Can You Lease A Used Car?

Leasing a used or pre-owned vehicle can be possible, but challenging, and Mississippi Title Loans, Inc. will tell you why. If you would like to know about leasing used cars, where to find them, and why it can be difficult to do, keep reading.

In this article, you’ll also discover helpful alternatives that you can use while searching for a used car to lease. You might even find these other options work better in the long run!

Is It Possible To Lease A Used Car?

Yes, you can indeed lease a used car. That means you’re not limited to leasing the latest models, which are nicer and have more up-to-date features but likely cost more.

Used or pre-owned leases are available from many different kinds of automotive businesses, such as:

• Car dealerships: Your local dealer might offer used car leases, or they can refer you to someone who does. So, be sure to drop by and ask them about it.
• Independent leasing companies: Some car companies are dedicated to leasing used cars. These days, you can find them online quite easily, though brick-and-mortar locations are still available in some places.
• Car company: Auto manufacturers also offer leasing programs in some areas. Some of them also offer certified pre-owned or used models to interested customers.

Used car leases are available in the overall automotive market through several sources. However, getting one is more challenging than leasing a brand-new vehicle, and you’ll see why in the section below.

Why Is It Difficult To Lease A Used Car?

Leasing a used car is possible but challenging, depending on your location. Here are a few quick reasons why:

• Higher risk for the leasing company: For starters, leasing out a used vehicle is riskier for the leasing company than leasing out a new vehicle. That in itself discourages them from offering the service.
• Limited inventory: Some companies might be willing to take the risk. However, they’ll only keep a limited inventory available and might not have one when you want to lease it.
• Charge higher fees: In some places, you might find that leasing an older model car comes with additional costs to compensate for the higher risk.
• Special requirements: Some companies might also place special requirements on leasing a used car, such as limitations on how far you can drive it.
• Shorter lease terms: Lastly, used vehicles might have shorter lease terms. That might be an issue if you need the car for an extended period.

These reasons might discourage you from leasing a used car. Still, if you decide a used vehicle is right for you, getting one is possible with little work.

What Are Alternatives To Leasing A Used Car?

Leasing a used or pre-owned vehicle comes with a unique set of benefits. However, there are alternatives you can consider if you find that doing so is too challenging.

Instead of leasing a used car, you can consider:

1. Car Subscriptions

You’re likely familiar with streaming subscriptions to watch TV shows and movies. But did you know that you can get one for cars too?

A car subscription gives you access to a vehicle in exchange for a recurring fee. That fee typically covers the costs of the car, such as maintenance and insurance.

Many car subscription services also enable you to switch to different vehicles if you don’t like the make or model you’re driving.

2. Car Sharing And Public Transportation

Alternatively, you can also consider car sharing or taking public transportation. This option gives you limited control over your movements but can help you save significant money in the long run.

3. Fixing Up A Used Car

Leasing a used car is possible, but it’s still easier to buy one instead. So, why not consider getting a pre-owned vehicle and fixing it?

You can even use the car to access money through a title loan to fund important repairs. All you’ll need is the lien-free title to that car to use as collateral, and you can qualify for amounts between $300 and $2,500.

Besides the title, you’ll only need your driver’s license or state-issued ID to get started. Then, bring the car in for a quick inspection so our representatives can determine how much it’s worth and, by extension, how much you qualify to borrow.

Once that process is done, you get to keep your car. 

If approved, the money could be yours as early as the same day or the next business day!

Get Fast Cash To Fix Your Car!

Leasing a vehicle is possible but challenging if you prefer used cars. Still, you can find one by checking out local dealerships, leasing companies, and even automaker leasing programs. Alternatively, consider buying a used car and fixing it up instead.

Mississippi Title Loans, Inc. can help you access urgent money for repairs if you decide to go that route. Once you have a lien-free car title, contact us through the online form on this website, and a representative will call you back soon!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.