Lower payments on a car lease definitely sound more attractive than higher interest on a personal car loan. However, in the case of a bad credit situation, you might reconsider the choices.
First of all, do not rely on the chance of leasing a vehicle instead of buying one on a loan when you have bad credit. Many leasing companies do not sign deals if your score is about 620 or lower. So solemnly relying on this option might not make any good.
Secondly, leasing is still renting for a fixed period. This means that after the contract expires, you still do not have a car while after getting a loan and buying a car, you do have physical evidence of all your monthly payments.
Vehicle lease is beneficial for people who move a lot and who cannot take their car with them at all times. It is also a great option if you depend on the car’s representativeness since leasing allows you to choose a high-class vehicle that you would not be able to afford otherwise. Moreover, if you are leasing a car for business needs, some states will also cut some tax breaks; the amount, however, depends on the professionalism of your tax accountant.
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