Q: What is vehicle leasing?
Vehicle leasing is a long-term rental agreement that allows you or your company to use a car or van for a set period of time at a fixed monthly price. It is an alternative, and often cheaper, funding solution to buying a new car or van with a bank loan or dealer finance.
Q: What is he difference between Business and Personal Leasing?
If you are applying for vehicle finance as a limited company, partnership, sole trader or LLP, you may be eligible for business leasing. Occasionally, manufacturers offer special rates for business customers only. This can result in a difference in price between business and personal prices. Business car leasing also offers positive tax implications. You can reclaim up to 50% of the rental (for cars) or up to 100% (on commercial vehicles) on a business contract hire agreement.
Q: Are there different types of business Leasing agreements?
Yes, there is Business contract hire, Business contract purchase and Finance lease. Depending on your circumstances, what you would like to do at the end of the lease term, budget available etc will determine which type of agreement will suit you best. We will discuss each of these options with you so that you can make an informed choice before starting any agreement.
Q: How Long is the Lease Period?
Our contracts usually range from two to four years, depending on the vehicle and contract chosen. The majority of our customers choose two, three or four year contracts. Shorter contracts mean you are able to change your vehicle more often, while longer contracts will generally mean cheaper monthly payments.
Q: Is maintenance included in my contract?
Maintenance is an optional cost and includes all servicing, necessary maintenance of tyres, brakes, the exhaust and the battery of your vehicle, plus any necessary labour costs. This may be an option for you if you are looking for a guaranteed fixed cost contract on a higher mileage for example.
Q: What is the initial rental?
The initial rental payment is variable depending on your personal circumstances and what you are aiming to achieve. A higher initial payment will result in lower monthly payments, for example, so if your aim is lower monthly costs this would be a good option for you. We will always give you a few options so that you can make a decision based around what suits you.
Q: What happens if I go over the agreed mileage on my lease agreement?
Any mileage over the agreed amount is charged at the excess mileage rate per mile. As an example, if the excess stated in your agreement is 6p per mile, and you exceeded your mileage allowance by 1,000 miles, you would be charged £60. People are often concerned about these charges but as you can see, they are not as bad as they sound. If your circumstances change and there is likely to be a significant excess mileage we can often reset your monthly costs to accommodate this.
Q: What happens at the end of my lease agreement?
Approximately three months prior to the end of your contract, we will contact you to discuss your replacement options. Depending on the type of contract taken, you can hand the vehicle back, or purchase the vehicle from the finance company (dependent upon the funder).
Q: Do you offer a part exchange service for my current car?
Yes, dependant on your location we will be happy to help you trade your old vehicle at a time that suits you to coincide with the arrival of your new vehicle.