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Vehicle leasing is the leasing (or the use) of a motor vehicle for a fixed period of time at an agreed amount of money for the lease. It is commonly offered by dealers as an alternative to vehicle purchase but is widely used by businesses as a method of acquiring (or having the use of) vehicles for business, without the usually needed cash outlay.
In lending, a pre-approval is the pre-qualification for a loan or mortgage of a certain value range. [1]For a general loan a lender, via public or proprietary information, feels that a potential borrower is completely credit-worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.
Usually, car leases allow the lessee to drive the car for a certain number of miles for a certain number of years. The lessee pays a fixed monthly payment for the privilege of driving the vehicle, and when the lease ends, the lessee returns the vehicle to the lessor. The lessee pays only for the value of the vehicle for the term of the lease.
If approved, you’ll receive a preapproval letter that states the loan amount you qualify for. This letter is typically valid for about 90 days and can be used to make offers on homes.
Key takeaways. Prequalification is a simple, quick process that provides a general indication whether you would qualify for a mortgage. Preapproval requires providing extensive documentation ...
Alternative fuel vehicles: Currently the only pre-approved alternative fuel vehicle is the Honda Civic GX, which runs on compressed natural gas (CNG), a fossil fuel that burns cleaner than standard gasoline. [12] Currently the standard credit for a qualified alternative fuel vehicle is $4,000.
Realtor Kyle Ebersole said that getting pre-approved for a mortgage is not as intimidating as it appears. “A mortgage broker will take into consideration your income and debts to calculate what ...
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