Leasing is most often used for purchasing vehicles. As leasing is relatively similar to taking a loan, you should be just as aware of the terms and conditions and do the same amount of groundwork as for a loan.
Prior to entering into a leasing contract
- Think about whether you really need the product and if leasing is the best option,
- Go over your incomes and expenses and be realistic about your ability to pay,
- Ask for offers from at least two or three undertakings and compare the terms and conditions of the offers,
- In addition to the offer, ask the lessor for a consumer credit information sheet,
- In addition to comparing monthly repayment sums, also pay attention to whether interest is based on the leasing sum or the balance, how much the leasing will cost you and what other related cost may apply,
- Ask the lessor for a copy of the draft contract to thoroughly examine it,
- Ask the lessor for addition information if anything remains unclear regarding the terms and conditions of the contract,
- Find out what might happen if you are no longer capable of paying and what to do in such a situation,
- Ask for information on what will happen when the leased property is stolen or destroyed.