When you’re self-employed, you’re responsible for sorting out your own transportation. If you don’t have a large sum of money to purchase a vehicle outright, you may be considering leasing.
The question is, is leasing really a good option for the self-employed? Here, you’ll discover everything you need to know.
Is leasing a good option?
At one time, if you were self-employed leasing wasn’t an option available to you. However, as self-employment is now becoming the norm, companies have made it easier for you to be accepted.
There are certainly a lot of benefits to leasing a car for business. You won’t need to pay a large sum of money upfront for example. This means you can potentially get a more expensive car than you could otherwise afford. The repayments are also kept fairly low, particularly if you have a good credit rating.
Another benefit is that the leasing period usually runs for three to four years. After this, you can lease a new car. This allows you to get a new car every three years if you want to. Of course, you can also choose to lease to buy where you’ll get to keep the car at the end of the lease.
Which cars can you lease?
You’ll find there are quite a lot of different models you can lease. Top dealerships like ZenAuto offer everything from stylish Seat models to more luxury brands such as Audi and BMW.
Generally speaking, if you can buy a particular model, you can almost certainly lease it. However, you’ll need to take a few factors into account before choosing the right model for you. Consider the image you’re looking to present and your budget.
Things to consider
There are a lot of things to consider before leasing a car when you’re self-employed. The most obvious is the repayments.
When you’re self-employed, you don’t have a stable income. So, when you’re looking at the repayments, it’s important to take into account potential quiet periods. If business slows down, can you afford to still make the repayments? You’ll also want to consider the type of lease you’d prefer, and the interest rates you’ll be facing.
Overall, car leasing can be a great option for the self-employed. It does provide numerous benefits over buying a car outright. However, you do need to plan ahead and ensure you’re only taking out a lease agreement you can afford even in the quieter times.