Buy or Lease a Car, Which One is Best

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Let’s find out whether we should still buy a car or leasing is a better option and how credit score plays a role too. https://cir.crifhighmark.com/Inquiry/B2C/B2CFFCRPortal.action

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Slide1:

Buy or Lease a Car? Which One is Best?

Slide2:

Buying and leasing have always been two good options for owning cars. More recently, the demands for a car increased after COVID-19 compelled many of us to give a miss to public transportation in fear of contracting the virus. Many families faced the hassles of traveling in the last few months owing to the lack of their own transportation. But not all of us are financially fit to buy a car or are inclined to own one for a long time. Let’s find out whether we should still buy a car or leasing is a better option and how credit score plays a role too.

Leasing a Car:

Leasing a Car

Benefits of leasing:

Benefits of leasing No need for loans: When you are leasing a car, you must make monthly payments. However, this is different from applying for a loan and paying monthly EMIs in the sense that lease need not be the full amount of the car while EMIs are full amount of loan + interest. You can enjoy a new car periodically: This is probably the best USP of leasing a car – you get to drive various cars, albeit after every leasing period, without the need to actually buy them. This is great for those who are passionate about cars and also those who are unsure about which one to buy. No hassles of selling and buying: Leasing a car means once you are done using, you no longer need to worry about getting the vehicle ready for viewing, vet buyers, negotiate a price or deal with transferring the title. Once your lease is over, the dealership will take care of the process. 

Challenges:

Challenges

Buying a car:

Buying a car Buying maybe a little more complicated than leasing but is a satisfying process in the end. The options are tremendous – you can buy a new car or a used one, you have several choices in brand and budget, you can select any variant that suits your use, you can choose the type of fuel and the possibilities are just endless.

Benefits of buying:

Benefits of buying

Challenges::

Challenges : The role of credit score in buying and leasing a car The credit score reflected on your credit report is often directly related to your chances of getting approved for a car loan and the interest rate you’ll pay. It's best to have at least good credit if you’re looking to lease a new vehicle. Regardless of whether you buy or lease, it helps to know what your credit looks like before you start the process. Check your online credit score to see where it stands and look for ways to improve it before you lease or buy. 

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You can get both your Personal Credit Score and Business Credit Score by applying directly on the link mentioned below: https://cir.crifhighmark.com Follow CRIF India on : /CRIF INDIA

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