4 Car Leasing Mistakes First-Timers Should Avoid
Car leasing may sound like a great idea if you want to acquire a vehicle for your travel needs. Whether it’s a second-hand car or a used commercial vehicle in Singapore that you are looking for, there are tons of caveats and traps when getting a deal.
In some instances, if you consider paying for an automobile leasing service, it’s crucial that you know the potential pitfalls and drawbacks you might encounter along the way. Staying informed and vigilant are traits of a ‘smart’ consumer, even if it’s your first time. Without further ado, here are some of the most common car leasing mistakes to avoid, especially if it’s your first time:
#1. Being too ‘shy’ to negotiate
Whether you’re planning to lease a used car or a mini bus in Singapore, negotiation isn’t only for purchasing a vehicle. Negotiating with the dealer can cut down the monthly lease rates or total down payment prior to signing, whether renting or leasing an automobile.
#2. Failing to understand the terms
It’s a rule to never sign up for anything unless you truly understand the terms and conditions written. It’s a common mistake that many people commit that will end up costing them unexpected expenses along the way since they neglect to read it. Most will include the interest rates and whether you need to pay for the vehicle’s maintenance.
#3. Not checking other dealers
Some people might settle on a one-stop-shop for leasing a private or commercial vehicle in Singapore with one dealer. It might sound like a great idea, but never close the doors to check other dealers. If you want to cut down the cost or look for a different vehicle, don’t settle with a single dealer until you’ve found the best one to commit to leasing.
#4. Not considering gap insurance
Gap insurance comes in handy (along with having car insurance) when the car gets stolen or totalled. Therefore, consider including gap insurance if you want to remain protected and insured.
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