Compare Car Leasing
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If you really want to drive a new car but can’t afford to buy one, car leasing may be your best option. Just as you would pay rent to a landlord to rent a property, you can rent a car. And this example is the best way to understand car leasing: you pay a deposit, you use the car for an agreed length of time and pay a fixed amount every month and then you hand it back at the end of the agreement.
The difference with car leasing compared with property leasing is that it’s much easier to compare car leasing before signing an agreement, as you can do it all online. Car leasing is also known as personal contract hire or PCH, and it differs from personal contract purchase, or PCP. PCP is a different type of agreement where you have the option to own the car at the end of the agreement, usually in return for a final larger payment.
Before starting a car leasing comparison, you should think about the mileage you will be covering each year, the monthly amount you can afford to pay and the deposit you have to put down as the initial payment. Always check the terms in detail before agreeing to a deal.
Car leasing contracts usually display the payment terms in the format of ‘initial payment+months thereafter’ so if the deal is for 48 months and the initial payment needed to act as deposit is 6 months’ worth of payments, the deal would be displayed as ‘6+47’. So if the monthly payment is £100, then you would need an initial deposit of £600 and would then pay £100 every month for a further 47 months. There are many options available and you should always undertake a thorough car leasing comparison to ensure that you’re getting the best and most affordable deal.
No. When the agreement expires, you will need to return the car to the company you leased it from. They will inspect it for any damage and the cost of any repairs needed will be taken from your initial deposit. This will not include reasonable wear and tear. If you exceed the annual mileage you stated at the start of the agreement, you’ll also be charged for this. Usually this will be a set charge for each mile you’ve exceeded which will also be taken from your deposit.
It is likely that you will need to pass a credit check before you sign an agreement. To avoid unnecessary searches on your credit file, compare car leasing options online first. The difference with this type of credit check, is that unlike others such as for a mortgage for example, they won’t evaluate your overall outgoings to ensure that the agreement is affordable for you. So this is another reason to ensure that you do a detailed car leasing comparison and an honest appraisal of what you can afford once you’ve taken into consideration all of your other outgoings.
In the event that you were suddenly unable to afford the monthly payments, you won’t be able to end the deal without some penalties.
You will first need to agree the length of the deal. Typically, car leasing agreements range between 2 and 5 years. Once you have passed the credit check, you will need to pay the initial deposit before getting the car, this is typically the value of between 3 and 6 months’ monthly payments.
You will also need to submit your expected annual mileage amount. Work this out carefully as you will incur penalties at the end of the agreement if you exceed the stated number of miles each year. It’s possible to include a maintenance deal within the overall deal, which can include additional costs such as servicing and taxes, so that you don’t have to worry about financing them separately/
The best way to decide if car leasing is for you is to consider the restrictions that apply when you sign a car leasing agreement.
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Yes, there are numerous short-term leasing options on the market. They are designed for people in a temporary situation, such as a short-term job opportunity requiring a car. This is also a great way of test-driving a model you may be thinking of buying.
You are getting a car in showroom condition, with trouble-free motoring ahead. You are also getting the car of your choice which normally has a warranty attached for the duration of the lease, covering maintenance and repairs, at a cost which suits your budget.
There are a number of options for 24-month leases on the market, from mainstream marques and leasing companies. Leases shorter than the industry standard 36 months are increasingly popular with drivers who are looking for greater flexibility in a leasing deal.
When looking for a car leasing deal, you will want to choose an option which best suits your needs in terms of length of lease, mileage and model. There are lots of options on the market and Bright Compare can help narrow the choice.
Even if you have a bad credit history, it may still be possible to find a car leasing deal. Most finance companies ask for a good credit rating, but there are some which will offer a monthly pre-payment plan to suit your circumstances.
