Should I Buy or Lease a Luxury Car?

If you’re looking into a luxury car lease, you may quickly come across some terms that could be a little confusing. This guide aims to help simplify things by defining the most important lease terms. Join the experts at the Lyon-Waugh Auto Group to learn more. Term The term refers to the length of the lease. You can generally get a lease between 12 and 60 months, but 36 months (three years) is the most common option. Money Factor This is the interest you will pay on the lease. It will be represented by a number like this: 0.0025. When you multiply that by 2,400, you will get a more understandable percentage. Cap Cost and Cap Cost Reduction The cap cost is the total amount of the lease. In addition to the price of the vehicle, it includes any other expenses, such as service plans or gap insurance (see below). The cap cost reduction is anything that lowers the cap costs, such as trading in a vehicle. Residual and Depreciation The leasing company will want to know what the value of your car will be when the lease expires, and this is the residual. Its loss in value is known as depreciation. Gap Insurance Gap insurance is something that will be included with your lease, and it benefits you as well as the dealership. If your car is stolen or totaled in an accident and you owe more money than it was worth, gap insurance will give you the funds needed to cover the difference. Need More Info About Leasing? Contact Lyon-Waugh Auto Group in Greater Boston, MA If you have questions about a luxury lease, get in touch with Lyon-Waugh Auto Group. If you’re looking for an Acura, BMW, Land Rover, or MINI lease near Boston, a Mercedes-Benz lease in Burlington, or an Audi lease in Nashua, NH, our team is here for you. Contact us today!

If you have ever made a big purchase — especially if it was for something you paid off over time — your credit score almost certainly played a role. This is because lenders use this as a barometer to gauge risk. If you are planning to buy a luxury car and your credit score needs improvement, there are several ways to raise it. This luxury car finance guide offers some tips to help you purchase a new BMW, Mercedes-Benz, or other top-tier vehicle in the Greater Boston area. Pay Off Your Debt Perhaps the best way to boost your credit score is to pay off debt. If you can’t do it completely, start with the smallest debt, and focus on your credit cards. You may also want to look into consolidating your debt to limit the number of payments you need to make. Fix Credit Errors Many people have low credit scores in part because of errors that they don’t even know about. This is why it pays to get ahold of your credit report and read it thoroughly. If there are any errors or discrepancies, be sure to get in touch with somebody who can help. Use a Co-Signer If you can’t wait to buy a car, having someone co-sign on the loan could be a smart move. As long as this person has a good credit score, this will improve your chances of getting a loan, as well as a good interest rate. And as long as you make your payments every month, this is another thing that will raise your credit score. Lyon-Waugh Auto Group Makes Luxury Car Financing Easy Once you’re ready to get the luxury financing process started, Lyon-Waugh Auto Group near Boston, MA, makes it simple. Just fill out an application online to get pre-approved to finance a new Acura, BMW, Land Rover, or MINI near Boston, a Mercedes-Benz in Burlington, or an Audi in Nashua, NH. Contact our trusted dealers today!

If you’re looking to buy a car and don’t want to pay for it all at once, auto financing is a great option. This allows you to pay for the vehicle over time with affordable monthly payments. When applying for a loan, one of the areas lenders will look at is your credit score. And while a lower score won’t preclude you from getting a loan, it may increase the interest rate. Fortunately, there are things you can do to raise your score. Check Your Credit Report The first thing you should do when planning to finance is to check out your credit report. Your score may be better than you know. This also gives you the chance to spot any potential errors and have them fixed, and doing this could immediately boost your score. Pay Off Your Debts Another thing you could do to help your credit is to pay off your debt. If paying it all off isn’t feasible, focus on the smaller debts you have, including anything you might owe your credit card companies. Consolidating your debt may also be a good option. Pay Your Bills on Time One of the main reasons why people have low credit scores is because they are late with payments. If this is a problem for you, think about automating your payments so your bills get paid even if you forget about them. Visit Lyon-Waugh Auto Group for Your Auto Financing Needs While these tips can help you raise your score, you don’t have to wait to buy a car. Lyon-Waugh Auto Group will work with you to secure a loan regardless of your credit history. Get in touch with one of our dealerships in the Boston area to get the financing process started.