To Lease or To Buy? That Was The Question
Last week I was faced with a decision I had been avoiding since the auto industry in Detroit took a big stumble – what to do now that the lease was up on my Jeep? Seeing as I had never owned a vehicle and instead chose to lease from college on, the prospect of buying a car was not really something I had considered. However, as anyone who has been scoping the dealerships for deals knows – leasing ain't what it used to be.
After digging around, I realized that buying out my lease was a better option for me than overpaying on a lease for vehicle that was less valuable. At least this way, I rationalized, if I had to move somewhere pedestrian friendly in the next 3 years or eventually found something I really liked and could afford – I would have the option to sell my car and carry on.
So I applied for my first real loan… and was approved! I don’t know what made me more excited – being able to make such a big adult purchase or the obvious verification that my credit was in a good place.
For those of you who are in the same boat and choose the purchase route, here’s my advice:
- Before you apply for a loan make sure you have the following information at hand: The final cost of the vehicle from your dealer, your proof of insurance, your last address, a copy of your last check from work with information on your taxes and income, and a few good references.
- Shop around for rates – even online. You’d be amazed at the difference .5% makes when it comes to your monthly payment.
- Pay attention to the fine print. There are usually significant penalties if you are late on/miss your payments.
- See if you can get a lower interest rate if you decide to have your monthly payment taken directly out of your account.
I won't lie, I was pretty darn nervous signing my name on the dotted line for such a hefty chunk of change. All that paperwork can make you overwhelmingly dizzy. If anything, this experience made me realize how important it is to have money set aside and good credit. Without either – your options are much more limited.
Michelle Srbinovich
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