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What is car leasing and how does it work?
Car leasing is a rental agreement which allows you to have a vehicle for an agreed period of time, typically two to four years, in exchange for fixed monthly payments. Leasing a car for a longer period of time may reduce this fixed monthly cost, but that will depend on the type of vehicle you choose as well as the terms of your leasing contract. You will also need to cover an initial rental payment upfront, which may be the equivalent of one to twelve monthly payments.
At the end of your car leasing term, you won't own the vehicle and will be required to return it. You may be able to extend your car lease or lease a brand new car, but you will not have the option to buy the vehicle you have been leasing.
Almost anyone can lease a car, there are only a couple of requirements. To be eligible for leasing a car you need to be at least 18 years old, hold a full UK driving licence and pass the appropriate credit checks.
When applying for car lease deals, you will need to have a few different documents ready. These include a form of photographic ID, proof of your address, and information about your job from an employer.
Road tax, a manufacturer’s warranty, breakdown cover and free delivery straight to your door are all included in a car lease agreement - so even less hassle for you!
Insurance is usually something you will need to organise yourself, but it’s the exact same as insuring a brand new car you have bought, except the leasing company will be the registered owner of the car instead of you.
Personal and business car leasing are both very similar, but there are a few differences. For a business lease vehicle, the name on the contract will be your company’s name, while it will simply be your own name on a personal contract hire agreement.
This also means the documents required will be different. For personal leasing, you will be required to provide your ID and also pass the relevant checks, including credit checks. With a business lease, you will be required to provide proof of your business including bank statements, audited accounts and other relevant information about your business.
Finally, business leasing allows you to claim back the VAT on the cost of your lease deal, so it can often work out significantly cheaper than personal leasing.
Once your lease comes to an end, you simply hand the car back. The leasing company will check the car is within its annual mileage limit and they will inspect the car for any damage. It is never expected for a car to be in perfect, brand-new condition, so general wear and tear won’t constitute for any additional costs to be paid.
Our leasing partners will usually collect your car for free too. If you’ve planned ahead, you could potentially get your new lease car dropped off at the same time your other car is being collected!
Car leasing is a rental agreement which allows you to have a vehicle for an agreed period of time, typically two to four years, in exchange for fixed monthly payments. Leasing a car for a longer period of time may reduce this fixed monthly cost, but that will depend on the type of vehicle you choose as well as the terms of your leasing contract. You will also need to cover an initial rental payment upfront, which may be the equivalent of 1 to 12 monthly payments.
At the end of your car leasing term, you won’t own the vehicle and will be required to return it. You may be able to extend your car lease or lease a brand new car, but you will not have the option to buy the vehicle you have been leasing.
Car leasing is often a cheaper way to drive the car you want, without having to purchase it or take out dealer finance. You can expect a lease car to have a lower upfront cost and to come with a more affordable monthly fee than if you were to buy a brand new car outright. What's more, you don't have to worry about depreciation and road tax is covered by the leasing company.
Car leasing might not be right for you if you want to own the car you are leasing. However, if you haven’t decided on the type of car you may want to buy someday, leasing gives you ample opportunity to make up your mind.
Having a poor credit score can affect your chances of leasing a car. Many car leasing companies will list having a good credit score as a requirement for securing a lease, while others may still accept you but offer you less favourable car lease deals. This could mean higher monthly rental costs or limited options when it comes to contract length.
It’s typically up to you to make sure your car is serviced and functioning properly, meaning you will be responsible for any associated costs. In some circumstances, you may be able to find a car leasing deal with add-ons that may cover some routine maintenance costs, such as replacing worn tyres. However, these aren’t included as standard, so always read your lease agreement carefully.
A PCP (personal contract purchase) agreement is different from car leasing in that it allows you to buy your vehicle at the end of the fixed term. Car leasing is like renting a car whereas a PCP is a form of car financing. Once a PCP agreement has ended, you will need to pay a substantial amount of money to your car finance company to keep the car, known as a balloon payment. With lease vehicles, you’ll simply return the vehicle and face no extra charges providing it’s in good condition.
If you have exceeded your annual mileage, you may need to pay an additional charge. You can expect to pay a few extra pence for each mile you go over your agreed-upon limit, depending on the terms of your agreement.
However, it’s often possible to extend your mileage allowance part-way through your lease, so if you think you may exceed your pre-agreed upon limit, speak to your leasing company to avoid unexpected fees at the end of your contract.
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