Long term Car Rental

Did you know how much you pay on a home mortgage may affect your ability to get a car lease? What does a car lease have to do with your home? Apparently, it can mean the difference between lower monthly payments and not being to secure a car lease at all. If a lease’s car payments are too high, then home may not qualify for a mortgage and could have too much debt to get a lease. However, there are several other factors that leases need to take into account.

How long will it take to pay off a car lease? Why is this important? Large lease payments may mean it takes longer to secure funding for car leases and home mortgages. The time frame of when a lease payment is made may affect how soon couples can apply for mortgages. Did you know if you have debt that is very high compared to your monthly wage; it may take several months later for you to be approved for a short term car lease or mortgage.

Lenders of mortgages also consider back-end Debt

If you have a car lease already lenders who provide car leases do not just consider how making payments will affect a person on the front end. They also consider the person’s financial state after making such payments. This helps lenders access if a person can afford both a car lease long term and a mortgage payment.

How are these risks calculated? Usually, the amount of weeks or months that a person is paid is considered. If a lender does not feel a person has a good debt ratio that is under a certain percentage, say 36 percent, for example, a customer may not be able to get a mortgage on a house and vice versa if they are trying to get a car lease. However, it may work in your favour if you are only getting a short term lease and you already have a home mortgage. Some companies that provide short term car lease agreements may not consider a person’s financial state if they know that a car lease is going to be paid back within six to eight months.  This may help families that may not otherwise be able to get a new car lease.

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