come to you for inspection and transport.
  2. Keep the car and refinance. Hanscom FCU rates are the same for new or used, and an optional Mechanical Breakdown Protection package can protect you from budget-busting repair bills.
  3. Trade the car in to a dealer and realize any equity you have built up.
  4. Sell the car privately and pay off the balance. With a well-maintained vehicle and a popular make and model, you could make a profit. 

Better Than a Lease gets you a vehicle with a low monthly payment that won’t obligate you for longer than you want to keep a car. The terms are crystal clear, and it’s easy to compare offers from different dealers when making a purchase. 

If you are looking for a lower monthly payment, and the flexibility to trade in your car if you don’t want it any longer, the Better Than a Lease product might be perfect for you! Try out our Better than a Lease CarBuilder to see what you can save. Try our Better than a Lease CarBuilder Now!

Is a Better Than a Lease Loan For You?

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Topics: Cars

 
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