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Better Credit, Better Wheels: Leasing

Leasing automobiles has grown more popular over the years as more consumers get tired of dealing with fast depreciation and long-term headaches associated with owning a car for many years. While leasing offers many of the benefits of owning a new car without the long-term commitment, one thing remains the same: When leasing, you’ll still need to negotiate payment terms with a lender or car dealer. Having a positive credit rating will help you get the most bang for your buck. Looking at a leasers’ credit report, the lender will evaluate how likely he or she is to make prompt lease payments and will offer lease terms accordingly. A good credit record will yield better terms, including a smaller down payment and/or a lower interest rate resulting in lower monthly payments.

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