People often ask, “Can I lease an exotic luxury car?” The answer is “Yes!” “Absolutely!”
Begin the leasing journey by crunching some numbers. Find a leasing calculator online. That way, you can begin making comparisons. Doing so will give you a better idea about what you can afford in an exotic car lease.
Enter the price of the car you want to lease and your desired mileage, and review the lease terms before you proceed.
1. Determine your budget
When calculating your total monthly vehicle budget, you’ll need to factor in the lease payment and the costs of insurance, fuel, and maintenance. If you’re spending more than your net income will allow, you’ll need to lower your expectations or find ways to reduce your other costs.
2. Check your credit score
Next, check your credit score. The higher your score, the lower your rate and the more negotiating power you’ll have. If your score needs work, improve it before making a leasing commitment.
3. Review the leasing terms and mileage allowance
Finally, determine the lease term and mileage allowance that fits your needs. Longer terms, like 3 years, mean lower payments but higher mileage limits, while 2-year terms offer higher payments but lower mileage caps.
Go with the option that works with your driving style. Otherwise, you may need help with overage and unexpected costs.
Pricing and comparing car leases will help you narrow down your options, making your choices more realistic and less confusing. While you may not be able to buy a luxury car, you can lease the same car instead — usually a better one than what you might expect.
This increases your level of safety and enables you to invest in assets that offer a better return on investment. By leasing, you don’t have to worry about depreciation or locking yourself into a loan with a high-interest rate.
This approach allows you to drive a luxury sports car without a six-figure price tag, burdening your bank account.
Undoubtedly, there is something quite alluring about slipping behind the wheel of a cherry-red Lamborghini or jet-black Bentley.
However, don’t get swept away by those petrol-fueled fantasies. You still have to be realistic. That’s why you need to follow a guide. Determining what you can pay in a monthly lease allows you to drive in style and with more peace of mind.
While cruising around town in a luxury vehicle does not create the same feeling as driving 007’s Submarine Lotus Esprit, it sure comes close.
How do you research luxury car models and their lease terms?
Leasing is your ticket to ride as long as you do your homework.
Step 1: Check the specs
Look at your lease options online. Carefully review each of the terms. While high-end vehicles are priced as steep as the summit of K2, they’re unavailable when you choose to lease.
Again, by electing to lease, you can drive newer model cars. You can also direct your money to more lucrative ventures. You’ll stay safer on the highways because you can afford the upgrades.
Step 2: Compare deals and offerings
Making lease comparisons is well worth your while. Doing so can help you knock off several hundred dollars from the monthly lease amount.
For instance, Amazon Leasing offers lease deals for an array of luxury vehicles, such as the Bentley, Bugatti, Aston Martin, Ferrari, and Maserati.
Step 3: Watch the mileage
Most luxury car leases limit how many miles you can drive over the lease term. You’ll have to assume hefty overage fees if you exceed the limit. To prevent this from happening, calculate how much you drive monthly to make sure your lease’s terms will fit your driving needs and style. Select a reasonable limit.
Step 4: Consider the long-game
When the lease is up, you must return the car unless you buy it outright or lease another model. Ensure you understand all your lease agreement’s responsibilities and restrictions before you go out and joyride in your supercar dream machine.
Luxury leases typically limit your mileage to 10,000-15,000 miles per year. You’ll again pay a substantial fee if you drive over those amounts.
And if the vehicle has excessive “wear and tear” when you return it, you’ll face a hefty end-of-lease charge.
You may wonder if you can obtain a lease when your credit score is lower, like 600 or 620. If you visit a site like Amazon Leasing, you can find what you seek in a subprime program. The subprime program, on the website, begins at Tier 2.
Tier 1 applicants may include, in some instances, consumers with high credit scores with a few slow pays on their accounts. In these cases, two points are added to Tier 1 rates.
Subprime program eligibility
You’ll need to include a larger down payment if your credit score is lower and you qualify for one of the lower tiers of the subprime program.
For example, applicants in the third tier should have a credit score of around 660. They’ll pay 4 points above Tier 1b, provided they include a 20% down payment. Prior credit problems on this level should be at least three years or older.
People in this category may have slow pay, bankruptcies, divorce issues, or tax liens on their credit reports. They should show several years of regular repayments.
If you’re considered a Tier 4 applicant, you’ll be assessed rates 7 points above those featured on Tier 1. You must place 35% down to lease a car at this level. Your credit score should hover around 600. You shouldn’t have any past due accounts, current tax liens, or be behind on child support.
Tier 5 applicants must provide half down to qualify for a luxury car lease. They may opt for a prepaid 12-month lease plan with an option to upgrade at the end of the contract. Tier 5 candidates usually include new U.S. residents, students, or people who’ve hit a rough patch with their finances.
Gathering the supporting documents
To support your car lease, remember that having the right documents is the key to getting that luxury car key. Bank statements, copies of tax returns, pay stubs, current insurance information, and your mortgage or rental history will help you negotiate a better lease deal or a lower rate.
You can lease a luxury vehicle and make your dream of driving an upscale car come true. By following the tips above, you’re already halfway there. You can make it happen whether you’re seeking to drive an Audi for business or a sportier car for fun.