If you’ve been on the prowl for an auto loan in recent years, you’ve probably heard the words sign and drive before. The definition seems pretty straightforward: you sign on some dotted line then drive away in the car of your dreams. But is the concept of sign and drive really that simple? What steps are required to qualify for this type of deal? Is it right for everyone?
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Sign and Drive: What Does It Really Mean?
Have you been watching your favorite show on TV when, during the commercial break, you see the car of your dreams zooming along a lone desert road, showcasing some of the most amazing angles ever featured on a vehicle? Before the commercial ends, you realize this is the car you’ve got to have. Especially since the automaker is promoting a great sign and drive deal.
But what exactly is a sign and drive deal? It is a leasing option offered by automakers.
Leasing a car means you agree to pay for a vehicle that you won’t eventually own and in return you make smaller monthly payments than a person who has purchased the same vehicle.
However, the difference between a standard lease and a sign and drive leasing agreement is that the latter allows you to drive away with no money down. Or does it?
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