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What is leasing?

Leasing a car is effectively like a long-term rental, where you pay a fixed monthly fee across an agreed period of time with a fixed number of miles. Leasing offers a flexible alternative to buying a car outright, allowing you to drive a brand new car every few years.

Unlike other finance arrangements you never own the vehicle and at the end of the term it must be returned upon which you could select a new car.

How does Leasing Work?

Car leasing contracts generally last between two to four years. The length of contract is decided by you, with consideration towards how long you want the car for, how many miles annually you need, how long you want to wait before getting your next brand new car and importantly - how much you can afford. 

An initial payment (usually equivalent to 3- 12 monthly payments) is paid at the start of the lease deal, followed by the agreed upon monthly payments until the contract is complete.

The car manufacturer warranty will normally cover the period of the lease and maintenance costs. Road tax is also usually included in the lease.

Business Leasing or Personal Leasing?

Business car leasing allows business owners of any size access to a vehicle. Business leasing is popular for VAT registered companies who can claim back 50% of the VAT on the monthly vehicle payments and 100% of the VAT on the costs of a maintenance package.

Personal car leasing allows those looking for an alternative to buying a car outright the option to access a wide range of brand new vehicles at affordable monthly costs. The fixed monthly costs usually include road tax and maintenance costs, allowing you the clarity of what you are paying each month. On top of this, the length of the contracts enables you to have a brand new car every few years!

What happens at the end of the lease?

After the agreed upon contract period has run out, you are left with two options. Firstly, you could extend the lease on the car. To do this, make sure to get in touch a few months before the end of the deal to make sure that this is a possible option. 

Secondly, you can hand the car back. If you have looked after the car and stuck within the mileage limit there will be nothing else to pay. Get in touch a few months before the end of the deal to find out where to drop the car off - however most of the time we will collect the car for free.

 

 

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