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Can You Lease a Used Car?

Buying a car is a substantial expense for most individuals, so the idea of leasing a vehicle may be appealing to you. The term “lease” is often linked to cars, trucks and SUVs in new condition. However, leasing a used car is certainly possible. Used car leases do exist, and they give you the opportunity to save thousands of dollars.

How to Lease a Used Car

Used car leases are available from select dealers. The car, truck or SUV must be under 4 years old and have fewer than 48,000 miles logged. These offerings will be labeled as certified pre-owned vehicles from dealerships.

A dealer will determine the cost of your monthly payment by figuring out the difference between the current sales price of the pre-owned vehicle and the projected lease-end value of the car.

You can lease a used car by following the steps below:

  1. Look at used vehicle options: Locate dealers that will honor a lease on a pre-owned car. This is as simple as calling or visiting the dealerships and speaking to sales managers.
  2. Compare the offerings: Determine which dealer will give you the best deal on the vehicle you want.
  3. Ask for the car’s residual value: Find out what you’re getting yourself into before signing the paperwork. Knowing the lease-end value of a car, truck or SUV will help you in case you purchase it later.
  4. Review the contract: Pay attention to the additional fees, mileage limits and maintenance services included under your used car lease. Confirm all financing details align with your initial quote before signing.

Benefits of Leasing a Used Car

There are numerous benefits to leasing a used car from a reputable dealer, such as:

  • Smaller monthly payments: You can sidestep the new car depreciation curve with used car leases. Certified pre-owned vehicles have more affordable price tags, making them excellent candidates for leases.
  • Reasonable buyout cost: Pre-owned cars will have a lower residual value compared to newer models.
  • Potential for insurance savings: Since your vehicle is older, your insurance payment may be lower.

Work With RefiJet for Automotive Refinancing Services

Interested in lowering the monthly payment you have on a used vehicle? RefiJet offers a variety of refinancing services to help you save money over the course of your agreement.

We can also help you buy out your lease so that you fully own the vehicle. Browse our services online today or reach out to RefiJet to speak with an expert.

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