Unlike a decade or so ago, it is pretty common to secure a lease online and get your dream car delivered to your driveway. No longer do you have to spend your whole weekend driving around dealer to the dealer just to get a decent deal and then spend half a day finalizing it. The most recent pandemic and high demand for online car leasing has inspired many new lease marketplaces and car manufacturers to offer a seamless online car lease experience With the innovation of online shopping tools and the power of the internet, one can easily go online to research, shop, compare and apply for a car lease.
The key to a successful online car lease process is preparation and knowledge base which you’ll have a sufficient amount of knowledge once you’re done reading this article. Not only we will explain in detail what online car leasing is but we will show you all the vital steps and tips you can take to get the most from your next car lease.
Difference between online car leasing and traditional car leasing
Traditional car leasing simply means you have to go to your local dealership, check out their inventory and test drive your car before proceeding to the negotiating table. Typically the dealer will try to get a deal that’s best for them and you’ll do everything to get the best deal for you. The big advantage of a local dealer is that you can see and feel the car in person and really get an experience of what the car is like before leasing it. You also will get the car the same day so there is no wait time. These are just a few great benefits of working with a local dealer.
Online car leasing can’t offer you that but it has a bigger list of pros than a physical dealership. For one, with online car leasing, you can fill out one application to pre-qualify for lease offers from all the major manufacturers from around the country. Plus you’ll have access to all the major incentives and lease specials available which may not be offered locally. Because of this, you’ll have quite a substantial amount of savings.
Let’s not forget about the convenience of being able to sip on your iced coffee from the comfort of your home while you customize your perfect car and get it delivered to your front door. All this without any stress or driving around for days. It is also very common for online consumers to be more educated about car leasing and vehicle information since there is a lot of information and tools available on the internet. The level of transparency you get by securing your lease online is not comparable to a standard car lease.
You should have a pretty good idea of the major differences between two different types of car leasing, it is also gonna benefit you to learn more about tips and preparations to secure a great lease.
Things to do before getting your car lease online for a better deal
Review and improve your credit
Your credit score can make or break your lease deal and it can make a big difference in your monthly payment. That’s why you want to see if there are any outdated collections that can be removed from your credit with a simple request. You can also pay down some of your debt to see a major improvement in your credit score. Not only will this increase your chances of getting a lease but it will also open you up to higher-end cars as well.
Prepare Down payment
There are many 0-down lease deals out there if you have excellent credit but if you don’t make sure to have some money set aside between $1000 to $3000 for a down payment. Even if you have excellent credit, putting some money down can lower your monthly lease payment.
Necessary Docs
Applying for a lease online requires the same documentation as any other lease. So make sure you have your driver’s license, social security number, bank statements, and paystubs ready. If you are getting a co-signer make sure you have all their paperwork as well.
Needs and Budget
Before you actually start working on getting a lease be sure to look over your finances to see how much you can afford and be really clear on the exact car you like especially since you are doing the search online.
Learn about Residual Value
This is the value of the car after depreciation and the higher the residual value the better your payments will be.
By following the tips provided above, you’ll be miles ahead of everyone else in getting a great deal on your car lease.
Online Car Leasing Steps
Now that we know what online car leasing entails and some things you can do to have an advantage, let’s see what all the steps are in a typical online lease deal.
- Cars– Most online lease platforms will give you the option to see every single car’s reviews, features, residual values, and estimated monthly payments. At this stage, you’ll pick out the make and model along with the color and all the specs you’d like.
- Filling out Application– Once you pick out your car your next step will be filling out an online application with your personal and financial information to see if you qualify for the lease. After this, you will also see how much your payments will be and how much you need to put down.
- Negotiate– In most cases, you’ll get a pretty sweet deal and many people just click next because they are used to doing so online for everything else. This doesn’t have to be the case and you can actually email or call the company to tell them you’d like to get a better deal to see if there is more room for savings.
- Review Terms– At some point, you’ll be happy with the offer given and will be provided with a lease agreement, please review it carefully for any hidden fees and terms you may not be aware of.
- Get Insured– Just like with a regular lease you can’t have your car without proper insurance coverage so call your carrier and add your car to the policy.
- Delivery– If you got here congratulations since you got your lease done and now you can arrange for a transport to pick up your car or let your lease broker or manufacturer deliver the car for you. Expect a week or two to get your car delivered.
- Inspection– When your car is finally delivered you want to make sure there are no dings or scratches and it is in operational order. If everything looks good you’ll simply sign a piece of paper confirming you took delivery and you can now take your car around town.
Work with a lease broker
If you decide to go online for your next lease there are a few different types of vendors you’ll run into. One is a lease platform that works with a group of dealers to bring you offers from different manufacturers and the other is a lease platform that’s a broker who has access to all manufacturers and dealers in the country. The dealer group will have the quick ability to give you lease terms and payments with the ability to finalize everything within a few hours. Lease brokers can do so too except they may have to wait a little longer since they negotiate on your behalf with various companies to get you the best deal. Both options are initiated online except one is pretty instant and the other may need some time for negotiations and browsing through the best deals. If you are someone who doesn’t want to wait then this is the best option for you. But if you’re after saving the most money then work with a lease broker platform instead and they will deliver.
Whichever type of lease company you choose you’ll be able to fulfill your online lease deal without having to go anywhere and getting a much better offering than the traditional route.
The key is working with the right platform like DriveOZ which we will cover next.
Best online lease dealership: DriveOZ
If you are ready to really take your car lease process to the next level and put it on autopilot then you should work with a reputable online lease platform called DriveOZ. DriveOZ combines the latest technology and personal service to give you the most smooth car leasing experience. They have one of the best websites online where you can shop for the most up-to-date lease offerings with lots of educational content about car leasing. What really makes DriveOZ special though, is that once you request the car you want one of their lease experts will review the latest best offerings for your car and also call around all the dealerships to see who will be able to provide the best offer. Unlike a standard lease process, this puts you in a position where different dealers are fighting to earn your business without you not having to do anything.
Your assigned advisor will also guide you through the entire process and answer any questions you may have about car leasing along the way. You’ll also be asked about how you feel about different offers they gathered from dealerships to see if they can do more for you. DriveOZ is one of the few companies that doesn’t just let you do the lease process online giving you nonnegotiable rates but goes a step further to squeeze everything out of the dealership to get you an absolute steal. It is also good to know they build a lifelong relationship with their customers so you can come back to them decade after decade to get newer lease deals.
DriveOZ really stands out in the car leasing industry by providing personalized service while still being an innovative technology car company. Now, let’s sum everything up and you can be on your way to finding that perfect car lease.
Summary
The process of getting your car lease online in recent years has gotten a lot easier thanks to constant innovation in e-commerce and technology. Getting your dream car leased and delivered to your front door is a complete reality. Not only that but it is quickly becoming the preferred method of getting into a car lease agreement. From traditional dealer-to-dealer driving to getting a lease to now securing one with a few clicks of the mouse is a reality thanks to platforms like DriveOZ.
The ability to save a ton of money and the convenience of doing everything from the comfort of your home is a no-brainer why more and more people are choosing online car leasing. Online car leasing allows you to compare lease deals, review different models, and negotiate the terms of the lease with multiple companies from your smartphone or computer. And of course, you’ll have all the right tools at your fingertips such as calculators, car guides, and educational lease content to be a smart consumer. If you follow all the tips and tricks we provided you’ll be able to have a great online car leasing experience. Just remember also that by working with the right online car lease platform you can eliminate a lot of work and stress since they will get everything done on your behalf. If you are ready to start your online car lease journey click here. Good luck with your next new car!