When you live in Edmonton, but your credit score is not up to the bank’s expectations, you are in for a rough ride if you want to purchase a vehicle. Regardless of which financial institution you approach, you will always leave disappointed as they turned down your loan application.
In Alberta, owning a vehicle is a necessity rather than a luxury as you need it for all your daily needs. For example, if you wanted to pick up medicines from a far away pharmacy at an odd time in the night due to an emergency, you will have to rely on your friend/neighbor or a taxi (if available). Imagine another scenario where you woke up late and have to rush to work. If you have to depend on a taxi or public transport, there is a very high chance that you won’t make it on time.
Life is much simpler when you have personal transport, as you no longer have to depend on anyone else to take you around. Let’s say you want to visit a supermarket a couple of miles from your house as they are offering great deals on a variety of products. In this situation, having a vehicle is great as you can buy large amounts of products and get them back home without any problems.
As financial institutions want to have as many customers as possible, they introduced an option where you can lease a vehicle. The great thing about getting a lease is that you need to pay only a chunk of the vehicle’s value, within a given time frame.
To put things into perspective, imagine the interest rate for leasing a vehicle is 0%.
You get five-year finance for a vehicle worth $20,000. You have to make payments worth $333.33 every month.
Instead, you opt for a five-year lease (where the residual is 40%), which allows you to pay only $200 every month.
As you are trying to keep your expenditure as low as possible, leasing a vehicle is one of the best options available at the moment. At the end of the lease, you have the liberty of giving back the vehicle, as long as you didn’t cover a specific amount of kilometers. You also have the option of paying the difference (which you can obtain through various financing options).
Pros
Here are some of the advantages of leasing a vehicle in Alberta:
You can reduce the amount of money you pay.
You can get a new vehicle at the end of the lease.
Con
When you lease a vehicle, the amount of time you spend in repaying the amount is longer.
TakeTheDrive, Canada’s premier financial institution, helps you get the vehicle you want through our leasing options. Even if your credit isn’t perfect, you can still use our services.
Fill in our online application so that you can get a lease as soon as possible!